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Business and Economics > Production and Operations Management

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Cover IMF Working Papers
A Proposal to Improve Country-Level Data on Total Factor Productivity Growth
Andrew M. Warner
The assumption behind popular data on national capital stocks, and therefore total factor productivity, is that countries were in a steady state in the first year that investment data became available. This paper argues that this assumption is highly implausible and is necessarily responsible for implausible data on the ratio of capital to output and productivity growth. It is not credible that countries with similar incomes had huge differences in their capital stocks. This paper claims, with evidence, that implausible features of the data can be greatly reduced by using data on electricity usage or national stocks of road vehicles.
Keywords:
Productivity; Total Factor Productivity; Economic Growth; capital output ratio; total factor productivity growth; capita-output ratio; investment data; TFP growth estimate; Capital productivity; Stocks; Capital adequacy requirements; Electricity; Africa; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper analyzes productivity in the Eastern Caribbean Currency Union by exploring two complementary exercises. It computes total factor productivity by extending standard growth accounting frameworks with (1) the impact of natural disasters on the stock and productivity of physical capital; (2) human capital accumulation; and (3) the impact of out-migration on labor and human capital. The paper also analyzes labor productivity, including across economic sectors. The results indicate that the historical deceleration in growth was driven mostly by the declining contribution of total factor productivity, which resulted in stagnation in the aftermath of the global financial crisis. Labor productivity measures show that labor is largely allocated in the sectors with relatively lower productivity.
Keywords:
ISCR; CR; ECCU country; ECCU; labor productivity indicator; ECCU government; labor productivity measure; capital accumulation; Fiscal rules; Total factor productivity; Labor productivity; Caribbean; Global
Cover IMF Working Papers
Public Debt and Productivity: The Difficult Quest for Growth in Jamaica
Mr. Rodolphe Blavy
The paper analyzes Jamaica's experience of low growth despite consistently high investment. Cross-country analysis provides evidence of a significant and negative relationship between total public debt and productivity growth. Looking at the specific channels through which high debt affects productivity growth and the allocation of resources in Jamaica, the study finds that high public debt has been associated with macroeconomic uncertainty and an output structure that relied excessively on a few maturing sectors with limited scope for productivity growth. Furthermore, public investment has been crowded out by debt service, further adversely affecting productivity growth.
Keywords:
WP; investment; Jamaica; GDP; debt
Cover IMF Staff Country Reports
Jamaica: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes Jamaica’s experience of low growth despite consistently high investment rates. It suggests that the link between public debt and productivity is part of the answer to the puzzle. The paper considers Jamaica’s debt management strategy and its optimal debt structure. It also reviews the institutional framework for debt management in Jamaica, and presents a newly constructed dataset that documents Jamaica’s notable market access to long-maturity, fixed interest rate, and domestic currency bond placements.
Keywords:
ISCR; CR; exchange rate; optimal portfolio; foreign currency; inflation expectation; debt-inflation link; debt-inflation relationship; debt-inflation trap; investment prospect; debt growth; Exchange rates; Inflation; Government debt management; Currencies; Global; Caribbean; Europe; Middle East; Africa; North America; Eastern Europe