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particular inherited a set of institutions singularly well suited to the economic circumstances that reigned for almost three …-minded governments--all legacies of Europe's earlier history. For example, these institutions worked together to mobilize savings …, finance investment, and stabilize wages. However, this inheritance of economic and social institutions that was the solution …
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This paper evaluates explanations for China's growth slowdown. The natural tendency for rapidly growing economies to slow down is a major factor, along with problems bequeathed by unbalanced growth, including a declining ICOR, slowing total factor productivity growth, and rising indebtedness. A...
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We evaluate explanations for why Germany grew so quickly in the 1950s. The recent literature has emphasized convergence, structural change and institutional shake-up while minimizing the importance of the postwar shock. We show that this shock and its consequences were more important than...
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