Development of the service sector and its role in consolidating global economic growth
Main Article Content
Keywords
Panel data models, Economic development, Aggregate productivity, Service industry
Abstract
The relationship between domestic trade and service production, on one hand, and productivity per worker and world economic growth, on the other, is studied in this paper through a panel data econometric analysis. Two mechanisms are described where services, by incorporating technology in the productive structure of domestic economies, increase average productivity per worker and promote economic growth. Data corresponding to 124 countries, between 1970 and 2007 was analyzed. Significant evidence was found about the role of both imported services and domestic service production in consolidating the nations’ average productivity. Likewise, services with a high content of human capital, as opposed to economic activities in the primary and secondary sectors, were found to underpin the largest share of productivity growth per worker in high and middle income countries
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References
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Judson, R. & Owen, A (1999). Estimating dynamic panel data models: a guide for macro¬economists. Federal Reserve of Governors, Economics Letters-Elsevier
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Li, X.; Greenaway, D. & Hine, R. (2005). Importaciones de servicios y crecimiento econó¬mico. Un análisis dinámico de panel. Competitividad e internacionalización de los servicios en los países europeos (824), 18.
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Nicoletti & Scarpetta(2003). Regulation, productivity and growth: OECD evidence. Econo¬mic Policy, CEPR & CES & MSH, (18), 36, 9-72.
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Peña, D. (2005). Análisis de series temporales. Madrid, España: Alianza.
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SosaE.W. (2004, 19 de mayo). Econometría de datos en paneles. (Presentación). Córdo¬ba: Argentina: Universidad Nacional de Córdoba.
Waverman & Roller (2001, septiembre). Telecommunications Infrastructure and Econo¬mic Development: A Simultaneous Approach. American Economic Review, 91(4), 909-923.
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Banga, R. & Goldar, B. (2004). Contribution of services to output growth and productivity in India manufacturing: pre and post reforms. Indian Council for Research on Inter¬national Economic Relations, 33.
Bhagwati, J. (1984, junio). Splintering and Disembodiment of Services and Developing Nations. The World Economy.
Box, G.; Jenkins, G. & Reinsel, G. (1994). Time Series Analysis: forecasting and control. Nueva Jersey, NJ, EE. UU.: Prentice-Hall, Englewood Cliffs.
Demirguc-Kunt, A. & Levine, R. (1999). Bank-based and market-based financial systems - cross-country comparisons. Policy Research Working Paper Series 2143, The World Bank.
Durlauf, S. (2001). Manifiesto for growth econometrics. Journal of Econometrics. Elsevier.
Eschenbach, F. & Hoekman, B. (2005). Services Policy Reform and Economic Growth in Transition Economies, 1990-2004. París, Francia: Groupe d’e Economie Mondiale, Institut d’e Politiques, World Bank y CPR, 20.
Fernandes, A. & Paunov, C. (2008). Services FDI and Manufacturing Productivity Growth: There is a link. The World Bank Development Research Group, University of London Economics, 56.
García, C. E. & Menéndez, L. S. (1992). Conceptos y clasificaciones en la economía de los servicios. Documento de Trabajo 92-07. Madrid: España, Instituto de Estudios Sociales Avanzados CSIC.
Hoekman, B. & Mattoo, A. (2000, marzo). Services, economic development and the next round of negotiations in services. Journal of International Development, 12(2), 283-296.
Judson, R. & Owen, A (1999). Estimating dynamic panel data models: a guide for macro¬economists. Federal Reserve of Governors, Economics Letters-Elsevier
Johnson, P. (2004). Cross Sectional Time Series: The Normal Model and Panel Corrected Standards Errors.
Khoury, A. & Savvides, A. (2006). Openess in Services Trades and Economic Growth, 10.
Kiviet, J. (1995). On bias, inconsistency, and efficiency of various estimators in dynamic panel data models. Journal of Econometrics. Elsevier.
Kravis, I.; Heston, A. & Summers, R. (s. f.). The Share of Services in Economic Growth, 32.
Kristensen, I.O. & Wawro, G. (2003). Lagging the Dog?: The Robusteness of Panel Correc¬ted Standard Errors in the Presence of Serial Correlation and Observation Specific Effects. Columbia University, Department of Political Science.
Li, X.; Greenaway, D. & Hine, R. (2005). Importaciones de servicios y crecimiento econó¬mico. Un análisis dinámico de panel. Competitividad e internacionalización de los servicios en los países europeos (824), 18.
Mauleon, I. (1987). Problemas prácticos en el tratamiento econométrico de datos cross sectios. Investigaciones
Económicas (segunda época), (XI), 1, 41-94.
Mayorga& Muñoz (2000). La técnica de datos de panel. Una guía para su uso e interpre¬tación. Costa Rica: Banco Central, Departamento de Investigaciones Económicas.
Neira, I.; Vieira, E. & Lamelas, N. (s. f.). Educación, investigación, desarrollo económico y social: análisis regional europeo, con especial referencia a España y Portugal. San¬tiago de Compostela, España: Universidad de Santiago de Compostela, Facultad de Econometría Aplicada.
Nicoletti & Scarpetta(2003). Regulation, productivity and growth: OECD evidence. Econo¬mic Policy, CEPR & CES & MSH, (18), 36, 9-72.
Niño, J. A. (2005). Sector servicios y desarrollo económico. Bogotá, Colombia: Universi¬dad Nacional de Colombia.
OECD (2005). Growth in Services fostering employment, productivity and innovation. OECD publications, 23.
Peña, D. (2005). Análisis de series temporales. Madrid, España: Alianza.
StataLongitudinal/Panel DataReference Manual Release 10 (2007). Stata press publication. Texas, T., EE. UU.: College Station Texas.
SosaE.W. (2004, 19 de mayo). Econometría de datos en paneles. (Presentación). Córdo¬ba: Argentina: Universidad Nacional de Córdoba.
Waverman & Roller (2001, septiembre). Telecommunications Infrastructure and Econo¬mic Development: A Simultaneous Approach. American Economic Review, 91(4), 909-923.
Williamson, S.D. (2008). Macroeconomics. Pearson Addison Wesley.
Wooldridge, J. (2002). Econometric Analysis of Cross Section and Panel Data. MIT Press, 247-291.
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Published
Jun 30, 2013
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How to Cite
Jola Sánchez, A. F. (2013). Development of the service sector and its role in consolidating global economic growth. Ecos De Economía, 17(36), 43–68. https://doi.org/10.17230/ecos.2013.36.3
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