Markets and Growth

Stepan Jurajda and Janet Mitchell

No 382, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: This paper studies key markets (financial, labor, natural resource, and product) to assess how they are facilitating or constraining growth. First, we draw on the body of existing theoretical and empirical literature to discuss the links between markets and growth. Second, we present four stylized scenarios of the process of growth, which summarize market infrastructure and efficient factor reallocation in response to shocks appear to be among the most important growth determinants. We highlight the relative lack of research on the relationship between labor markets and growth, as opposed to the relationship between human capital production and growth. Finally, we combine suggestions of Topel (1999) and Pritchett (2000) to argue that country-specific markets should be a principal focus of future research on growth. This paper provides a framework for such studies.

Pages: pages
Date: 2001-07-01
New Economics Papers: this item is included in nep-dev, nep-pke and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Related works:
Chapter: Markets and Growth (2003)
Working Paper: Markets and Growth (2001)
Working Paper: Markets and Growth (2001)
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