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Estimates of the steady state growth rates for some European countries

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

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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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
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/30411

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  1. Martin Schindler, 2009. "The Italian Labor Market; Recent Trends, Institutions, and Reform Options," IMF Working Papers 09/47, International Monetary Fund.
  2. Rao, B. Bhaskara & Antonio, Paradiso, 2010. "How to offset the negative trend growth rate in the Italian economy?," MPRA Paper 26557, University Library of Munich, Germany.
  3. 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.
  4. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September.
  5. 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.
  6. B. Bhaskara Rao & Arusha Cooray, 2012. "How useful is growth literature for policies in the developing countries?," Applied Economics, Taylor & Francis Journals, vol. 44(6), pages 671-681, February.
  7. 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.
  8. 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.
  9. Jean Pisani-Ferry, 2003. "The Surprising French Employment Performance: What Lessons?," CESifo Working Paper Series 1078, CESifo Group Munich.
  10. 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.
  11. Juan J Dolado & Carlos Garcia--Serrano & Juan F. Jimeno, 2002. "Drawing Lessons From The Boom Of Temporary Jobs In Spain," Economic Journal, Royal Economic Society, vol. 112(721), pages F270-F295, June.
  12. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc.
  13. Gonzalo, Jesus, 1994. "Five alternative methods of estimating long-run equilibrium relationships," Journal of Econometrics, Elsevier, vol. 60(1-2), pages 203-233.
  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. Michele Boldrin & José Ignacio Conde-Ruiz & Javier Díaz Giménez, 2010. "Eppur si Muove! Spain: Growing without a Model," Working Papers 2010-12, FEDEA.
  16. 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.
  17. 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.
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