The Landscape of Economic Growth: Do Middle-Income Countries Differ?

Barry Eichengreen, Donghyun Park, Kwanho Shin

Research output: Contribution to journalReview articlepeer-review

4 Citations (Scopus)


We review the growth experience of middle-income countries. Economic factors associated with growth appear to differ between middle-income and other countries. The efficiency of the financial system is importantly related to the growth rate in low- and middle-income countries, but appears to matter less as one moves up the income scale. Demographic variables also matter importantly in low-income countries. In middle-income countries, in contrast, measures of the financial system no longer appear to matter as importantly, as if inefficiencies in banking and financial systems are no longer as binding a constraint as at earlier stages of financial development; nor are demographic variables as important as before. At this point, other variables gain a growing role: these include whether the country experiences a banking or currency crisis, the extent of non-foreign direct investment capital inflows, and government debt as a share of gross domestic product.

Original languageEnglish
Pages (from-to)836-858
Number of pages23
JournalEmerging Markets Finance and Trade
Issue number4
Publication statusPublished - 2018 Mar 16

Bibliographical note

Funding Information:
This work was supported by the Asian Development Bank.

Publisher Copyright:
Copyright © Taylor & Francis Group, LLC.


  • crisis
  • growth
  • middle income
  • total factor productivity

ASJC Scopus subject areas

  • Finance
  • Economics, Econometrics and Finance(all)


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