The paper analyzes Jamaica''s experience of low growth despite consistently high investment. Cross-country analysis provides evidence of a significant and negative relationship between total public debt and productivity growth. Looking at the specific channels through which high debt affects...

The paper analyzes Jamaica's experience of low growth despite consistently high investment. Cross-country analysis provides evidence of a significant and negative relationship between total public debt and productivity growth. Looking at the specific channels through which high debt affects...

Recoveries vary considerably across countries: our paper compares recoveries in bank-based and market-based economies and finds that market-based economies experience significantly and durably stronger rebounds than the bank-based ones (in particular the more bank-based economies of continental...

Recoveries vary considerably across countries: our paper compares recoveries in bank-based and market-based economies and finds that market-based economies experience significantly and durably stronger rebounds than the bank-based ones (in particular the more bank-based economies of continental...

Intro -- Contents -- I. INTRODUCTION -- II. THE PARADOX: LOW GROWTH AND HIGH INVESTMENT -- III. THE MISMEASUREMENT STORY -- IV. LOW PRODUCTIVITY: DOES THE LEVEL OF DEBT MATTER? -- V. HIGH DEBT AND DECLINING PRODUCTIVITY: THE CASE OF JAMAICA -- VI. TAKING STOCK: SUMMARY AND CONCLUSIONS -- REFERENCES.

The paper analyzes Jamaica's experience of low growth despite consistently high investment. Cross-country analysis provides evidence of a significant and negative relationship between total public debt and productivity growth. Looking at the specific channels through which high debt affects...

Using data for a large number of advanced and emerging market economies during 1982-2009, this paper examines the distinct impact of financial integration and globalization on several dimensions of real activity. We find that: (a) financial integration has progressed significantly worldwide,...