{
  "title": "What Makes Growth Sustained?",
  "publication": "IMF Working Papers, March 1, 2008",
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  "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.",
  "sections": [
    {
      "heading": "Research question and methodology",
      "content": "- Identifies structural breaks in economic growth in 140 countries and uses 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.\n- Notes regional variation: growth spells tend to be shorter in African and Latin American countries than elsewhere."
    },
    {
      "heading": "Key empirical findings",
      "content": "- Growth duration is positively related to:\n  - the degree of equality of the income distribution;\n  - democratic institutions;\n  - export orientation (with higher propensities to export manufactures, greater openness to FDI, and avoidance of exchange rate overvaluation favorable for duration);\n  - macroeconomic stability (with even moderate instability curtailing growth duration).\n- Emphasizes that even moderate macroeconomic instability shortens growth duration."
    },
    {
      "heading": "Policy-relevant implications (inferred from findings)",
      "content": "- Promote more equal income distribution to lengthen growth spells.\n- Strengthen democratic institutions to support sustained growth.\n- Encourage export orientation, specifically:\n  - higher propensities to export manufactures;\n  - greater openness to FDI;\n  - avoidance of exchange rate overvaluation.\n- Maintain macroeconomic stability, avoiding moderate instability that can curtail growth duration."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Exports, Income, Income distribution, Income inequality, Terms of trade\n- Keywords: current account, developing country, exchange rate, hazard ratio, terms of trade shock, WP\n\n---\n\n Content in this bundle\n\n- 11. Summary Regressions\n  - 11. Summary Regressions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 11. Summary Regressions (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/what-makes-growth-sustained-21769"
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    "Authors: Jonathan David Ostry, Andrew Berg, Jeromin Zettelmeyer",
    "Published: March 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451869217.001",
    "Identifies structural breaks in economic growth in 140 countries and uses 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.",
    "Notes regional variation: growth spells tend to be shorter in African and Latin American countries than elsewhere.",
    "Growth duration is positively related to:",
    "Emphasizes that even moderate macroeconomic instability shortens growth duration.",
    "Promote more equal income distribution to lengthen growth spells.",
    "Strengthen democratic institutions to support sustained growth.",
    "Encourage export orientation, specifically:",
    "Maintain macroeconomic stability, avoiding moderate instability that can curtail growth duration.",
    "Subject: Exports, Income, Income distribution, Income inequality, Terms of trade",
    "Keywords: current account, developing country, exchange rate, hazard ratio, terms of trade shock, WP",
    "**11. Summary Regressions**"
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