What Makes Growth Sustained?

Jonathan Ostry, Andrew Berg () and Jeromin Zettelmeyer

No 2008/059, IMF Working Papers from International Monetary Fund

Abstract: 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).

Keywords: WP; exchange rate; hazard ratio; developing country; current account; terms of trade shock (search for similar items in EconPapers)
Pages: 33
Date: 2008-03-01
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Citations: View citations in EconPapers (51)

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Journal Article: What makes growth sustained? (2012)
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