 The two waves of service-sector growthBarry Eichengreen and Poonam Gupta Oxford Economic Papers, 2013, vol. 65, issue 1, 96-123 Abstract: Although the positive association between the service sector share of output and per capita income is one of the best-known regularities in all of growth and development economics, there is less than complete agreement on the nature of that association. We identify two waves of service sector growth: a first wave in countries with relatively low levels of per capita GDP; and a second in countries with higher per capita incomes. The first wave is made up primarily of traditional services, the second of modern services. In addition, there is evidence of the second wave occurring at lower income levels after 1990, especially so in democracies, in countries that are open to trade, and in countries close to global financial centres. This points to both political and economic conditions that can help countries capitalize on the opportunities afforded by a globalized post-industrial economy. Copyright 2013 Oxford University Press 2011 All rights reserved, Oxford University Press. Date: 2013 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:oup:oxecpp:v:65:y:2013:i:1:p:96-123 Ordering information: This journal article can be ordered from Access Statistics for this article Oxford Economic Papers is currently edited by James Forder and Francis J. Teal More articles in Oxford Economic Papers from Oxford University Press Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. |
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