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Estimates of the steady state growth rates for some European countries

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  • Casadio, Paolo
  • Paradiso, Antonio
  • Rao, B. Bhaskara
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    Abstract

    This paper estimates the steady state growth rates for the main European countries with an extended version of the Solow (1956) growth model. Total factor productivity is assumed a function of human capital, trade openness and investment ratio. We show that these factors, with some differences, have played an important role to improve the long run growth rates of Italy, Spain, France, UK, and Ireland. A few policies to improve the long-run growth rates for these countries are suggested.

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    File URL: http://www.sciencedirect.com/science/article/pii/S026499931200082X
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    Bibliographic Info

    Article provided by Elsevier in its journal Economic Modelling.

    Volume (Year): 29 (2012)
    Issue (Month): 4 ()
    Pages: 1119-1125

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    Handle: RePEc:eee:ecmode:v:29:y:2012:i:4:p:1119-1125

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    Web page: http://www.elsevier.com/locate/inca/30411

    Related research

    Keywords: Extended Solow growth model; Trade openness; Human capital; Investment ratio; Steady state growth rate; European countries;

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    References

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    1. Rao, B. Bhaskara & Vadlamannati, Krishna Chaitanya, 2010. "Globalization and growth in the low Income African countries with the extreme bounds analysis," MPRA Paper 21924, University Library of Munich, Germany.
    2. Johnson, Paul & Durlauf, Steven N & Temple, Johnathan R. W., 2004. "Growth Econometrics," Vassar College Department of Economics Working Paper Series 61, Vassar College Department of Economics.
      • Durlauf, Steven N. & Johnson, Paul A. & Temple, Jonathan R.W., 2005. "Growth Econometrics," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 8, pages 555-677 Elsevier.
    3. B. Bhaskara Rao, 2010. "Time-series econometrics of growth-models: a guide for applied economists," Applied Economics, Taylor & Francis Journals, vol. 42(1), pages 73-86.
    4. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, vol. 61(4), pages 783-820, July.
    5. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc.
    6. Gonzalo, Jesus, 1994. "Five alternative methods of estimating long-run equilibrium relationships," Journal of Econometrics, Elsevier, vol. 60(1-2), pages 203-233.
    7. Jean Pisani-Ferry, 2003. "The Surprising French Employment Performance: What Lessons?," CESifo Working Paper Series 1078, CESifo Group Munich.
    8. K.P.V. O'Sullivan & Tom Kennedy, 2010. "What caused the Irish banking crisis?," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 18(3), pages 224-242, July.
    9. Antonio Paradiso & B. Bhaskara Rao, 2011. "How to offset the negative trend growth rate in the Italian economy?," Applied Economics Letters, Taylor & Francis Journals, vol. 18(15), pages 1479-1483.
    10. Martin Schindler, 2009. "The Italian Labor Market," IMF Working Papers 09/47, International Monetary Fund.
    11. Dolado, Juan J. & Garcia-Serrano, Carlos & Jimeno, Juan Francisco, 2001. "Drawing Lessons From the Boom of Temporary Jobs in Spain," CEPR Discussion Papers 2884, C.E.P.R. Discussion Papers.
    12. Michele Boldrin & José Ignacio Conde-Ruiz & Javier Díaz Giménez, 2010. "Eppur si Muove! Spain: Growing without a Model," Working Papers 2010-12, FEDEA.
    13. Phillips, Peter C B & Hansen, Bruce E, 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes," Review of Economic Studies, Wiley Blackwell, vol. 57(1), pages 99-125, January.
    14. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May.
    15. B. Bhaskara Rao & Krishna Chaitanya Vadlamannati, 2011. "The level and growth effects of human capital in India," Applied Economics Letters, Taylor & Francis Journals, vol. 18(1), pages 59-62.
    16. Levine, Ross & Renelt, David, 1991. "A sensitivity analysis of cross-country growth regressions," Policy Research Working Paper Series 609, The World Bank.
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    Cited by:
    1. Arusha Cooray & Antonio Paradiso, 2012. "The level and growth effects in empirical growth models for the Nordic countries: A knowledge economy approach," CAMA Working Papers 2012-36, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    2. Cooray, Arusha & Paradiso, Antonio & Truglia, Francesco Giovanni, 2013. "Do countries belonging to the same region suggest the same growth enhancing variables? Evidence from selected South Asian countries," Economic Modelling, Elsevier, vol. 33(C), pages 772-779.
    3. Arusha Cooray & Marcella Lucchetta & Antonio Paradiso, 2013. "A knowledge economy approach in empirical growth models for the Nordic countries," Economics Working Papers wp13-06, School of Economics, University of Wollongong, NSW, Australia.

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