66-77

• Σφακιανάκης, Γιώργος
• Μαγκούτας, Αναστάσιος
• Παπαδούδης, Γιώργος

Drawing on recent developments in the determinants of growth literature and using the latest datasets and modern techniques, this paper aims at assessing the relative importance of various factors for the growth of OECD countries. Special emphasis is placed on factors affecting total factor productivity in a globalized environment, while the specific econometric techniques allow us to account for institutional and other differences between countries. The main conclusion is that human capital and innovation are key drivers of growth for the specific group of countries, with the outward orientation, competitiveness and institutional variables also contributing positively while the opposite holds for the size of the public sector. These results are robust to the choice of estimation methods, while the statistical properties of variables are properly taken into account. Using these results, the current economic policy mix in Greece is evaluated from a growth perspective.

• Economics and Business

• Economic development

economic growth, human capital, R&D, openness, technology transfer, institutions

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