Modelling The Economic Growth In Romania With The Solow Model
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%.
Volume (Year): 4 (2007)
Issue (Month): 1 (March)
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- Ratna Sahay & Stanley Fischer & Carlos A. VÃ©gh Gramont, 1998. "From Transition to Market; Evidence and Growth Prospects," IMF Working Papers 98/52, International Monetary Fund.
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- Crafts, Nicholas & Kaiser, Kai, 2004. "Long-term growth prospects in transition economies: a reappraisal," Structural Change and Economic Dynamics, Elsevier, vol. 15(1), pages 101-118, March.
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