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Analysis Of The Correlation Between The Gdp Evolutions And The Capital And Labor Factors In Romania


  • Zaman, Gheorghe

    (Institute of National Economy)

  • Goschin, Zizi

    (Institute of National Economy)

  • Herteliu, Claudiu

    (Institute of National Economy)


The present study approaches the dynamic correlation between GDP and the gross fixed capital formation, based on the use of ICOR (incremental capital output ratio) indicator in order to determine the required investment volume for the period 2005-2008, under various efficiency conditions, including three variants of possible ICOR magnitude. The second part of the study deals with the correlation between GDP and capital and labor in the Romanian economy. On the basis of the computation of the Cobb-Douglas model whose parameters are used for forecasting the necessary growth of fixed capital formation in the period 2005-2008, the analysis shows a long term perpetuation (2000-2008) of under-performance situations, each time the investment rate being significantly higher than the output one .

Suggested Citation

  • Zaman, Gheorghe & Goschin, Zizi & Herteliu, Claudiu, 2005. "Analysis Of The Correlation Between The Gdp Evolutions And The Capital And Labor Factors In Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 2(3), pages 5-21.
  • Handle: RePEc:rjr:romjef:v:2:y:2005:i:3:p:5-21

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    Cited by:

    1. Simona MARINESCU & Cezar Radu COJOCARIU, 2013. "The Global Financial Crisis Discloses Dysfunctional Distribution of Income in Developed Economies. Where Do Central and Eastern Europe Stand?," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(3), pages 500-505, July.

    More about this item


    GDP growth; necessary fixed capital formation; ICOR; cross-section analysis; Cobb-Douglas production function; capital and labor contribution to GDP growth;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models


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