Abstract
Using the input measures developed in the previous chapter, results from the growth and development accounting decompositions are presented for the eight countries. The role of population growth and relative price changes is also discussed. Using the development accounting results, the chapter computes growth potential measures for the Visegrad countries, related to factor inputs and total factor productivity.
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Notes
- 1.
The main references were already cited in previous chapters. For the international evidence, these are Caselli (2005), Hall and Jones (1999), and Hulten (2010). For the case of Hungary, the main references are Darvas and Simon (1999), Dombi (2013), Földvári and van Leeuwen (2011), Földvári and van Leeuwen (2013), Kónya (2015).
- 2.
Kónya (2013) also calculates TFP series, but as his goal is to compare development levels, he does not do growth accounting. His methodology is very similar, except for taking into account capacity utilization, and that he does not incorporate capital loss during transition in his baseline scenario (this only appears as a robustness check).
References
Caselli, F. (2005). Accounting for cross-country income differences, Handbook of Economic Growth. In: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth (Vol.1(9), pp. 679–741). Elsevier.
Darvas, Zs., & Simon, A. (1999). Tőkeállomány, megtakarítás ás gazdasági növekedés [Capital stock, savings and economic growth]. Közgazdasági Szemle [Hungarian Economic Review], 46, 749–771.
Dombi, Á. (2013). The sources of economic growth and relative backwardness in the Central Eastern European countries between 1995 and 2007. Post-Communist Economies, 25, 425–447.
Földvári, P., & van Leeuwen, B. (2011). Capital accumulation and growth in Hungary, 1924–2006. Acta Oeconomica, 61, 143–164.
Földvári, P., & van Leeuwen, B. (2013). Capital accumulation and growth in Central Europe 1920–2006. Eastern European Economics, 51, 69–93.
Hall, R. E., & Jones, C. I. (1999). Why do some countries produce so much more output per worker than others? The Quarterly Journal of Economics, 114, 83–116.
Hulten, C. R. (2010). Growth accounting. In Handbook of the economics of innovation (Vol. 2, pp. 987–1031). Amsterdam: Elsevier.
Kónya, I. (2013). Development accounting with wedges: The experience of six European countries. The B.E. Journal of Macroeconomics, 13, 245–286.
Kónya, I. (2015). Több gép vagy nagyobb hatékonyság? Növekedés, tőkeállomány és termelékenység Magyarországon 1995–2013 között [More machines or increased efficiency? Economic growth, capital and productivity in Hungary between 1995–2013]. Közgazdasági Szemle [Hungarian Economic Review], 62, 1117–1139.
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Kónya, I. (2018). Growth and Development Accounting. In: Economic Growth in Small Open Economies. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-69317-0_5
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DOI: https://doi.org/10.1007/978-3-319-69317-0_5
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