Sources of Economic Growth: A Global Perspective

被引：19

作者：

Blazejowski, Marcin ^{[1
]}

Kwiatkowski, Jacek ^{[2
]}

Gazda, Jakub ^{[3
]}

机构：

[1] WSB Univ Torun, PL-87100 Torun, Poland

[2] Nicolas Copernicus Univ, PL-87100 Torun, Poland

[3] Poznan Univ Econ & Business, PL-61875 Poznan, Poland

来源：

SUSTAINABILITY | 2019年 / 11卷 / 01期

关键词：

sustainable economic policy; Bayesian model averaging; gret1; BACE; MODEL UNCERTAINTY; GRAPHICAL MODELS; PANEL-DATA; DETERMINANTS; PRIORS; CONVERGENCE; JOINTNESS; SELECTION;

D O I：

10.3390/su11010275

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

The main goal of this paper is to determine the factors responsible for economic growth at the global level. The indication of the sources of economic growth may be an important element of the sustainable economic policy for development. The novelty of this research lies in employing an analysis based on data, which consist of an average growth rate of the Gross Domestic Product (GDP) for 168 countries for the years 2002-2013. The Bayesian model averaging approach is used to identify potential factors responsible for differences in countries' GDPs. Additionally, a jointness analysis is performed to assess the potential independence, substitutability, and complementarity of the factors of economic growth. The robustness of the results is confirmed by Bayesian averaging of classical estimates. We identify the most probable factors of economic growth, and we find that the most important determinants are variables associated with the so-called "Asian development model".

引用

页数：14