Markov Chains, Eigenvalues and the Stabilityof Economic Growth Processes

Fernando Delbianco (), Andrés Fioriti and Fernando Tohmé
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Andrés Fioriti: Universidad Nacional del Sur/CONICET

No 88, Working Papers from Red Nacional de Investigadores en Economía (RedNIE)

Abstract: In this paper we explore the data on economic growth processes in the lastdecades, assuming they follow Markov processes. We look for the regimes guidingthem and define Markov chains according to which the time series switch from oneregime to another. Our findings show that most of the growth processes are quitestable in the sense of remaining most of the time in a dominant regime. Furthermore,we do not find support for the hypothesis of convergence of economies. The mainconclusion of our analysis is that growth processes can be better understood interms of their idiosyncratic dominant regimes.

Keywords: Markov Process; Regime Switching; Economic Growth. (search for similar items in EconPapers)
Pages: 27 pages
Date: 2021-09
New Economics Papers: this item is included in nep-gro
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https://rednie.eco.unc.edu.ar/files/DT/88.pdf (application/pdf)

Related works:
Journal Article: Markov chains, eigenvalues and the stability of economic growth processes (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:aoz:wpaper:88

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