Report

The Long Term Growth Model : Fundamentals, Extensions, and Applications

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collection.link.101
https://openknowledge.worldbank.org/handle/10986/2209
collection.name.101
Other ESW Reports
dc.contributor.author
Loayza, Norman V. (ed.)
dc.contributor.author
Pennings, Steven (ed.)
dc.date.accessioned
2022-11-11T14:45:54Z
dc.date.available
2022-11-11T14:45:54Z
dc.date.issued
2022
dc.date.lastModified
2022-11-12T05:10:40Z
dc.description.abstract
The Long-Term Growth Model (LTGM) and its extensions are a suite of models and spreadsheet-based toolkits for analyzing future growth paths in developing countries, based on the Solow-Swan growth model. This volume, The Long-Term Growth Model: Fundamentals, Extensions, and Applications, is a collection of ten chapters that summarize the development of the LTGM over the last decade, and how it has been applied in practice. The volume starts with a description of the Standard LTGM, the simplest and easiest-to-use component of the LTGM suite. It then outlines several extensions to the basic model in important areas such as the implications of growth for poverty (built into the Standard LTGM), the effects of public capital, the determinants of total factor productivity (TFP) growth, and how growth drivers differ in natural resource rich economies. The final part of the book covers six case studies which apply the LTGM in a diverse range of countries: Malaysia, South Korea, Bangladesh, Syria, Egypt, and Sri Lanka. Although growth performances, constraints, and opportunities vary across country contexts, the LTGM framework outlined in this volume, analyzing future growth in terms of TFP, human capital, physical capital, and labor, is universally relevant. The chapters in the volume typically find that popular investment-led growth strategies are unsustainable in the long-run (including those growth strategies relying solely on high rates of public investment). This is mostly due to a declining marginal productivity of capital, though financing high investment rates without high savings rates is also a practical concern. Instead, they find that the most important driver of sustainable rapid long-run growth is productivity (TFP) growth.
en
dc.identifier
http://documents.worldbank.org/curated/en/099627211072228496/IDU052ad90a40e67f040f80ab3b0cfbec815be8d
dc.identifier.uri
http://hdl.handle.net/10986/38299
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
LONG TERM GROWTH MODEL
dc.subject
LTGM
dc.subject
FUTURE GROWTH PATHS
dc.subject
SCENARIOS
dc.subject
EFFECTS ON POVERTY
dc.title
The Long Term Growth Model
en
dc.title.subtitle
Fundamentals, Extensions, and Applications
en
dc.type
Report
en
okr.date.disclosure
2022-11-07
okr.date.lastmodified
2022-11-07T00:00:00Z
en
okr.doctype
Economic & Sector Work
okr.doctype
Economic & Sector Work :: Other ESW Reports
okr.docurl
http://documents.worldbank.org/curated/en/099627211072228496/IDU052ad90a40e67f040f80ab3b0cfbec815be8d
okr.googlescholar.linkpresent
yes
okr.guid
099627211072228496
okr.identifier.externaldocumentum
IDU-52ad90a4-e67f-40f8-ab3b-cfbec815be8d
okr.identifier.internaldocumentum
33932471
okr.identifier.report
177580
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/099627211072228496/pdf/IDU052ad90a40e67f040f80ab3b0cfbec815be8d.pdf
en
okr.region.geographical
World
okr.topic
Macroeconomics and Economic Growth :: Economic Forecasting
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.unit
DECRG: Macroeconomics & Growth (DECMG)

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