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Hallward-Driemeier, Mary

Equitable Growth, Finance, and Institutions
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Private sector development, Firm dynamics, Firm Productivity, Entrepreneurship, Women's economic empowerment, Investment climate, Gender, Development Economics
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Equitable Growth, Finance, and Institutions
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Last updated: January 31, 2023
Biography
Mary Hallward-Driemeier is Senior Economic Adviser in the Equitable Growth, Finance and Institutions Vice Presidency at the World Bank, overseeing its analytical agenda on private sector development. She joined the World Bank in 1997 as a Young Professional. She has published widely on firm productivity, the economics of technological change and the impact of crises. She leads the Jobs and Economic Transformation special theme for the International Development Association (IDA). She has served as advisor to two World Bank’s Chief Economists, co-manager of the Jobs Group, and Deputy Director for the World Development Report 2005: A Better Investment Climate for Everyone. Her previous books include Trouble in the Making? The Future of Manufacturing-Led Development (with Gaurav Nayyar) and Enterprising Women: Expanding Economic Opportunities in Africa. Mary received her AB from Harvard, her MSc in Development Economics from Oxford as a Rhodes Scholar, and her PhD in Economics from MIT.
Citations 31 Scopus

Publication Search Results

Now showing 1 - 4 of 4
  • Publication
    Big Constraints to Small Firms’ Growth? Business Environment and Employment Growth across Firms
    (2009-08-01) Aterido, Reyes; Hallward-Driemeier, Mary; Pages, Carmen
    Using data on more than 56,000 enterprises in 90 countries, this paper finds that objective conditions in the business environment vary substantially across firms of different sizes and that there are important non-linearities in their impact on employment growth. The paper focuses on four areas: access to finance, business regulations, corruption, and infrastructure. The results, particularly on the impacts of finance and corruption on growth, depend on whether and how the analysis accounts for the possible endogeneity of the business environment. Controlling for endogeneity revises the finding that small firms benefit most from access to finance, particularly for sources of finance associated with investment and growth. The findings are also sensitive to how small is defined. Differentiating micro (less than 10 employees) from other small firms shows that, while small firms can be disadvantaged in such an environment, micro firms tend to be proportionally less affected by a weak business climate and, on occasion, it can help them to grow. Overall, allowing different size classifications provides insights into the impact of the business environment that are lost in more aggregate analyses.
  • Publication
    Do Crises Catalyze Creative Destruction? Firm-level Evidence from Indonesia
    (MIT Press, 2013-12) Hallward-Driemeier, Mary; Rijkers, Bob
    Using Indonesian manufacturing census data (1991–2001), this paper rejects the hypothesis that the East Asian crisis unequivocally improved the reallocative process. The correlation between productivity and employment growth did not strengthen, and the crisis induced the exit of relatively productive firms. The attenuation of the relationship between productivity and survival was stronger in provinces with comparatively lower reductions in minimum wages, but not due to reduced entry, changing loan conditions, or firms connected to the Suharto regime suffering disproportionately. On the bright side, firms that entered during the crisis were relatively more productive, which helped mitigate the reduction in aggregate productivity.
  • Publication
    Trouble in the Making?: The Future of Manufacturing-Led Development
    (Washington, DC: World Bank, 2017-09-20) Hallward-Driemeier, Mary; Nayyar, Gaurav
    Globalization and new technologies are impacting the desirability and feasibility of what has historically been the most successful development strategy. Manufacturing has been seen as special, promising both productivity gains and job creation. But trade is slowing. Global value chains (GVC) are maturing. Robotics, artificial intelligence, 3D printing, and the Internet of things are shifting what makes locations attractive for production and threatening significant disruptions in employment. There is a risk of increased polarization, within countries and across countries. Shifting the attention from high-income countries, this report takes the perspective of developing countries to ask: -- If new technologies reduce the importance of low-wage labor, how can developing countries compete? -- Do countries need to industrialize to develop? -- How can countries at different levels of development take advantage of new opportunities? Development strategies need to broaden. Different manufacturing sub-sectors can still provide productivity growth or jobs; fewer can deliver both. Many of the pro-development characteristics traditionally associated with manufacturing--tradability, scale, innovation, learning-by-doing--are increasingly features of services. With faster diffusion of technology, it will be all the more important for countries to improve the enabling environment, remain open to trade, and support capabilities of firms and workers to ensure future prosperity is shared.
  • Publication
    At Your Service?: The Promise of Services-Led Development
    (Washington, DC: World Bank, 2021-09-15) Nayyar, Gaurav; Hallward-Driemeier, Mary; Davies, Elwyn
    Throughout history, industrialization has been synonymous with development. However, the trend of premature deindustrialization and the spread of automation technologies associated with Industry 4.0 has raised concerns that the development model based on export-led manufacturing seen in East Asia will be harder for hitherto less industrialized countries to replicate in the future. Can services-led development be an alternative? Contrary to conventional wisdom, the features of manufacturing that were considered uniquely conducive for productivity growth - such as international trade, scale economies, inter-sectoral linkages, and innovation - are increasingly shared by the services sector. But services are not monolithic. The twin gains of productivity growth and large-scale job creation for relatively low-skilled workers are less likely to come together in any given services subsector. The promise of services-led development in the future will be strengthened to the extent that technological change reduces the trade-off between productivity and jobs, and growth opportunities in services with potential for high productivity do not depend on a manufacturing base. Considering technological change and linkages between sectors while differentiating across types of services, this book assesses the scope of a services-driven development model and policy directions that maximize its potential.