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Cobb-Douglas Production Function: The Case of Poland’s Economy

In: Advances in Time Series Data Methods in Applied Economic Research

Author

Listed:
  • Chaido Dritsaki

    (Western Macedonia University of Applied Sciences)

  • Pavlos Stamatiou

    (Western Macedonia University of Applied Sciences)

Abstract

The aim of this paper is to analyze the relationship between international trade and economic and financial development for Poland for the period 1990–2016. For this long run relationship we apply the autoregressive distributed lag—ARDL technique as it was formed by Pesaran and Shin (Econometrics and economic theory in the 20th century. The Ragnar Frisch centennial symposium. Cambridge University Press, Cambridge, 1999) and Pesaran et al. (J Appl Econ 16:289–326, 2001) as well as the augmented Cobb-Douglas production function formed by Mankiw et al. (Quart J Econ 107:407–437, 1992). The results of ARDL test confirm the existence of long run relationship between examined variables. Capital seems to be an impetus of economic development both in the short and long run, while labor has a negative impact in Poland’s economic growth. However, trade openness and financial development found to be insignificant on economic development both in the short and long run. Finally, causality results showed that there is a unilateral causal relationship between financial development and labor towards economic development and also a bilateral causal relationship between capital and trade openness with economic development.

Suggested Citation

  • Chaido Dritsaki & Pavlos Stamatiou, 2018. "Cobb-Douglas Production Function: The Case of Poland’s Economy," Springer Proceedings in Business and Economics, in: Nicholas Tsounis & Aspasia Vlachvei (ed.), Advances in Time Series Data Methods in Applied Economic Research, chapter 0, pages 465-483, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-02194-8_31
    DOI: 10.1007/978-3-030-02194-8_31
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    Cited by:

    1. Klona, Maria, 2021. "The Days After COVID-19: A Meta-Analysis on the Impact of Epidemics and Pandemics on Long-Term Macro-Economic Performance," American Business Review, Pompea College of Business, University of New Haven, vol. 24(1), pages 188-224, May.

    More about this item

    Keywords

    Cobb-Douglas production function; ARDL bounds test; Vector error correction model; Granger causality analysis; Poland;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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