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Global dynamics, capabilities and the crisis
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SYSNO ASEP 0464754 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Global dynamics, capabilities and the crisis Author(s) Fagerberg, J. (NO)
Srholec, Martin (NHU-N) RIDSource Title Journal of Evolutionary Economics - ISSN 0936-9937
Roč. 26, č. 4 (2016), s. 765-784Number of pages 20 s. Language eng - English Country DE - Germany Keywords technological capabilities ; social capabilities ; competitiveness Subject RIV AH - Economics R&D Projects GAP402/10/2310 GA ČR - Czech Science Foundation (CSF) Institutional support NHU-N - RVO:67985998 UT WOS 000385250000005 EID SCOPUS 84961210256 DOI 10.1007/s00191-016-0453-9 Annotation 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; differences in capacities to exploit the opportunities offered by technology; and differences 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. A major factor turns out to be the increased financialization of the economy. The negative effect of the growth of finance prior to the crisis is especially pronounced for the countries that suffered most during the crisis. Workplace Economics Institute Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2017
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