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All That Glitters Is Not Gold: A Ranking of Global Rankings

Author

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  • Ela Diaz
  • Rodrigo Valdes

Abstract

This paper examines the predictive power of different global rankings on country growth. An influential framework to shape policy decisions is to look at a specific global ranking and implement policies to reduce gaps with respect to best practices or the frontier. Using panel data regressions, we show that different rankings predict growth with quite dissimilar levels of success. Rankings with a focus on government effectiveness or, to a lesser extent, on globalization offer statistically significant and economically relevant guidance when we consider three-year-ahead growth. Others, usually presented as focused on competitiveness assessments, show zero correlation with future growth. When there are effects, they appear in trend, rather than cyclical, GDP and in foreign direct investment. Total factor productivity growth and exports do not change appreciably. We do not detect nonlinear effects.

Suggested Citation

  • Ela Diaz & Rodrigo Valdes, 2020. "All That Glitters Is Not Gold: A Ranking of Global Rankings," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 223-254, December.
    • Handle: RePEc:col:000425:019762
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    Cited by:

    1. Ilan Goldfajn & Lorenza Martínez & Rodrigo O. Valdés, 2021. "Washington Consensus in Latin America: From Raw Model to Straw Man," Journal of Economic Perspectives, American Economic Association, vol. 35(3), pages 109-132, Summer.

    More about this item

    Keywords

    Growth; global rankings; competitiveness; structural reforms;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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