Abstrakt
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.