联合王国：选定问题

UNITED KINGDOMSELECTED ISSUESApprovedByEuropean DepartmentPrepared ByLeonardoIndraccolo, Andrew Hodge (EUR),and Samuel Pienknagura (RES)BRIDGING THE GAP: UNDERSTANDING THE UK-US PRODUCTIVITYDECOUPLING _________________________________________________________________________3A. Introduction: The Decoupling From the US __________________________________________3B. UK’s Productivity Puzzle: A Review of Existing Explanations __________________________5C. Breaking Down Aggregate Productivity: Sectoral Patterns ___________________________7D. Has Resource Misallocation Played a Big Role? ____________________________________10E. Understanding the Within-Firm Productivity Growth Divergence __________________12F. Possible Determinants of Firm-Level R&D Investment _____________________________16G. Conclusions and Policy Recommendations ________________________________________17BOX1. Description of the Datasets __________________________________________________________5FIGURES1. United Kingdom-United States Aggregate Labor Productivity Decoupling___________42. Sectoral Structure United Kingdom-United States ___________________________________83.Sectoral Productivity Patterns ________________________________________________________94. Share of Businesses With Broadband Download Internet Speedat Least 100 Mbit _____________________________________________________________________105.Olley-Pakes Decomposition of Aggregate Productivity ____________________________116.Distribution of Employment by Productivity Deciles _______________________________127. Firm-Level TFP Growth United Kingdom-United States ____________________________138. Distribution of TFP Growth of Frontier and Laggard Firms _________________________149. Labor Productivity of Frontier and Laggard Firms __________________________________1410. Investment in Intangible Capital __________________________________________________1511. R&D Spending by Publicly Listed Firms ___________________________________________1512. Net Equity Issuance of United Kingdom and United States Listed Firms __________16CONTENTS UNITED KINGDOM2INTERNATIONAL MONETARY FUND13. Venture Capital Investment in ICT Sector, 2023 ___________________________________________16ANNEXI. Productivity Trends in Compustat Data and National Accounts _____________________________19APPENDIXI. Mathematical Appendix_____________________________________________________________________21References____________________________________________________________________________________23INDUSTRIAL POLICY IN THE UK ____________________________________________________________26A. Introduction: A Resurgence of IP in Advanced Economies _________________________________26B. The Recent History of IP in the UK _________________________________________________________28C. Designing IP: A Conceptual Framework ____________________________________________________30D. Successful IP: Lessons from International Experience ______________________________________33E. Targeting of UK IP: An Evidence-Based Approach __________________________________________36F. Modeling the Impact of UK IP on Productivity______________________________________________38G. Conclusions: Making the New UK IP Strategy Successful___________________________________41TABLES1.The Benefits and Risks of IP ________________________________________________________________322.The Productivity Impact of United Kingdom IP _____________________________________________ 40FIGURES1. Industrial Policy: Recent International Trends ______________________________________________272. Industrial Policy in the EU __________________________________________________________________283. Public Support for R&D in the United Kingdom ____________________________________________294. Market Failures in the United Kingdom ____________________________________________________385. Spillovers and Spillbacks of United Kingdom IP ____________________________________________41ANNEXESI. The United Kingdom’s National Wealth Fund _______________________________________________44II. Identifying Market Failures Through Distortion Centrality __________________________________46III. A Structural Model of United Kingdom IP _________________________________________________47References____________________________________________________________________________________50 INTERNATIONAL MONETARY FUNDBRIDGING THE GAP: UNDERSTANDING THE UK-USPRODUCTIVITY DECOUPLING1The UK’s productivity gap with the US has widened over the past two decades, with productivitygrowth rates decoupling after the Global Financial Crisis (GFC). This paper complements existingstudies by using sectoral and firm-level data to discuss different microeconomic drivers of the divergingtrends. While the loss of pre-GFC growth engines, in particular the leverage-driven boom in thefinancial sector, accounts for a large part of the productivity slowdown relative to the US, it is only partof the explanation. Outside the financial sector, the