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THE WORLD BANK ECONOMIC REVIEW, VOL. 15, NO. 3, 431-449
© 2001 International Bank for Reconstruction and Development / The World Bank

Article

Ownership and Growth

Thorvaldur Gylfason, Tryggvi Thor Herbertsson and Gylfi Zoega

The University of Iceland and the Center for Business and Policy Studies, Stockholm
The Institute of Economic Studies, University of Iceland
Burkbeck College, University of London and the Institute of Economic Studies, University of Iceland

Abstract

This article suggests how state enterprises can be incorporated into the theoretical and empirical growth literature. Specifically, it shows that if state enterprises are less efficient than private firms, invest less, employ less skilled labor, and are less eager to adopt new technology, then a large state enterprise sector tends to be associated with slow economic growth, all else remaining the same. The empirical evidence for 1978–92 indicates that, through a mixture of these channels, an increase in the share of state enterprises in employment by one standard deviation could reduce per capita growth by one to two percentage points a year from one country to another.


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