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The Landscape of Economic Growth: Do Middle-Income Countries Differ?

Author

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  • Barry Eichengreen
  • Donghyun Park
  • Kwanho Shin

Abstract

We review the growth experience of middle-income countries. Economic factors associated with growth appear to differ between middle-income and other countries. The efficiency of the financial system is importantly related to the growth rate in low- and middle-income countries, but appears to matter less as one moves up the income scale. Demographic variables also matter importantly in low-income countries. In middle-income countries, in contrast, measures of the financial system no longer appear to matter as importantly, as if inefficiencies in banking and financial systems are no longer as binding a constraint as at earlier stages of financial development; nor are demographic variables as important as before. At this point, other variables gain a growing role: these include whether the country experiences a banking or currency crisis, the extent of non-foreign direct investment capital inflows, and government debt as a share of gross domestic product.

Suggested Citation

  • Barry Eichengreen & Donghyun Park & Kwanho Shin, 2018. "The Landscape of Economic Growth: Do Middle-Income Countries Differ?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(4), pages 836-858, March.
    • Handle: RePEc:mes:emfitr:v:54:y:2018:i:4:p:836-858
    DOI: 10.1080/1540496X.2017.1419427
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    Cited by:

    1. Sultan Hafeez Rahman & Muhammad Shahadat Hossain Siddiquee, 2024. "Growth effects of budgetary fiscal variables in a panel of middle-income countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 160(1), pages 145-168, February.
    2. Laura Heras Recuero & Roberto Pascual González, 2019. "Economic growth, institutional quality and financial development in middle-income countries," Working Papers 1937, Banco de España.
    3. Oleg Bazaluk & Sheikh Abdul Kader & Nurul Mohammad Zayed & Rupok Chowdhury & Md. Zahirul Islam & Vitalii S. Nitsenko & Hanna Bratus, 2025. "Determinant on Economic Growth in Developing Country: A Special Case Regarding Turkey and Bangladesh," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 135-159, March.

    More about this item

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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