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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References listed on IDEAS
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- Caraiani, Petre, 2004. "Estimating Total Factor Productivity In The Romanian Economy," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 1(1), pages 97-108, February.
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- Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
- 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.
- Fischer, Stanley & Sahay, Ratna & Vegh, Carlos, 1998. "From transition to market: Evidence and growth prospects," MPRA Paper 20615, University Library of Munich, Germany.
- Croitoru, Lucian & Tarhoaca, Cornel, 2003. "The Romanian Growth Potential – A Cge Analysis," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 7-22, December.
- Albu, Lucian Liviu & Roudoi, Andrei, 2003. "Factors And Mechanisms Of Economic Growth In Transition Economies Of Different Types (Case Of Romania)," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 50-64, December.
- Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
- Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 135-204.
- 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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