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Determination of the Factors of Economic Development within the Framework of Sem (Structural Equation Modeling)

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  • Zubarev, Andrey

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Potashnikîv, Vladimir

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Shilov, Kirill

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

Abstract

In this paper we investigate the determinants of economic development. We use several multi-country panel databases. We used the correlation of the basket and the structural model uranveny (SEM) as instrumentarium. We found that the most important factors for development are the institutional characteristics of the country. Other important factors are the involvement in world trade and the variables related to the economic and debt policy (transfers, subsidies, taxes, grants and so forth.), as well as with the private sector. Development is determined by such indicators as the GDP per capita in constant prices PPP, health care and education quality. From the forecast of estimated SEM model,we found that without a major institutional reform Russia risks sliding into a lower (by world standards) level of development in the medium run.

Suggested Citation

  • Zubarev, Andrey & Potashnikîv, Vladimir & Shilov, Kirill, 2017. "Determination of the Factors of Economic Development within the Framework of Sem (Structural Equation Modeling)," Working Papers 051737, Russian Presidential Academy of National Economy and Public Administration.
  • Handle: RePEc:rnp:wpaper:051737
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    References listed on IDEAS

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    Keywords

    ýêîíîìè÷åñêîå ðàçâèòèå; ìîäåëè ñòðóêòóðíûõ óðàâíåíèé; economic development; SEM;

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