Structural Change: pace, patterns and determinants
This paper provides a comprehensive assessment of structural change in the world economy. The analysis relies on a newly-constructed data-set comprising 169 countries and covering the period from 1991 to 2013. Shapely decomposition's are employed to evaluate the pace and pattern of structural change across regions and sub-regions. Country-level estimates are then used to conduct an original empirical exercise on the determinants of structural change. The results suggest that labor reallocation (structural change) have played a critical role in enhancing economic performance since the early 2000s– even if they remain comparatively less important than within sector productivity improvements. The widespread reallocation of labor from agriculture to the services sectors has been the key driver of structural change. Finally, we find robust evidence that the pace of structural change is significantly shaped by human and physical capital accumulation. The policy implication is that investments in education and economic infrastructure are crucial to accelerate structural change.
| Format: | Reports biblioteca |
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| Language: | eng |
| Published: |
2017
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