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Sources of Economic Growth: A Global Perspective

Marcin Błażejowski, Jacek Kwiatkowski and Jakub Gazda

MPRA Paper from University Library of Munich, Germany

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 2012–2013. 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: C11 E17 O40 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-sea
Date: 2019-01-08
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Published in Sustainability 1.11(2019): pp. 1-14

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https://mpra.ub.uni-muenchen.de/91322/1/sustainability-11-00275.pdf original version (application/pdf)

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Journal Article: Sources of Economic Growth: A Global Perspective (2019) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:91322

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