"This paper documents industrial output and labor productivity growth around the poor periphery 1870-1975 (Latin … America, the European periphery, the Middle East, South Asia, Southeast Asia and East Asia). Intensive and extensive … industrial growth accelerated there over this critical century. The precocious poor periphery leaders underwent a surge and more …

, Kehoe, and McGrattan (2007). Our main result is that weak productivity growth cannot account for the experienced stagnation …. Rather, the stagnation is explained by factors that made labor and investment expensive. We show that an increase in labor …

of stagnation or low growth. Comparative case studies of the Great Depression, the Latin American debt crisis of the 1980 … prosperity for a long time? The main conclusion is that stagnation after big financial crises becomes likely when the balance …