O - Economic Development, Technological Change, and Growth

• Financial Development Beyond the Formal Financial Market

  Staff Working Paper 2018-49 Lin Shao

  This paper studies the effects of financial development, taking into account both formal and informal financing. Using cross-country firm-level data, we document that informal financing is utilized more by rich countries than poor countries.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Firm dynamics, Productivity JEL Code(s): E, E4, E44, O, O1, O17, O4, O47

• Assessing Global Potential Output Growth: April 2018

  Staff Analytical Note 2018-9 Richard Beard, Anne-Katherine Cormier, Michael Francis, Katerina Gribbin, Justin-Damien Guénette, Christopher Hajzler, James Ketcheson, Kun Mo, Louis Poirier, Peter Selcuk, Kristina Hess

  This note presents our estimates of potential output growth for the global economy through 2020. Overall, we expect global potential output growth to remain broadly stable over the projection horizon, averaging 3.3 per cent, although there is considerable uncertainty surrounding these estimates.

  Content Type(s): Staff research, Staff analytical notes Topic(s): International topics, Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4

• Firm Dynamics and Multifactor Productivity: An Empirical Exploration

  Staff Working Paper 2018-15 Pierre St-Amant, David Tessier

  There are indications that business dynamism has declined in advanced economies. In particular, firm entry and exit rates have fallen, suggesting that the creative destruction process has lost some of its vitality. Meanwhile, productivity growth has slowed. Some believe that lower entry and exit rates partly explain the weaker productivity growth.

  Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Productivity JEL Code(s): D, D2, D24, M, M1, M13, O, O4, O47

• Blockchain Revolution Without the Blockchain

  Staff Analytical Note 2018-5 Hanna Halaburda

  The technology behind blockchain has attracted a lot of attention. However, this technology is for the most part not well understood. There is no consensus on what benefits it may bring or on how it may fail.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Digital currencies and fintech, Recent economic and financial developments, Service sector JEL Code(s): D, D8, G, G2, O, O3, O33

• Capital-Goods Imports and US Growth

  Staff Working Paper 2018-1 Michele Cavallo, Anthony Landry

  Capital-goods imports have become an increasing source of growth for the U.S. economy. To understand this phenomenon, we build a neoclassical growth model with international trade in capital goods in which agents face exogenous paths of total factor and investment-specific productivity measures.

  Content Type(s): Staff research, Staff working papers Topic(s): Productivity, Trade integration JEL Code(s): E, E2, F, F2, F4, O, O3, O4