The focus of this paper is on developments in Total Factor Productivity TFP in OECD countries since the 1960s. TFP growth is defined here as that portion of real output growth which is not accounted for by increase in inputs of labour and capital, the two most fundamental factors of...
The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity TFP using newly organized data on 145 countries that span more than one hundred years for twenty-four of these countries. For all countries, only 3 percent of average output...
Development of the banking sector exerts a large, causal impact on total factor productivity growth, which in turn causes GDP to grow. Whether banking development has a long-run effect on capital growth or private saving remains to be seen. This paper evaluates whether the level of development in the banking...
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