ECONOMIC DEVELOPMENT AND STRUCTURAL CHANGE: THE ROLE OF SERVICES
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This work studies the structural transformation of the sectorial production shares along the development process, for a worldwide sample of both advanced and developing countries and for the different regions with the different that compose the total sample. The study is carried out for 39 countries during the 1960-2011 period. This explores the evolution of the structural transformation in the development process, and in particular the effect of the expansion of service sector on economic growth. First, it presents empirical evidence on an increasing share of industrial and mainly services sectors in the growth process, as for the worldwide sample as for different economic regions, and a hump-shaped relationship between industrial production and income. Then, this research points out that the higher participation of industry is favorable. In turn, except the business activities, services sector is harmful for economic growth, which confirms the intuition stated by Rodrik (2016).
Abstract
This work studies the structural transformation of the sectorial production shares along the development process, for a worldwide sample of both advanced and developing countries and for the different regions with the different that compose the total sample. The study is carried out for 39 countries during the 1960-2011 period. This explores the evolution of the structural transformation in the development process, and in particular the effect of the expansion of service sector on economic growth. First, it presents empirical evidence on an increasing share of industrial and mainly services sectors in the growth process, as for the worldwide sample as for different economic regions, and a hump-shaped relationship between industrial production and income. Then, this research points out that the higher participation of industry is favorable. In turn, except the business activities, services sector is harmful for economic growth, which confirms the intuition stated by Rodrik (2016).
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