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Published in:
1997 | OriginalPaper | Chapter
Introduction
Authors : Paul J. J. Welfens, Holger C. Wolf
Published in: Banking, International Capital Flows and Growth in Europe
Publisher: Springer Berlin Heidelberg
Included in: Professional Book Archive
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While the economies of Asia and, more recently, South as well as North America have enjoyed sustained high growth, the growth performance of western Europe and in particular continental Europe has been rather modest. Coupled with sizable improvements in labor productivity and — at best — steady capital productivity, growth proved insufficient to sustain employment levels, much less to replicate the US job creation success.