Postwar growth: an overview

Crafts, Nicholas; Toniolo, Gianni

doi:10.1017/cbo9780511758683.002

Cited by 97 publications

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“…This largely reflects the relatively large scope for catch-up reflected in the low initial income level in 1950. However, normalizing for initial income, Italy outperformed its European peer group and growth was about 0.65 percentage points per year faster than might have been expected (Crafts and Toniolo 2008). Labour productivity growth averaged 6.8 per cent per year in industry and 5.7 per cent per year in agriculture during these years (Broadberry et al 2010).…”

Section: Italy In the Golden Agementioning

confidence: 81%

The Golden Age and the Second Globalization in Italy

Crafts

Magnani

2013

The Oxford Handbook of the Italian Economy Since Unification

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After the Golden Age, Italy experienced increasing difficulties in adjusting its economy to the changing external context and to the requirements for sustaining catch-up growth at a higher level of economic development. The adjustment issue is common to advanced countries but the difficulties experienced in Italy look particularly severe. Cushioned by inflation and devaluation, growth remained relatively high in the 1970s. In the subsequent decade, in spite of improved conditions for addressing macroeconomic disequilibria structural adjustments were neglected. Major supply side reforms were eventually implemented in the aftermath of the 1992 crisis. Nevertheless, in the second half of the decade growth fell below the EU average. These necessary reforms fell however short of what was required. Participation in EMU did not help as far as the improvement of growth prospects was concerned. In the last section some of the economic and meta-economic factors explaining the ineffectiveness of the reform process are briefly explored.

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Section: Italy In the Golden Agementioning

confidence: 81%

The Golden Age and the Second Globalization in Italy

Crafts

Magnani

2013

The Oxford Handbook of the Italian Economy Since Unification

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“…The higher the capital stock the more the economy is able to use new technologies, which in turn increases productivity of all firms. The growth of technology is assumed to depend on the growth of capital because capital deepening fosters technological spillovers that raise the marginal 1 The term investment in the context of endogenous growth models refers to a broader concept than the physical capital accumulation reported in the national accounts; research and development (R&D) expenditures and human capital formation may also be included (Crafts, 1996 andSnowdon andVane, 2005 [65]). productivity of capital across the economy as a whole.…”

Section: Endogenous Growth Theorymentioning

confidence: 99%

Nonlinearities in Inflation and Growth Nexus: The Case of Tanzania<strong> </strong>

Epaphra¹

2016

Preprint

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Achieving high economic growth rate while maintaining low inflation rate, has become the main objective of monetary authorities all over the world. Indeed, empirical literature reflects that high inflation rates are detrimental to long run growth and entail welfare costs. To achieve this objective, central banks have availed different options from time to time which include inflation targeting. Monetary authorities in Tanzania have been targeting an inflation level of around 5 percent per annum for economic policy purposes. However, when high inflation is to be controlled, tight monetary policy is put in place which might in turn affect the economic activity. Also, the Tobin effect suggests that inflation causes individuals to substitute out of money and into interest earning assets, which leads to greater capital intensity which in turn promotes economic growth. Against these major points, this paper examines a non linear relationship between inflation and economic growth using both a quadratic and threshold endogenous models and attempts to identify the existence of threshold effects between these variables. The paper uses a data set spanning from 1967 to 2015. The most interesting finding of the estimations is that the estimated coefficient of the linear term of inflation is negative while the estimated coefficient of the square term of inflation is positive, suggesting a U-shaped effect as opposed to inverse or inverted U-shaped relationship found in other countries by previous studies. These results suggest that the Tobin effect may be valid for high inflation, in which people strongly realize the importance of substituting money for interest-bearing assets. This leads to an increase in capital investment, and in turn, an increase in economic growth even with high inflation rate. However, this U-shaped relationship between inflation and economic growth suggests that, the economy is better off at extremely low inflation episodes. The optimal inflation rate that ranges between 3.25 percent and 3.75 percent is obtained by minimizing the residual sum of squares and/or maximizing adjusted R-squared. These findings have some policy implications for the policymakers and development partners. The paper is consistent with policy suggestions by international agencies. Efforts to minimize inflation to a very low level are likely to have a positive effect on economic growth.

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“…κατά τη διάρκεια της αποκαλούμενης χρυσής εποχής των δυτικοευρωπαϊκών οικονο-μιών (για παράδειγμα, βλέπε Crafts and Toniolo, 1996). Είναι, άλλωστε, σαφές πως η ανάπτυξη του κοινωνικού κράτους ευνοείται, εάν όχι ευθέως υπαγορεύεται, από την ταχύρρυθμη οικονομική μεγέθυνση -στην απλούστερη εκδοχή του, το επιχείρημα παραπέμπει στον Νόμο του Wagner, που συναρτά το μέγεθος του δημόσιου τομέα με το επίπεδο του εθνικού εισοδήματος.…”

Section: Social Cohesion and Developmentunclassified

Η ανάπτυξη, η αμφισβήτηση και η μεταρρύθμιση του ευρωπαϊκού κοινωνικού κράτους: «It’s the economy, stupid!»

