MODELLING THE ECONOMIC GROWTH IN ROMANIA WITH THE SOLOW MODEL

Petre Caraiani ()
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Petre Caraiani: Institute for Economic Forecasting, Romanian Academy, Bucharest

Journal for Economic Forecasting, 2007, vol. 4, issue 1, 77-88

Abstract: In this study I make an estimation of the Solow model for the Romanian economy. Starting from the estimates of the parameters from other studies, I simulate the model both for the 1990-2004 period and in the long run. The study shows that the Solow model provides a good approximation of the dynamics of the Romanian economy for the 1990-2004 period, with respect to the dynamics of the aggregate GDP and to the ratios of the main macroeconomic variables, like production per worker, capital-output ratio or capital per worker. The simulation for the 2030 time horizon indicates a potential of growth of over 3%.

Keywords: economic growth; productivity; transition (search for similar items in EconPapers)
JEL-codes: O47 P47 (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v:4:y:2007:i:1:p:77-88

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