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What Makes Growth Sustained?

Author/Editor: Berg, Andrew | Ostry, Jonathan David | Zettelmeyer, Jeromin
Authorized for Distribution: March 1, 2008
Electronic Access: Free Full Text (PDF file size is 462KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: We identify structural breaks in economic growth in 140 countries and use these to define "growth spells:" periods of high growth preceded by an upbreak and ending either with a downbreak or with the end of the sample. Growth spells tend to be shorter in African and Latin American countries than elsewhere. We find that growth duration is positively related to: the degree of equality of the income distribution; democratic institutions; export orientation (with higher propensities to export manufactures, greater openness to FDI, and avoidance of exchange rate overvaluation favorable for duration); and macroeconomic stability (with even moderate instability curtailing growth duration).
 
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Series: Working Paper No. 08/59
Subject(s): Economic growth | Income distribution | Trade | Foreign direct investment
Author's keyword(s): Growth | Accelerations | Structural Breaks | Income Inequality
 
English  
    Published:   March 1, 2008        
            Format:   Paper
    Stock No:   WPIEA2008059   Pages:   33
    Price:   US$25.00 (Academic Rate: US$25.00 )
       
     
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