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Growth Factors in Developed Countries: A 1960–2019 Growth Accounting Decomposition

Author

Listed:
  • Gilbert Cette

    (Banque de France - Banque de France - Banque de France, NEOMA - Neoma Business School)

  • Aurélien Devillard

    (NEOMA - Neoma Business School, Centre de recherche de la Banque de France - Banque de France)

  • Vincenzo Spiezia

    (OCDE / OECD - Organisation de Coopération et de Développement Economiques = Organisation for Economic Co-operation and Development)

Abstract

Using a new and original database, our paper contributes to the growth accounting literature with three original aspects: First, it covers a long period from the early 60's to 2019, just before the COVID-19 crisis; second, it analyzes a large set of economies (30 plus the Euro Area) at the country level; finally, it singles out the growth contribution of information and communications technologies (ICTs) capital as well as robots. Our findings show that the main drivers of labor productivity growth over the whole 1960–2019 period appear to have been education, total factor productivity (TFP), non-ICT and non-robot capital deepening. The relative contribution of ICT capital is found to be declining from the mid-2000s, although our country-level economy dataset does not make it possible to estimate the TFP contribution of ICTs. The contribution of robots to productivity growth through capital deepening and TFP appears to be significant in Germany and Japan in the sub-period 1975–1995, in France and Italy in 1995–2005, and in several Eastern European countries in 2005–2019. Our findings also confirm the slowdown in TFP in most countries from at least 1995 onwards. This slowdown is mainly accounted for by a decrease in the contributions of non-ICT non-robot capital deepening and TFP.

Suggested Citation

  • Gilbert Cette & Aurélien Devillard & Vincenzo Spiezia, 2022. "Growth Factors in Developed Countries: A 1960–2019 Growth Accounting Decomposition," Post-Print hal-03548198, HAL.
    • Handle: RePEc:hal:journl:hal-03548198
    DOI: 10.1057/s41294-021-00170-3
    Note: View the original document on HAL open archive server: https://amu.hal.science/hal-03548198v1
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    Cited by:

    1. Cette, Gilbert & Devillard, Aurélien & Spiezia, Vincenzo, 2021. "The contribution of robots to productivity growth in 30 OECD countries over 1975–2019," Economics Letters, Elsevier, vol. 200(C).
    2. Antonio Mihi-Ramirez & Elias Melchor-Ferrer & Yolanda Garcia-Rodriguez, 2022. "Why Do Regions Differ in Growth? The Productivity of the Eurozone and Its Contribution to the Added Value of Its European Neighbors," Sustainability, MDPI, vol. 14(18), pages 1-18, September.
    3. Daw, Georges, 2024. "Natural resources and development: new insights from strong curse to strong blessing," MPRA Paper 125145, University Library of Munich, Germany.

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    Keywords

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    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
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • 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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