The Role of Macroeconomic Factors in Growth 1961-1988
Afghanistan, Angola, Argentina...and 110 more, 1961 - 1988
Get Microdata
Reference ID
WLD_1988_RMFG_v01_M
Producer(s)
Stanley Fischer
Metadata
Created on
Apr 11, 2011
Last modified
Oct 26, 2023
Page views
19026
Downloads
1635
Identification
Survey ID Number
WLD_1988_RMFG_v01_M
Title
The Role of Macroeconomic Factors in Growth 1961-1988
Country/Economy
| Name | Country code |
|---|---|
| Afghanistan | AFG |
| Angola | AGO |
| Argentina | ARG |
| Burundi | BDI |
| Benin | BEN |
| Burkina Faso | BFA |
| Bahrain | BHR |
| Bahamas, The | BHS |
| Bolivia | BOL |
| Brazil | BRA |
| Barbados | BRB |
| Botswana | BWA |
| Chile | CHL |
| China | CHN |
| Cameroon | CMR |
| Congo, Dem. Rep. | COD |
| Congo, Rep. | COG |
| Colombia | COL |
| Comoros | COM |
| Costa Rica | CRI |
| Cyprus | CYP |
| Dominican Republic | DOM |
| Algeria | DZA |
| Ecuador | ECU |
| Egypt, Arab Rep. | EGY |
| Spain | ESP |
| Ethiopia | ETH |
| Fiji | FJI |
| Gabon | GAB |
| Ghana | GHA |
| Guinea | GIN |
| Gambia, The | GMB |
| Guinea-Bissau | GNB |
| Greece | GRC |
| Grenada | GRD |
| Guatemala | GTM |
| Guyana | GUY |
| Hong Kong SAR, China | HKG |
| Honduras | HND |
| Haiti | HTI |
| Hungary | HUN |
| Indonesia | IDN |
| India | IND |
| Iran, Islamic Rep. | IRN |
| Iraq | IRQ |
| Iceland | ISL |
| Israel | ISR |
| Jamaica | JAM |
| Jordan | JOR |
| Japan | JPN |
| Kenya | KEN |
| Korea, Rep. | KOR |
| Kuwait | KWT |
| Lao PDR | LAO |
| Lebanon | LBN |
| Liberia | LBR |
| Libya | LBY |
| Sri Lanka | LKA |
| Lesotho | LSO |
| Morocco | MAR |
| Madagascar | MDG |
| Maldives | MDV |
| Mexico | MEX |
| Mali | MLI |
| Malta | MLT |
| Myanmar | MMR |
| Mozambique | MOZ |
| Mauritania | MRT |
| Mauritius | MUS |
| Malawi | MWI |
| Malaysia | MYS |
| Niger | NER |
| Nigeria | NGA |
| Nicaragua | NIC |
| Nepal | NPL |
| New Zealand | NZL |
| Oman | OMN |
| Pakistan | PAK |
| Panama | PAN |
| Peru | PER |
| Philippines | PHL |
| Papua New Guinea | PNG |
| Poland | POL |
| Portugal | PRT |
| Paraguay | PRY |
| Romania | ROU |
| Rwanda | RWA |
| Saudi Arabia | SAU |
| Sudan | SDN |
| Senegal | SEN |
| Singapore | SGP |
| Sierra Leone | SLE |
| El Salvador | SLV |
| Somalia | SOM |
| Suriname | SUR |
| Eswatini | SWZ |
| Syrian Arab Republic | SYR |
| Chad | TCD |
| Togo | TGO |
| Thailand | THA |
| Trinidad and Tobago | TTO |
| Tunisia | TUN |
| Turkiye | TUR |
| Taiwan, China | TWN |
| Tanzania | TZA |
| Uganda | UGA |
| Uruguay | URY |
| Venezuela, RB | VEN |
| Viet Nam | VNM |
| Yemen, Rep. | YEM |
| Zambia | ZMB |
| Zimbabwe | ZWE |
| Yugoslavia Fed. Rep. | YUG |
Study type
Macroeconomics - Indicators
Abstract
Data used in Stan Fischer's paper, The Role of Macroeconomic Factors in Growth (JME, 1993).
