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Institutions, Knowledge Accumulation and Productivity Growth in the Second Half of the XXth

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  • Sanchís-Llopis, Juan A.
  • Sanchís Llopis, M. Teresa
  • Esteve, Vicente
  • Cubel Montesinos, Antonio

Abstract

This paper studies the relevance of institutional differences in the way knowledge determines productivity for a set of 21 OECD countries in the second half of the XXth century. The relationship between TFP and knowledge related variables is reconsidered after controlling for a new set of institutional variables tailored to represent the post WWII institutions: the Welfare State and international trade and capital flows liberalization. We estimate the impact of innovation variables over productivity during the Golden Age as compared to the whole period 1953-2007, after controlling by these specific institutional variables. Additionally, we distinguish the particular impact of these relationships for five groups of countries following Amable (2006) classification of different kinds of capitalism. Our results suggest institutions determine the response of TFP to the knowledge variables and that the resulting elasticities are higher during the Golden Age. We find that there are not significant differences between the different groups and the market oriented economies with regard to the elasticity of TFP to the indoor innovation, with the exception of Japan. However, the results suggest that in Anglo-Saxon market oriented economies, international spillovers of technology have a higher impact on TFP. Additionally, in continental and Mediterranean European countries and Japan, TFP is more sensitive to human capital accumulation than in the market-oriented economies (the US and the UK).

Suggested Citation

  • Sanchís-Llopis, Juan A. & Sanchís Llopis, M. Teresa & Esteve, Vicente & Cubel Montesinos, Antonio, 2016. "Institutions, Knowledge Accumulation and Productivity Growth in the Second Half of the XXth," IFCS - Working Papers in Economic History.WH 23799, Universidad Carlos III de Madrid. Instituto Figuerola.
  • Handle: RePEc:cte:whrepe:23799
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    Keywords

    TFP;

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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