Ebook: The New Economy and Economic Growth in Europe and the US

The strong productivity growth of the US and Scandinavian countries in Europe in the 1990s has raised the question whether the ICT sector - information and com­ munication technology (that is computers plus telecommunications plus digital services)-is the new driving engine of high growth in leading OECD countries. Judging by the empirical evidence for the US, including a new study by McKinsey which gives mixed evidence, it is still too early to clearly dismiss Robert G. Gordon's hypothesis that the acceleration of US output growth is (dis­ regarding quality problems of price measurement) exclusively due to cyclical factors and increased productivity growth in the computer sector. The counter­ hypothesis is associated with research by Stiroh and others who argue that there are positive productivity spillover effects from ICT to other sectors. Indeed, it is not clear ex ante whether mainly the Old Economy or the so-called New Economy stands to benefit most from high innovation rates and strong productivity shifts associated with the spreading of digital services. Interestingly, the increased eco­ nomic role of the internet also contributes to the internationalization of the econ­ omy since more services have become tradable, and growing import competition itself could stimulate productivity growth and thus contribute to higher growth. If ICT plays a key role in the new economy, there are important implications in the differential degree to which Germany and the US have implemented ICT.

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The New Economy in Europe and the US poses many unexplored issues. The authors present innovative theoretical and empirical analysis on Internet dynamics, productivity growth and organizational changes in selected OECD countries. New empirical findings related to telecommunications, Internet and growth also are presented. Based on the theoretical and empirical analyses various policy options are developed. Policy measures, both at the regional and national levels, can stimulate structural change, knowledge diffusion and economic growth. Different governance strategies for the Internet and e-commerce are identified from a global perspective.

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The New Economy in Europe and the US poses many unexplored issues. The authors present innovative theoretical and empirical analysis on Internet dynamics, productivity growth and organizational changes in selected OECD countries. New empirical findings related to telecommunications, Internet and growth also are presented. Based on the theoretical and empirical analyses various policy options are developed. Policy measures, both at the regional and national levels, can stimulate structural change, knowledge diffusion and economic growth. Different governance strategies for the Internet and e-commerce are identified from a global perspective.
Content:
Front Matter....Pages I-XII
Introduction....Pages 1-6
Structural Changes and New Economy in the EU and the US....Pages 7-27
Information & Communication Technology and Growth: Some Neglected Dynamic Aspects in Open Digital Economies....Pages 29-52
The New Economy in Spain: Situation and Prospects....Pages 53-86
Telecommunication Dynamics and Internet Expansion....Pages 87-97
Telecommunications, Innovation and the Long-term Production Function: Theoretical Aspects and a Cointegration Analysis for West Germany 1960 – 1990....Pages 99-127
Regional Policy in the New Economy....Pages 129-160
Organizational Change, New Information and Communication Technologies and the Demand for Labor in Services....Pages 161-192
The Effect of Restructuring the Organization of Production on Economic Growth....Pages 193-215
Financing New Economy Firms....Pages 217-224
Technology and Financial Markets....Pages 225-228
Electronic Banking and Prudential Supervision....Pages 229-251
Integrating Electronic Commerce Into the World Trading System: Issues and Challenges....Pages 253-270
Governing the Cyber Space....Pages 271-292
Growth and Change in the New Economy: Opportunities and Challenges....Pages 293-305
Internet and the Environment....Pages 307-323
International Information and Communications Technology Markets and Infrastructures: Some Comparative Statistics....Pages 325-341
Back Matter....Pages 343-353

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The New Economy in Europe and the US poses many unexplored issues. The authors present innovative theoretical and empirical analysis on Internet dynamics, productivity growth and organizational changes in selected OECD countries. New empirical findings related to telecommunications, Internet and growth also are presented. Based on the theoretical and empirical analyses various policy options are developed. Policy measures, both at the regional and national levels, can stimulate structural change, knowledge diffusion and economic growth. Different governance strategies for the Internet and e-commerce are identified from a global perspective.
Content:
Front Matter....Pages I-XII
Introduction....Pages 1-6
Structural Changes and New Economy in the EU and the US....Pages 7-27
Information & Communication Technology and Growth: Some Neglected Dynamic Aspects in Open Digital Economies....Pages 29-52
The New Economy in Spain: Situation and Prospects....Pages 53-86
Telecommunication Dynamics and Internet Expansion....Pages 87-97
Telecommunications, Innovation and the Long-term Production Function: Theoretical Aspects and a Cointegration Analysis for West Germany 1960 – 1990....Pages 99-127
Regional Policy in the New Economy....Pages 129-160
Organizational Change, New Information and Communication Technologies and the Demand for Labor in Services....Pages 161-192
The Effect of Restructuring the Organization of Production on Economic Growth....Pages 193-215
Financing New Economy Firms....Pages 217-224
Technology and Financial Markets....Pages 225-228
Electronic Banking and Prudential Supervision....Pages 229-251
Integrating Electronic Commerce Into the World Trading System: Issues and Challenges....Pages 253-270
Governing the Cyber Space....Pages 271-292
Growth and Change in the New Economy: Opportunities and Challenges....Pages 293-305
Internet and the Environment....Pages 307-323
International Information and Communications Technology Markets and Infrastructures: Some Comparative Statistics....Pages 325-341
Back Matter....Pages 343-353
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