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  • Analysis of productivity dynamics and its contribution to growth in transition economies. The impact of structural changes on economic growth and productivity

Analysis of productivity dynamics and its contribution to growth in transition economies. The impact of structural changes on economic growth and productivity

Priority areas of development: economics
2012
The project has been carried out as part of the HSE Program of Fundamental Studies.

This paper continues the line of research, which has been conducted by the Laboratory for Inflation Problems and Economic Growth Research of the HSE’s Expert Institute during previous years. The main object of the analysis is the problems of inflation and economic growth in the Russian economy.

The purpose of this study is to analyze the impact of structural changes in the industries of the Russian economy on the dynamics of productivity and economic growth, providing cross-country comparisons.

The study is conducted using the official data of Rosstat, as well as data of a lower level of aggregation. It is important to use the detailed information about the related indicators’ construction techniques. In addition, alternative estimates of indicators of Russian macroeconomic dynamics and data from other, besides Rosstat’s, sources is used (including our own estimates).

In collaboration with The Groningen Growth and Development Centre of the University of Groningen (the Netherlands, http://www.ggdc.nl), the Laboratory for Inflation Problems and Economic Growth Research developed a database of consistent measures of output, labor and capital inputs and productivity of the Russian economy. This database is the foundation for further research on productivity. It includes the gross output, value added, employment, labor inputs in full-time employment equivalent, investments by types of assets, as well as capital stocks and services for 35 OKVED industries of the Russian economy from 1995 to 2009. The database is consistent with official national accounts data as far as possible and has a higher level of industrial disaggregation, longer time series than the official data, and is closer to international standards of applied methodology.

For the first time for the Russian economy measures of value added at constant prices were obtained using the method of double deflation, and also estimates of capital services in selected activities were gotten based on the superior concept of capital services. Industry structural changes and dynamics of the Russian economy were analyzed from 1995 to 2009. For this purpose, the estimates of gross output and gross value added at constant prices for activities of the Russian economy were built, and consistent estimates of labor inputs and the share of labor compensation in value added were obtained.

The problems of development of Russian statistics due to the incompletion of the transition period, and also the reconstruction of the supply table for Russia needed, in particular, to construct reliable estimates of the dynamics of gross value added at constant prices by activities were considered.

The results of the work can be used in the formulation of economic policy measures, as well as in the learning process.

Publications:


de Vries G. J., Erumban A. A., Timmer M. P., Voskoboynikov I., Wu H. X. Deconstructing the BRICs: Structural Transformation and Aggregate Productivity Growth // Journal of Comparative Economics. 2012. Vol. 40. No. 2. P. 211-227. doi