Using a regression analog of growth accounting, the author presents cross-sectional and panel regressions showing that growth is negatively associated with inflation, large budget deficits, and distorted foreign exchange markets. Supplementary evidence suggests that the causation runs from macroeconomic policy to growth. The framework makes it possible to identify the channels of these effects: inflation reduces growth by reducing investment and productivity growth; budget deficits also reduce both capital accumulation and productivity growth. Examination of exceptional cases shows that while low inflation and small deficits are not necessary for high growth even over long periods, high inflation is not consistent with sustained growth.
Using a regression analog of growth accounting, the author presents cross-sectional and panel regressions showing that growth is negatively associated with inflation, large budget deficits, and distorted foreign exchange markets. Supplementary evidence suggests that the causation runs from macroeconomic policy to growth. The framework makes it possible to identify the channels of these effects: inflation reduces growth by reducing investment and productivity growth; budget deficits also reduce both capital accumulation and productivity growth. Examination of exceptional cases shows that while low inflation and small deficits are not necessary for high growth even over long periods, high inflation is not consistent with sustained growth.
Kind of Data
Aggregate data [agg]
Scope
Notes
The dataset includes the following indicators:
- Growth rate of total GDP
- Capital stock growth rate
- Labor force growth rate
- Growth rate of total human capital
- Years of educational attainment of the labor force
- Solow productivity residual
- Human capital stock
- Inflation rate
- Inflation uncertainty
- Budget surplus or deficit
- Ratio of liquid liabilities to GDP
- Rate of change of terms of trade
- Trade openness
- Black market exchange rate premium
- Growth rate of total GDP
- Capital stock growth rate
- Labor force growth rate
- Growth rate of total human capital
- Years of educational attainment of the labor force
- Solow productivity residual
- Human capital stock
- Inflation rate
- Inflation uncertainty
- Budget surplus or deficit
- Ratio of liquid liabilities to GDP
- Rate of change of terms of trade
- Trade openness
- Black market exchange rate premium
Coverage
Geographic Coverage
- Afghanistan
- Angola
- Argentina
- Burundi
- Benin
- Bangladesh
- Bahrain
- Bahamas
- Belize
- Bolivia
- Brazil
- Barbados
- Myanmar
- Botswana
- Central African Rep
- Chile
- China
- Cote d'Ivoire
- Cameroon
- Congo
- Colombia
- Comoros
- Costa Rica
- Cyprus
- Dominican Republic
- Algeria
- Ecuador
- Egypt
- Spain
- Ethiopia
- Fiji
- Gabon
- Ghana
- Guinea
- Gambia, The
- Guinea-Bissau
- Greece
- Grenada
- Guatemala
- Guyana
- Hong Kong
- Honduras
- Haiti
- Hungary
- Burkina Faso
- Indonesia
- India
- Iran
- Iraq
- Iceland
- Israel
- Jamaica
- Jordan
- Japan
- Kenya
- Kampuchea
- South Korea
- Kuwait
- Laos
- Lebanon
- Liberia
- Libya
- St. Lucia
- Sri Lanka
- Lesotho
- Morocco
- Madagascar
- Maldives
- Mexico
- Mali
- Malta
- Mozambique
- Mauritania
- Mauritius
- Malawi
- Malaysia
- Niger
- Nigeria
- Nicaragua
- Nepal
- New Zealand
- Taiwan
- Oman
- Pakistan
- Panama
- Peru
- Philippines
- Papua New Guinea
- Poland
- Portugal
- Paraguay
- Romania
- Rwanda
- Saudi Arabia
- Sudan
- Senegal
- Singapore
- Sierra Leone
