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Accounting for UK economic performance 1973-2009

Author

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  • Iana Liadze
  • Ray Barrell
  • Dawn Holland

Abstract

Economic performance in the UK improved over 1997 and 2007 in comparison to other OECD countries. We employ growth accounting and crossÐcountry regression analysis to identify factors behind this relative improvement in performance. Based on growth accounting analysis, we find out that, capital deepening and skills improvements, as well as financial services constitute a small part of the improvement in hourly productivity performance. The majority of the improvement comes from factors affecting the level of technology and the efficiency of factor use. Our results from regression analysis, support this conclusion and suggest that improvements in efficiency from increased openness and foreign direct investment are the most important components behind productivity change.

Suggested Citation

  • Iana Liadze & Ray Barrell & Dawn Holland, 2010. "Accounting for UK economic performance 1973-2009," National Institute of Economic and Social Research (NIESR) Discussion Papers 359, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:359
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    Cited by:

    1. Haifa Mefteh & Mabrouka Bouhajeb & Fakher Smaoui, 2016. "Higher education, Graduate unemployment, Poverty and Economic growth in Tunisia, 1990-2013," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 1, pages 1-1, June.
    2. Nevila Mehmetaj & Nevila Xhindi, 2022. "Public Expenses in Education and Youth Unemployment Rates—A Vector Error Correction Model Approach," Economies, MDPI, vol. 10(12), pages 1-14, November.
    3. Corry, Dan & Valero, Anna & Van Reenen, John, 2011. "UK economic performance since 1997: growth, productivity and jobs," LSE Research Online Documents on Economics 47521, London School of Economics and Political Science, LSE Library.
    4. FitzGerald, John & Znuderl, Nusa & CASE (Poland) & CPB (Netherlands) & DIW Berlin (Germany) & ETLA (Finland) & The Kiel Institute for the World Economy (Germany) & NIESR (United Kingdom) & OFCE (Franc, 2013. "Economic Assessment of the Euro Area: Winter 2012/13 Report," Research Series, Economic and Social Research Institute (ESRI), number SUSTAT47, June.

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