Kozo Kiyota: This paper investigates the common and country-specific factors of the global total factor productivity (TFP) slowdown, which is defined as the period when the growth rate of TFP was at least 1.0 percentage point (or 1.5 percentage points) lower in the second period than the first. One of the contributions of this paper is that the analysis utilized a large sample of countries and years, covering both developed and developing countries from the mid 1950s to 2011. The analysis is based on a probit or logit model where the dependent variable takes the value of one for the three years centered on the year when a TFP slump begins. The TFP data come from the Penn World Tables, version 8.1.

Focusing on such factors as the changes in terms of trade and those in the energy prices, the analysis presents three major findings. First, between the mid 1950s...

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