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Is Growth an Information Technology Story in Europe Too?

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  • Francesco Daveri

Abstract

While the return to growth in the US is largely credited to the rapid spreading of information technology, a key policy concern everywhere, and notably in Europe, is whether and when the US economic boom will extend abroad, and what role new technologies are about to play. In this paper, I collect and supplement data on the extent and the contribution to growth of ‘new economy’ activities in Europe, and in a sample of OECD countries at large, in the 1990s. Available evidence indicates that capital accumulation in information technologies did make a contribution to growth in the EU too, though not equally everywhere. The contribution of new technologies was substantial in the UK and the Netherlands, and rapidly increasing over time in Finland, Ireland and Denmark. These were also the fast EU growing countries in the 1990s. New technologies contributed less in France, Germany, Belgium and Sweden, and marginally in Italy and Spain. Most of these countries were also ‘slow growers’. I conclude that the growth gaps between the EU and the US, as well as within the EU, can (also) be associated to the diverse pace of adoption of new technologies across countries.

Suggested Citation

  • Francesco Daveri, "undated". "Is Growth an Information Technology Story in Europe Too?," EPRU Working Paper Series 00-12, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  • Handle: RePEc:kud:epruwp:00-12
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    1. Cécile Denis & Daniel Grenouilleau & Kieran Mc Morrow & Werner Röger, 2006. "Calculating potential growth rates and output gaps - A revised production function approach," European Economy - Economic Papers 2008 - 2015 247, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Slevin, Geraldine, 2002. "Is There a "New Economy" in Ireland?," Research Technical Papers 3/RT/02, Central Bank of Ireland.
    3. Diego Martínez López & Jesús Rodríguez López, 2006. "The role of new technologies in the economic growth of Andalucia," Economic Working Papers at Centro de Estudios Andaluces E2006/19, Centro de Estudios Andaluces.
    4. Samoilenko, Sergey & Osei-Bryson, Kweku-Muata, 2008. "An exploration of the effects of the interaction between ICT and labor force on economic growth in transition economies," International Journal of Production Economics, Elsevier, vol. 115(2), pages 471-481, October.
    5. Kieran Mc Morrow & Werner Roeger, 2001. "Potential Output: Measurement Methods, "New" Economy Influences and Scenarios for 2001-2010 - A comparison of the EU-15 and the US," European Economy - Economic Papers 2008 - 2015 150, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    6. Nicholas Oulton, 2002. "ICT and Productivity Growth in the United Kingdom," Oxford Review of Economic Policy, Oxford University Press, vol. 18(3), pages 363-379.
    7. Matteo Bugamelli & Patrizio Pagano, 2004. "Barriers to investment in ICT," Applied Economics, Taylor & Francis Journals, vol. 36(20), pages 2275-2286.
    8. Sakellaris, Plutarchos & Vijselaar, Focco, 2004. "Capital quality improvement and the sources of growth in the euro area," Working Paper Series 368, European Central Bank.
    9. Barry P. Bosworth & Jack E. Triplett, 2001. "What's New About the New Economy? IT, Economic Growth and Productivity," International Productivity Monitor, Centre for the Study of Living Standards, vol. 2, pages 19-30, Spring.
    10. Jesús Rodríguez López & Diego Martínez López, 2006. "New technologies and economic growth: a regional approach. The case of Andalucia," Working Papers 06.27, Universidad Pablo de Olavide, Department of Economics.
    11. Cécile Denis & Kieran Mc Morrow & Werner Röger, 2002. "Production function approach to calculating potential growth and output gaps - estimates for the EU Member States and the US," European Economy - Economic Papers 2008 - 2015 176, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    12. Andreas Kuhlmann, 2006. "German Productivity - A Reassessment via the New Ifo Productivity Database," ifo Working Paper Series 35, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    13. Argandoña, Antonio, 2001. "Nueva economía y el crecimiento económico, La," IESE Research Papers D/437, IESE Business School.
    14. Slevin, Geraldine, 2005. "Y a-t-il une nouvelle économie en Irlande?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 81(1), pages 111-142, Mars-Juin.
    15. Meijers, Huub & Hollanders, Hugo, 2003. "Sources of Growth: Measuring the Knowledge Based Economy," Research Memorandum 032, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    16. Daniel Gros, 2005. "Perspectives for the Lisbon Strategy: How to increase the competitiveness of the European economy?," CASE Network Studies and Analyses 0308, CASE-Center for Social and Economic Research.
    17. Pedro Pita Barros, 2002. "Convergence and information technologies - the experience of Greece, Portugal and Spain," Applied Economics Letters, Taylor & Francis Journals, vol. 9(10), pages 675-680.
    18. Mohammad Ali MORADI & Meysam KEBRYAEE, "undated". "Impact of Information and Communication Technology on Economic Growth in Selected Islamic Countries," EcoMod2009 21500068, EcoMod.
    19. Il Houng Lee & Yougesh Khatri, 2003. "Information Technology and Productivity Growth in Asia," IMF Working Papers 03/15, International Monetary Fund.
    20. Werner Roeger, 2001. "The contribution of information and communication technologies to growth in Europe and the US: A macroeconomic analysis," European Economy - Economic Papers 2008 - 2015 147, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    21. A. Houben & J. Kakes, 2001. "Fostering the 'New Economy': the role of financial intermediation," MEB Series (discontinued) 2001-7, Netherlands Central Bank, Monetary and Economic Policy Department.
    22. Hannes Leo, 2001. "ICT Investment and Growth of Output and Productivity," WIFO Working Papers 162, WIFO.

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