Koutsiaras

2016

SCAD

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Η ανάπτυξη, η αμφισβήτηση και η μεταρρύθμιση του ευρωπαϊκού κοινωνικού κράτους: «It's the economy, stupid!» Νίκος Κουτσιαράς, Πανεπιστήμιο Αθηνών Growth, uncertainty and reform of the European welfare state: «It's the economy, stupid!» Nikos Koutsiaras, University of Athens ΠΕΡIΛΗΨΗ Η μεταπολεμική ανάπτυξη του ευρωπαϊκού κοι-νωνικού κράτους ευνοήθηκε από τις εξαιρετικές οικονομικές επιδόσεις της (χρυσής) εποχής -αλλά και συνέτεινε στην επίτευξή τους. Όμως, η ρα-γδαία εξασθένιση των οικονομικών επιδόσεων, από τις αρχές της δεκαετίας του '70 και, κυρίως, η αύξηση της ανεργίας, έφεραν αναπόφευκτα στην επιφάνεια τις αστοχίες των κοινωνικών πολιτικών και πολιτικών απασχόλησης, υπό την έννοια της σοβαρής στρέβλωσης των οικονομικών κινήτρων, την ίδια στιγμή θέτοντας υπό σοβαρή αμφισβήτη-ση την επάρκεια και βιωσιμότητα του ευρωπαϊκού κοινωνικού κράτους. Η άρση των στρεβλώσεων, λοιπόν, συγκαταλέγεται μεταξύ των προτεραιοτή-των μεταρρύθμισης των θεσμών του κοινωνικού κράτους και αποκατάστασης της αποτελεσματικό-τητάς του. ΛΕΞΕΙΣ-ΚΛΕΙΔΙΑ:Κοινωνικό κράτος, κοινωνι-κή προστασία, αγορά εργασίας, αναδιανομή, κοινωνικά αγαθά, οικονομική μεγέθυνση, απα-σχόληση, ανεργία, μεταρρύθμιση ABSTRACTThe post-war growth of the European welfare state was made possible by the exceptionally high rates of economic growth and the spectacular performance of European labour markets during that (golden) era. Yet, it also contributed to economic success. However, since the early '70s, weak growth and high unemployment have made evident the impact of social and labour market policy failures, resulting in heavy economic distortions, whilst also putting in doubt the adequacy and (long-term) sustainability of the European welfare state. Reform of the social and labour market policies and institutions should, therefore, primarily aim at removing heavy economic distortions, thereby improving efficiency. ΚΟΙΝΩΝΙΚΗ ΣΥΝΟΧΗ ΚΑΙ ΑΝΑΠΤΥΞΗ κοινωνιών για την κατάσταση και το μέλλον του κοινωνικού κράτους (τους). Γιατί, όσο κι αν είναι παράξενο και, ίσως, αφελές, πολύ συχνά, στο πλαίσιο της αντιπαράθεσης ιδεών και πολιτικής, η αναφορά στην οικονομική διάσταση και, πολύ περισσότερο, στους οικονομικούς περιορισμούς της κοινωνικής πολιτικής και του κοινωνικού κράτους εκλαμβάνεται, ιδίως από απαίδευτους περί την οικονομική θεωρία και την πολιτική οικονομία, ως τεκμήριο ακραία φιλελεύθερης ή/και συντηρητι-κής προκατάληψης. Κι όμως, είναι εξαιρετικώς αμφίβολο εάν η (επιτυχής) πολιτική υπεράσπιση του κοινωνικού κράτους μπορεί να παραβλέπει τις οικονομικές προϋποθέσεις και συνέπειες -επιδιωκό-μενες και μη-της λειτουργίας του και να αποσιωπά τους (επίσης οικονομικούς) περιορισμούς του. Γιατί, πολύ συχνά, η αποσιώπηση της οικονομικής διάστασης, ιδίως των περιορισμών, προδίδει απροθυμία ή/και αδυναμία μετατόπισης της αντιπαράθεσης ιδεών και πολιτικής στο επίπεδο της ηθι-κής φιλοσοφίας και των αξιών, δηλαδή ακριβώς εκεί απ' όπου το κοινωνικό κράτος έλκει τη μείζονα διανοητική υποστήριξη και ηθική νομιμοποίησή του. Το άρθρο που ακολουθεί οργανώνεται σε τρεις ενότητες, που, μ...

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Postwar growth: an overview

Cited by 97 publications

References 0 publications

The Golden Age and the Second Globalization in Italy

The Golden Age and the Second Globalization in Italy

Nonlinearities in Inflation and Growth Nexus: The Case of Tanzania<strong> </strong>

Η ανάπτυξη, η αμφισβήτηση και η μεταρρύθμιση του ευρωπαϊκού κοινωνικού κράτους: «It’s the economy, stupid!»

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