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

Abstract: 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)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ine:journl:v:43:y:2016:i:52:p:133-155

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