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Ownership and Growth ¤

By Thorvaldur Gylfason, Tryggvi Thor Herbertsson, Gyl Zoega, Edmund Phelps and Ron Smith


This paper suggests how state-owned enterprises can be incorporated into the theoretical and empirical growth literature. Speci…cally, the paper is intended to show that if state-owned enterprises are less e¢cient than private …rms, invest less, employ less skilled labor, and are less eager to adopt new technology, then a large state-enterprise sector tends to be associated with slow economic growth, other things being equal. The empirical evidence for the period 1978-1992 indicates that, through a mixture of these channels, an increase in the share of state enterprises in employment by one standard deviation could reduce per capita growth by one to two percentage points per year from one country to another

Topics: Endogenous growth, state-owned enterprises, static and dynamic e¢ciency. JEL, O41, P12
Year: 2001
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