Micro Efficiency and Macro Growth
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This paper is about micro foundations of
productivity and growth. There are several studies on
productivity for advanced economies but relatively few for
developing countries. Using data from the investment climate
surveys of the World Bank, estimation results from 45
developing countries, complemented by extended analysis at
firm and industry levels for Brazil and India for the period
2002-05, indicate the following: (i) confirmation of the
importance of total factor productivity at firm, industry
and national levels, but total factor productivity
progressively tapers off at each level of aggregation
implying that there is a less than one-to-one relationship
between micro-efficiency, sector growth, and macro growth;
(ii) capital accumulation is more important at the macro
level than the micro level; (iii) productivity at the micro
level is driven by research and development, the capacity
utilization rate, and adoption of foreign technology (all of
which involve management decisions), and is negatively
related to corruption and instability, tax, and financial
regulations; and (iii) confirmation of the lower
contribution of total factor productivity to output growth
in developing countries than in developed economies.
Management decisions are involved in a lot of day-to-day
operations at the firm level and therefore management is an
unmeasured input. In developing countries, at the firm
level, there is a need to understand the contribution of
quality of inputs (management quality, education and labor
quality, training, experience of workers, use of computers
at work) and also the role of external agglomeration (for
example, location in a booming city, competitive pressures
from new firms, trade competition, and regulations).
Palabras clave
ABSOLUTE VALUE, AGGREGATE LEVEL, AGRICULTURE, ALLOCATIVE EFFICIENCY, AVERAGE GROWTH, AVERAGE GROWTH RATE, AVERAGE LEVEL, BANKRUPTCY, BEST PRACTICES, BOOK VALUE, BUSINESSES, CAPITAL ACCUMULATION, CAPITAL STOCK, CAPITAL TIMES, COMPARATIVE ANALYSIS, COMPUTERS, CONSTANT RETURNS, CONSTANT RETURNS TO SCALE, COUNTRY REGRESSIONS, CROSS COUNTRY, CUSTOMS, DATA ANALYSIS, DATA AVAILABILITY, DAY-TO-DAY OPERATIONS, DEPENDENT VARIABLE, DETERMINANTS OF GROWTH, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, DEVELOPMENT ECONOMICS, DEVELOPMENT INDICATORS, DISAGGREGATED LEVEL, DOMESTIC MARKETS, ECONOMIC ACTIVITY, ECONOMIC EFFICIENCY, ECONOMIC GROWTH, ECONOMIC LITERATURE, ECONOMIC PERFORMANCE, ECONOMIC STUDIES, ECONOMIC THEORY, ELASTICITY, ELECTRICITY, EMAILS, EMPIRICAL EVIDENCE, EMPIRICAL STUDIES, EMPLOYMENT, ENTERPRISE SURVEY, ENTERPRISE SURVEYS, EQUIPMENT, ESP, ESTIMATION RESULTS, EXCHANGE RATE, EXPORT MARKETS, EXPORTS, EXTERNAL FACTORS, FACTOR ACCUMULATION, FACTOR PRICES, FACTORS OF PRODUCTION, FINANCIAL MARKETS, FOREIGN COMPETITION, FOREIGN DIRECT INVESTMENT, FOREIGN DIRECT INVESTMENTS, FUTURE RESEARCH, GDP, GENERAL EQUILIBRIUM, GENERAL EQUILIBRIUM ANALYSIS, GLOBAL ECONOMY, GLOBAL LEVEL, GLOBAL MARKETS, GROSS DOMESTIC PRODUCT, GROSS OUTPUT, GROSS VALUE, GROWTH ACCOUNTING, GROWTH ANALYSIS, GROWTH MODELS, GROWTH PERFORMANCE, GROWTH PROCESS, GROWTH RATE, GROWTH RATE OF OUTPUT, GROWTH RATES, GROWTH REGRESSIONS, HUMAN CAPITAL, IMPROVING PRODUCTIVITY, INCOME, INCOME PER CAPITA, INCREASING RETURNS, INCREASING RETURNS TO SCALE, INDUSTRY PRODUCTIVITY, INNOVATION, INSTITUTION, INTEREST RATES, INTERNAL FACTORS, INTERNATIONAL STANDARDS, INTERNATIONAL TRADE, INVESTMENT CLIMATE, LABOR INPUT, LABOR REGULATIONS, LEGAL SYSTEM, LONG-TERM GROWTH, MACROECONOMIC GROWTH, MACROECONOMIC INSTABILITY, MANUFACTURING, MANUFACTURING INDUSTRIES, MARGINAL PRODUCT, MARKET ECONOMIES, MARKET IMPERFECTIONS, MARKET SHARE, MATERIAL, MONETARY ECONOMICS, MONOPOLY, NATURAL MONOPOLIES, NEW TECHNOLOGIES, OUTPUT GROWTH, OUTPUT RATIO, OUTPUTS, PERFORMANCES, POLICY CHANGES, POLICY IMPLICATIONS, POLICY MAKERS, POLICY REFORMS, POLICY RESEARCH, POLITICAL ECONOMY, POOR COUNTRIES, PRODUCTION FUNCTION, PRODUCTION FUNCTIONS, PRODUCTION PROCESS, PRODUCTIVITY, PRODUCTIVITY CHANGE, R&D, REGULATORY POLICY, RELATIVE CONTRIBUTION, RESULT, SIGNIFICANT CORRELATION, SIGNIFICANT FACTOR, STANDARD FORMAT, TECHNICAL CHANGE, TECHNICAL PROGRESS, TELECOMMUNICATIONS, TFP, TIME PERIOD, TOP MANAGEMENT, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TOTAL OUTPUT, TRADE BARRIERS, TRADE LIBERALIZATION, TRADE POLICIES, TRADE POLICY, TRADE VOLUMES, TURNOVER RATE, USES, VALUE ADDED, WEB