Economic Cycles and Disembodied Technical Change of Romania’s Economy During the Period 1863-1913
Florin Pavelescu ()
Romanian Journal of Economics, 2016, vol. 43, issue 2(52), 133-155
This paper intends to reveal the features of economy dynamics from 1863 to 1913, which represents the most important part of Romania’s first transition to market economy. If the Kondratieff long economic cycles vision is adopted the respective period may be divided into two quasi-three decennial cycles (1863-1887 and 1888-1913, respectively), which differed from the point of the macroeconomic policy promoted by public authorities and by the foreign trade regime. The analysis is based on a series of econometric estimations related to elasticity between the gross domestic product and gross value added and rate of disembodied technical change proper. In this context, some methodological proposals are made in order to obtain a better understanding of the significance of the estimated parameters and reveal the form of the trajectory of economic growth. The implementation of the respective methodological proposals allows us to compare the dynamics of Romania’s economy during the two above-mentioned economic cycles and to highlight their common features and differences at macroeconomic and sectoral level. The main conclusion of the analysis is that the extension of market relations and of the role played by market economy institutions favoured the development of non-agricultural activities and the acceleration of economic growth.
Keywords: representative index; representative rate; economic sectors; linear regression intercept; gross value added; trajectory of economic growth (search for similar items in EconPapers)
JEL-codes: B41 E30 E32 J11 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ine:journl:v:43:y:2016:i:52:p:133-155
Access Statistics for this article
Romanian Journal of Economics is currently edited by Institute of National Economy
More articles in Romanian Journal of Economics from Institute of National Economy Contact information at EDIRC.
Bibliographic data for series maintained by Valentina Vasile ().