Papers in Innovation Studies, CIRCLE, Center for Innovation, Research and Competences in the Learning Economy, Lund University
Global Dynamics, Capabilities and the Crisis
() and Martin Srholec
Abstract: The financial crisis started in 2007-8, initially in the
US, but its consequences have been felt throughout the global economy.
However, its effects were far from uniform. While parts of Asia and Africa
continued to grow fast, Europe experienced a large set back. This paper
emphasizes three important factors: differences across countries in
technological development; in capacities to exploit the opportunities
offered by technology; and in the ability to compete in international
market. A formal model, based on this approach, is developed and applied to
data for 100 countries in the period 1997-2012. Empirical indicators
reflecting the various factors are developed, a dataset constructed and
econometric estimates of the model performed. The results are used to
explore the factors behind the slowdown in economic growth, with a
particular emphasis on the continuing stagnation in Europe, and discuss the
implications for the future research in this area.
Keywords: Technological capabilities; social capabilities; competitiveness; economic growth; crisis; (follow links to similar papers)
JEL-Codes: E11; F43; O30; (follow links to similar papers)
23 pages, September 11, 2015
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