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Permanent International Productivity Growth Differentials in an Integrated Global Economy

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Author Info
Willem H. Buiter
Kenneth M. Kletzer

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Abstract

The paper analyzes the role of differences in household behavior as a source of persistent and even permanent differences between national or regional productivity growth rates, when there are constant static returns to scale in production and costless international diffusion of technology. A binding self-financing constraint on human capital formation can account for permanent international productivity growth differentials. An alternative mechanism is the nontradedness of an essential input, such as human capital, in the growth process. Differences in national policies toward private saving (whether through lump-sum intergenerational redistribution or through the taxation of financial asset income), toward the subsidization of human capital formation (student loans) and toward the free provision of public sector inputs in the human capital formation process also influence the long-run growth differentials.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4220.

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Date of creation: Nov 1992
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Handle: RePEc:nbr:nberwo:4220

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  1. F. Heylen & L. Pozzi & J. Vandewege, 2004. "Inflation crises, human capital formation and growth," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/260, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  2. Toshihiro Ihori, 1998. "Wealth Taxation and Economic Growth," CIRJE F-Series CIRJE-F-22, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  3. Carton, Christine & Ronquillo , Cely, 2008. "Determinantes del crecimiento en America Latina: Analisis empirico de los sistemas bancarios
    [Economic growth determinants in Latin American region: An empirical analysis based on bank systems role    ," MPRA Paper 10832, University Library of Munich, Germany. [Downloadable!]
  4. George Furstenberg, 1998. "From Worldwide Capital Mobility to International Financial Integration: A Review Essay," Open Economies Review, Springer, vol. 9(1), pages 53-84, January. [Downloadable!] (restricted)
  5. Yasushi Iwamoto & Akihisa Shibata, 1999. "Foreign Tax Credit and the Current Account," International Tax and Public Finance, Springer, vol. 6(2), pages 131-148, May. [Downloadable!] (restricted)
  6. Chien-Chiang Lee & Chun-Ping Chang, 2006. "Social security expenditure and GDP in OECD countries: A cointegrated panel analysis," International Economic Journal, Korean International Economic Association, vol. 20(3), pages 303-320, September. [Downloadable!] (restricted)
  7. Shuanglin Lin & Wei Zhang, 2009. "The effect of corruption on capital accumulation," Journal of Economics, Springer, vol. 97(1), pages 67-93, May. [Downloadable!] (restricted)
  8. Thomas Krichel, 1998. "Growing at Different Rates," Department of Economics Discussion Papers 9801, Department of Economics, University of Surrey. [Downloadable!]
  9. de la Croix, David & Monfort, Philippe, 1999. "Education Funding and Regional Convergence," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1999010, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
    Other versions:
  10. F. Heylen & A. Schollaert & G. Everaert & L. Pozzi, 2003. "Inflation and human capital formation : theory and panel data evidence," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 03/174, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
    Other versions:
  11. Yasushi Iwamoto & Akihisa Shibata, 2007. "International and Intergenerational Aspects of Capital Income Taxation in an Endogenously Growing World Economy," CIRJE F-Series CIRJE-F-490, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
    Other versions:
  12. Yasuhiro Sato & Ken Tabata & Kazuhiro Yamamoto, 2008. "Technological progress, income inequality, and fertility," Journal of Population Economics, Springer, vol. 21(1), pages 135-157, January. [Downloadable!] (restricted)
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