 What are the Drivers of TFP Growth? An Empirical AssessmentIván Kataryniuk and Jaime Martinez-Martin A chapter in International Macroeconomics in the Wake of the Global Financial Crisis, 2018, pp 59-72 from Springer Abstract: Abstract This chapter builds upon the related research that grapples with determinants of TFP, as the driving force of potential growth. In particular, we empirically estimate, in a homogenous and systematic manner, cross-country contributions of cyclical and structural determinants of aggregate TFP growth. Under a growth accounting framework, we compute TFP growth estimates for 41 economies over the 1992–2014 period. After selecting its main drivers by means of a Bayesian Model Averaging (BMA) approach, we exploit panel estimates to conclude that a substantial share of the growth underperformance in recent years was related to cyclical factors, mainly the output gap, but also: (i) over-indebtedness for advanced economies; and (ii) the decline in commodity prices for commodity exporters. In addition, the growth of IT capital and the convergence towards the technological frontier appear to be significant structural drivers of TFP productivity growth in emerging market economies. Keywords: Bayesian Model Averaging; Cyclical Factors; Growth Accounting Methodology; Economic Emergency (EMEs); Credit Gap (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:fimchp:978-3-319-79075-6_4 Ordering information: This item can be ordered from DOI: 10.1007/978-3-319-79075-6_4 Access Statistics for this chapter More chapters in Financial and Monetary Policy Studies from Springer |
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