Regulation, institutions and productivity: New macroeconomic evidence from OECD countries
Empirical research on the drivers of multi-factor productivity (MFP) is abundant at the firm- and industry level but surprisingly little research has been conducted on the determinants of MFP at the macroeconomic level. In this paper, we seek to understand the drivers of country-level MFP with a spe...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2017
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1393 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Empirical research on the drivers of multi-factor productivity (MFP) is abundant at the firm- and industry level but surprisingly little research has been conducted on the determinants of MFP at the macroeconomic level. In this paper, we seek to understand the drivers of country-level MFP with a special emphasis on product and labour market policies and the quality of institutions. For a panel of OECD countries, we find that anticompetitive product market regulations are associated with lower MFP levels and that higher innovation intensity and greater openness go in tandem with higher MFP. We also find that the impact of product market regulations on MFP may depend on the level of labour market regulations. Better institutions, a more business friendly environment and lower barriers to trade and investment amplify the positive impact of R&D spending on MFP. Finally, we also show that cross-country MFP variations can be explained to a considerable extent by cross-country variation in labour market regulations, barriers to trade and investment and institutions (including corruption). |
| Beschreibung: | 1 Online-Ressource (30 p.) |
| DOI: | 10.1787/579ceba4-en |
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| spelling | Égert, Balázs VerfasserIn aut Regulation, institutions and productivity New macroeconomic evidence from OECD countries Balázs, Égert Paris OECD Publishing 2017 1 Online-Ressource (30 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1393 Empirical research on the drivers of multi-factor productivity (MFP) is abundant at the firm- and industry level but surprisingly little research has been conducted on the determinants of MFP at the macroeconomic level. In this paper, we seek to understand the drivers of country-level MFP with a special emphasis on product and labour market policies and the quality of institutions. For a panel of OECD countries, we find that anticompetitive product market regulations are associated with lower MFP levels and that higher innovation intensity and greater openness go in tandem with higher MFP. We also find that the impact of product market regulations on MFP may depend on the level of labour market regulations. Better institutions, a more business friendly environment and lower barriers to trade and investment amplify the positive impact of R&D spending on MFP. Finally, we also show that cross-country MFP variations can be explained to a considerable extent by cross-country variation in labour market regulations, barriers to trade and investment and institutions (including corruption). Economics FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/579ceba4-en Volltext |
| spellingShingle | Égert, Balázs Regulation, institutions and productivity New macroeconomic evidence from OECD countries Economics |
| title | Regulation, institutions and productivity New macroeconomic evidence from OECD countries |
| title_auth | Regulation, institutions and productivity New macroeconomic evidence from OECD countries |
| title_exact_search | Regulation, institutions and productivity New macroeconomic evidence from OECD countries |
| title_full | Regulation, institutions and productivity New macroeconomic evidence from OECD countries Balázs, Égert |
| title_fullStr | Regulation, institutions and productivity New macroeconomic evidence from OECD countries Balázs, Égert |
| title_full_unstemmed | Regulation, institutions and productivity New macroeconomic evidence from OECD countries Balázs, Égert |
| title_short | Regulation, institutions and productivity |
| title_sort | regulation institutions and productivity new macroeconomic evidence from oecd countries |
| title_sub | New macroeconomic evidence from OECD countries |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/579ceba4-en |
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