Determination of the Factors of Economic Development within the Framework of Sem (Structural Equation Modeling)

Определение детерминант экономического развития в рамках подхода моделирования структурных уравнений (SEM – structural equation modeling)

Andrey Zubarev, Potashnikоv, Vladimir (Поташников, Владимир) () and Shilov, Kirill (Шилов, Кирилл) ()
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Potashnikоv, Vladimir (Поташников, Владимир): Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Shilov, Kirill (Шилов, Кирилл): Russian Presidential Academy of National Economy and Public Administration (RANEPA)

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: In this paper we investigate the determinants of economic development. We use several multi-country panel databases. We used the correlation of the basket and the structural model uranveny (SEM) as instrumentarium. We found that the most important factors for development are the institutional characteristics of the country. Other important factors are the involvement in world trade and the variables related to the economic and debt policy (transfers, subsidies, taxes, grants and so forth.), as well as with the private sector. Development is determined by such indicators as the GDP per capita in constant prices PPP, health care and education quality. From the forecast of estimated SEM model,we found that without a major institutional reform Russia risks sliding into a lower (by world standards) level of development in the medium run.

Keywords: экономическое развитие; модели структурных уравнений; economic development; SEM (search for similar items in EconPapers)
Pages: 54 pages
Date: 2017-05
New Economics Papers: this item is included in nep-cis and nep-tra
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