Capital accumulation and growth in Central Europe, 1920-2006
AbstractCentral and Eastern Europe is a region with widely divergent development paths. Up to WWII, these countries experienced comparable growth patterns. Yet, whereas Austria and West Germany remained part of the capitalist West and underwent periods of rapid growth, other countries, under state-socialist regimes, experienced on average far lower growth rates. The lack of data, however, often limits the possibilities of a detailed, quantitative analysis. In this paper, we use a new dataset on physical and human capital in seven Eastern and Central European countries for the period 1920-2006 to calculate the effect on economic growth. We analyse the effect of including the quality of education in human capital. This allows us to perform a growth accounting analysis with the several production factors for Central Europe between 1920 and the present. The difference in growth path across countries is partly explained by differences in efficiency.
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Bibliographic InfoPaper provided by Utrecht University, Centre for Global Economic History in its series Working Papers with number 0023.
Length: 31 pages
Date of creation: Dec 2011
Date of revision:
Eastern Europe; human capital; physical capital; growth accounting; efficiency; long run growth;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-01-25 (All new papers)
- NEP-EFF-2012-01-25 (Efficiency & Productivity)
- NEP-FDG-2012-01-25 (Financial Development & Growth)
- NEP-HIS-2012-01-25 (Business, Economic & Financial History)
- NEP-TRA-2012-01-25 (Transition Economics)
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