IDEAS home Printed from https://ideas.repec.org/a/vep/journl/y2026v134i2p155-186.html

Revisiting Growth Theories: Evidence from Bootstrap Asymmetric Nonlinear Cointegration and Causality Tests

Author

Listed:
  • Ferhat Oztutus

    (Department of Economics, Hakkari University)

  • Sevda Yaprakli

    (Department of Economics, Hakkari University)

Abstract

This paper investigates the determinants of economic growth in Italy, Japan, and the US, drawing on classical, neoclassical, and endogenous growth theories and using annual data. ADF, PP, and Kruse’s unit root tests were applied to assess stationarity of the series. Subsequently, the Bootstrap Asymmetric Nonlinear Cointegration test, FMOLS estimation, Hatemi-J asymmetric causality, and Fourier bootstrap Toda-Yamamoto causality analysis were conducted. Empirical evidence shows a distinct divergence: economic growth adjusts symmetrically in the US, whereas asymmetrically in Italy and Japan. Accordingly, fixed capital investment positively drives economic growth across all three countries. Specifically, the findings for Japan and Italy point to a ‘paradox of thrift’, an ‘education paradox’, and the suppressive effect of the working-age population. Furthermore, the US economy is driven by capital formation. Our results are consistent with the literature, yet they provide updated, country-specific evidence on the determinants of economic growth.

Suggested Citation

  • Ferhat Oztutus & Sevda Yaprakli, 2026. "Revisiting Growth Theories: Evidence from Bootstrap Asymmetric Nonlinear Cointegration and Causality Tests," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 134(2), pages 155-186.
    • Handle: RePEc:vep:journl:y:2026:v:134:i:2:p:155-186
    as

    Download full text from publisher

    File URL: https://riss.vitaepensiero.it/scheda-articolo_digital/ferhat-oztutus-sevda-yaprakli/revisiting-growth-theories-evidence-from-bootstrapasymmetric-nonlinear-cointegration-and-causality-tests-000518_2026_0002_0155-402498.html
    Download Restriction: Yes
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vep:journl:y:2026:v:134:i:2:p:155-186. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Vep - Vita e Pensiero (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.