Decomposition of GDP Growth in Some European Countries and the United States

Kranendonk, Henk; Verbruggen, Johan

doi:10.1007/s10645-008-9095-0

Cited by 12 publications

(8 citation statements)

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“…Applying this method to six European countries and the United States, Kranendonk and Verbruggen (2008) show quite a different story, compared to that from the conventional method. For instance, for the Netherlands, the import-adjusted method suggests that the contribution of exports to GDP growth is stable and very significant for the periods of 2004-2007, while the conventional approach reveals a minimal contribution of exports to GDP growth.…”

Section: Literature Surveymentioning

confidence: 95%

“…While this conventional method is useful to highlight the net contribution of external demand through international trade, it provides limited insight into the exact contribution of exports to GDP growth. As Kranendonk and Verbruggen (2008) argue, the conventional method attributes all the intermediate and final imports to net exports and consequently results in the possible overestimation of domestic demand's contribution to growth. For example, suppose that an investment boom for an economy is driven solely by massive imports of capital goods.…”

Section: Literature Surveymentioning

confidence: 99%

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How Large Is the impact of Exports on Economic Growth? New Evidence from the Korean Case

Lee¹,

Kim

2019

SSRN Journal

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Section: Literature Surveymentioning

confidence: 95%

Section: Literature Surveymentioning

confidence: 99%

How Large Is the impact of Exports on Economic Growth? New Evidence from the Korean Case

Lee¹,

Kim

2019

SSRN Journal

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“…b IMF: WEO Database. Last column is author’s estimates based on the methodology described in Akyüz (2010a) , using import contents data from Kranendonk and Verbruggen (2008) for Germany and from Johnson and Noguera (2009) for Japan.…”

Section: Bringing In the Bystanders: Germany And Japanmentioning

confidence: 99%

Global Economic Prospects: The Recession May be Over but Where Next?

Akyüz

2011

Global Policy

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The global economy suffers from a demand gap in large part because of sustained declines in the share of labour income in most major economies. So far the deflationary threat posed by underconsumption has been averted thanks to debt‐driven consumption and property investment in the US and several European economies. This has, however, resulted in growing global trade imbalances and financial fragility which has culminated in a global crisis. A return to the pre‐crisis pattern of growth could prove to be even more damaging. A US–China rebalancing is necessary but not sufficient to restore stability and growth in the world economy. The two major mature surplus economies, Japan and particularly Germany, which have been siphoning global demand without adding to global growth, will also need to reduce their reliance on exports and add to global demand. Policy Implications All major economies should pursue full employment policies and higher wage settlements in order to avoid underconsumption crises and sluggish growth. The US should not allow its economy to be driven by speculative asset and credit cycles. It should live within its means and shift to export‐led growth. China should shift to consumption‐led growth by significantly increasing the share of household in GDP through faster wage growth and greater government transfers and by raising public spending on social services. Germany should stop competitive disinflation and accelerate growth based on domestic consumption.

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“…Sobre todo, la fragmentación del proceso de producción entre fases que se desarrolla en diversos países ha dado lugar a una nueva veta de análisis para cuantificar la contribución de las exportaciones al crecimiento económico. Dado que en muchas economías se ha incrementado el contenido importado de los bienes exportados y que, además, parte de los bienes importados pueden contener productos que antes han sido exportados por la economía que está importando, ha surgido la preocupación por calcular el valor agregado nacional contenido en las exportaciones e importaciones, que son diferentes del valor de estos flujos (Loschky y Ritter, 2006;Breda, Cappariello y Zizza, 2007;Kranendonk y Verbruggen, 2008;Koopman, Wang y Wei, 2008;Chen y otros, 2008;Akyüz, 2010). Este problema es especialmente gravitante en los países cuyo sector exportador participa intensamente en el sistema de producción internacional compartida, donde las exportaciones se caracterizan por presentar un elevado componente importado.…”

Section: Introductionunclassified