The Aftermath of the "New Economy" Bust : a Case Study of Five OECD Countries
Few things have been said about the nature of the aftermath of the "new economy" bust. This paper aims to add to the debate. Our study focuses on five OECD countries: the United States, Ireland and Finland for their obvious status of leader ICT countries; the Netherlands for their similarities with the above mentioned countries and France as a national reference. For a better understanding of how each country has been performing since the Internet bubble burst, we first describe the importance of the ICT sector in these countries through a set of variables: the contribution of the ICT sector to GDP growth and productivity growth; the surge in information processing equipment and software investment; the contribution of the ICT sector to jobs growth and the ICT share in foreign trade and direct investment. We then describe the timing of the downturn in terms of synchronization between the countries and in terms of adjustment of macroeconomic variables. The ICT sector has been strongly hit by the correction of the excesses of the sunnier days during the second half of the nineties, and is still restructuring. But its growth potential is also still high.
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