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Sources of Economic Growth: A Global Perspective

Marcin Błażejowski, Jacek Kwiatkowski () and Jakub Gazda ()
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Jacek Kwiatkowski: Nicolas Copernicus University, 87-100 Toruń, Poland
Jakub Gazda: Poznan University of Economics and Business, 61-875 Poznań, Poland

Sustainability, 2019, vol. 11, issue 1, 1-14

Abstract: 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”.

Keywords: sustainable economic policy; Bayesian model averaging; gretl; BACE (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2019
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