- El Salvador
- Somalia
- Suriname
- Swaziland
- Syria
- Chad
- Togo
- Thailand
- Trinidad and Tobago
- Tunisia
- Turkey
- Tanzania
- Uganda
- Uruguay
- Venezuela
- Viet Nam
- Western Samoa
- South Yemen
- North Yemen
- Yugoslavia
- South
- Zaire
- Zambia
- Zimbabwe
- Angola
- Argentina
- Burundi
- Benin
- Bangladesh
- Bahrain
- Bahamas
- Belize
- Bolivia
- Brazil
- Barbados
- Myanmar
- Botswana
- Central African Rep
- Chile
- China
- Cote d'Ivoire
- Cameroon
- Congo
- Colombia
- Comoros
- Costa Rica
- Cyprus
- Dominican Republic
- Algeria
- Ecuador
- Egypt
- Spain
- Ethiopia
- Fiji
- Gabon
- Ghana
- Guinea
- Gambia, The
- Guinea-Bissau
- Greece
- Grenada
- Guatemala
- Guyana
- Hong Kong
- Honduras
- Haiti
- Hungary
- Burkina Faso
- Indonesia
- India
- Iran
- Iraq
- Iceland
- Israel
- Jamaica
- Jordan
- Japan
- Kenya
- Kampuchea
- South Korea
- Kuwait
- Laos
- Lebanon
- Liberia
- Libya
- St. Lucia
- Sri Lanka
- Lesotho
- Morocco
- Madagascar
- Maldives
- Mexico
- Mali
- Malta
- Mozambique
- Mauritania
- Mauritius
- Malawi
- Malaysia
- Niger
- Nigeria
- Nicaragua
- Nepal
- New Zealand
- Taiwan
- Oman
- Pakistan
- Panama
- Peru
- Philippines
- Papua New Guinea
- Poland
- Portugal
- Paraguay
- Romania
- Rwanda
- Saudi Arabia
- Sudan
- Senegal
- Singapore
- Sierra Leone
- El Salvador
- Somalia
- Suriname
- Swaziland
- Syria
- Chad
- Togo
- Thailand
- Trinidad and Tobago
- Tunisia
- Turkey
- Tanzania
- Uganda
- Uruguay
- Venezuela
- Viet Nam
- Western Samoa
- South Yemen
- North Yemen
- Yugoslavia
- South
- Zaire
- Zambia
- Zimbabwe
Producers and sponsors
Primary investigators
| Name |
|---|
| Stanley Fischer |
Data Collection
Dates of Data Collection
| Start | End |
|---|---|
| 1961 | 1988 |
Data Collection Mode
Other [oth]
Access policy
Contacts
| Name | Affiliation | URL | |
|---|---|---|---|
| Development Research Group | World Bank | research@worldbank.org | Link |
Citation requirements
Use of the dataset must be acknowledged using a citation which would include:
- the Identification of the Primary Investigator
- the title of the survey (including acronym and year of implementation)
- the survey reference number
- the source and date of download
Example:
Stanley Fischer. The Role of Macroeconomic Factors in Growth (RMFG) 1961-1988. Ref. WLD_1988_RMFG_v01_M. Dataset downloaded from http://microdata.worldbank.org on [date]
- the Identification of the Primary Investigator
- the title of the survey (including acronym and year of implementation)
- the survey reference number
- the source and date of download
Example:
Stanley Fischer. The Role of Macroeconomic Factors in Growth (RMFG) 1961-1988. Ref. WLD_1988_RMFG_v01_M. Dataset downloaded from http://microdata.worldbank.org on [date]
Disclaimer and copyrights
Disclaimer
The user of the data acknowledges that the original collector of the data, the authorized distributor of the data, and the relevant funding agency bear no responsibility for use of the data or for interpretations or inferences based upon such uses.
Metadata production
DDI Document ID
DDI_WLD_1988_RMFG_v02_M
Date of Metadata Production
2011-01-20
DDI Document version
DDI Document - Version 02 - (04/27/21)
This version is identical to DDI_WLD_1988_RMFG_v01_M but country field has been updated to capture all the countries covered by survey.
Version 01 (January 2011)
This version is identical to DDI_WLD_1988_RMFG_v01_M but country field has been updated to capture all the countries covered by survey.
Version 01 (January 2011)