IDEAS home Printed from https://ideas.repec.org/p/zbw/koflwp/11.html
   My bibliography  Save this paper

Drei Phasen des Potentialwachstums in Liechtenstein

Author

Listed:
  • Brunhart, Andreas
  • Kellermann, Kersten
  • Schlag, Carsten-Henning

Abstract

Das Produktionspotential der Liechtensteiner Volkswirtschaft hat sich in den vergangenen 60 Jahren im internationalen Vergleich ausserordentlich dynamisch entwickelt. Die Beschäftigung zeigt sich dabei als wichtigster Wachstumstreiber. Die expansive Entwicklung blieb jedoch nicht ungebrochen. Insbesondere zum Ende der 1990er Jahre ist eine merkliche Verlangsamung des Potentialwachstums zu beobachten. Ursächlich hierfür ist vor allem die rückläufige Dynamik der Arbeitsproduktivität. Über den gesamten Untersuchungszeitraum lassen sich am Standort Liechtenstein drei Phasen des Potentialwachstums unterscheiden. Methodisch wird in der vorliegenden Untersuchung das Produktionspotential als statis-tische Trendkomponente des Bruttoinlandprodukts interpretiert.

Suggested Citation

  • Brunhart, Andreas & Kellermann, Kersten & Schlag, Carsten-Henning, 2012. "Drei Phasen des Potentialwachstums in Liechtenstein," KOFL Working Papers 11, Konjunkturforschungsstelle Liechtenstein (KOFL), Vaduz.
    • Handle: RePEc:zbw:koflwp:11
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/58038/1/685177467.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
    2. Ronny Nilsson & Gyorgy Gyomai, 2011. "Cycle Extraction: A Comparison of the Phase-Average Trend Method, the Hodrick-Prescott and Christiano-Fitzgerald Filters," OECD Statistics Working Papers 2011/4, OECD Publishing.
    3. Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
    4. Stamfort, Stefan, 2005. "Berechnung trendbereinigter Indikatoren für Deutschland mit Hilfe von Filterverfahren," Discussion Paper Series 1: Economic Studies 2005,19, Deutsche Bundesbank.
    5. Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, May.
    6. Leonidas Akritidis, 2007. "Improving the measurement of banking services in the UK National Accounts," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 1(5), pages 29-37, May.
    7. Gerhard Bry & Charlotte Boschan, 1971. "Foreword to "Cyclical Analysis of Time Series: Selected Procedures and Computer Programs"," NBER Chapters, in: Cyclical Analysis of Time Series: Selected Procedures and Computer Programs, pages -1, National Bureau of Economic Research, Inc.
    8. Silvia Simon, 2007. "Determinanten der personellen Ressourcenknappheit. Entwicklungen im Fürstentum Liechtenstein," Beitraege 38, Liechtenstein-Institut.
    9. Weyerstraß, Klaus, 2001. "Methoden der Schätzung des gesamtwirtschaftlichen Produktionspotentials und der Produktionslücke," IWH Discussion Papers 142/2001, Halle Institute for Economic Research (IWH).
    10. Gustav Horn & Camille Logeay & Silke Tober, 2007. "Methodische Fragen mittelfristiger gesamtwirtschaftlicher Projektionen am Beispiel des Produktionspotenzials," IMK Studies 01-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    11. Brunhart, Andreas, 2011. "Evaluating the effect of "Zumwinkel-Affair" and financial crisis on stock prices in Liechtenstein: An unconventional augmented GARCH-approach," KOFL Working Papers 9, Konjunkturforschungsstelle Liechtenstein (KOFL), Vaduz.
    12. Gerhard Bry & Charlotte Boschan, 1971. "Cyclical Analysis of Time Series: Selected Procedures and Computer Programs," NBER Books, National Bureau of Economic Research, Inc, number bry_71-1, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andreas Brunhart, 2013. "Der Klein(st)staat Liechtenstein und seine grossen Nachbarländer: Eine wachstums- und konjunkturanalytische Gegenüberstellung," Arbeitspapiere 44, Liechtenstein-Institut.
    2. Andreas Brunhart, 2014. "Stock Market's Reactions to Revelation of Tax Evasion: An Empirical Assessment," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 150(III), pages 161-190, September.
    3. Kellermann, Kersten & Schlag, Carsten-Henning, 2012. "Hochschulen im Zentrum der Wachstumspolitik: Von der europäischen zur liechtensteinischen Perspektive," KOFL Studien, Konjunkturforschungsstelle Liechtenstein (KOFL), Vaduz, volume 8, number 8.
    4. Brunhart, Andreas, 2012. "Liechtensteins neuere Wirtschaftshistorie: Erste Einsichten und Interpretationen der neu geschätzten Zeitreihen," KOFL Economic Focus 5, Konjunkturforschungsstelle Liechtenstein (KOFL), Vaduz.
    5. Kellermann, Kersten & Schlag, Carsten-Henning, 2012. "Small, Smart, Special: Der Mikrostaat Liechtenstein und sein Budget," KOFL Working Papers 13, Konjunkturforschungsstelle Liechtenstein (KOFL), Vaduz.
    6. Brunhart, Andreas, 2012. "Liechtensteins neuere Wirtschaftshistorie: Ergebnisse der ökonometrischen Verlängerung ökonomischer Zeitreihen," KOFL Economic Focus 4, Konjunkturforschungsstelle Liechtenstein (KOFL), Vaduz.
    7. Brunhart, Andreas, 2012. "Identification of Liechtenstein's Historic Economic Growth and Business Cycles by Econometric Extensions of Data Series," MPRA Paper 44628, University Library of Munich, Germany.
    8. Kellermann, Kersten & Schlag, Carsten-Henning, 2012. "Ausländerbeschäftigung in Liechtenstein: Fluch oder Segen?," KOFL Working Papers 12, Konjunkturforschungsstelle Liechtenstein (KOFL), Vaduz.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dilip Nachane & Aditi Chaubal, 2022. "A Comparative Evaluation of Some DSP Filters vis-à-vis Commonly Used Economic Filters," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 20(1), pages 161-190, September.
    2. Viv B. Hall & Peter Thomson, 2021. "Does Hamilton’s OLS Regression Provide a “better alternative” to the Hodrick-Prescott Filter? A New Zealand Business Cycle Perspective," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 17(2), pages 151-183, November.
    3. Wolfgang Nierhaus & Timo Wollmershäuser, 2016. "ifo Konjunkturumfragen und Konjunkturanalyse: Band II," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 72.
    4. D. S. G. Pollock, 2016. "Econometric Filters," Computational Economics, Springer;Society for Computational Economics, vol. 48(4), pages 669-691, December.
    5. Zivile Zekaite & Gabe de Bondt & Elke Hahn, 2017. "Alice: A New Inflation Monitoring Tool," EcoMod2017 10414, EcoMod.
    6. Strohsal, Till & Proaño, Christian R. & Wolters, Jürgen, 2019. "Characterizing the financial cycle: Evidence from a frequency domain analysis," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 568-591.
    7. Thierry Aimar & Francis Bismans & Claude Diebolt, 2010. "Le cycle économique : une synthèse," Revue Française d'Économie, Programme National Persée, vol. 24(4), pages 3-65.
    8. Ritabrata Bose & Ashima Goyal, 2020. "Disaggregated Indian industrial cycles: A Spectral analysis," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2020-033, Indira Gandhi Institute of Development Research, Mumbai, India.
    9. Dutra, Tiago Mota & Dias, José Carlos & Teixeira, João C.A., 2022. "Measuring financial cycles: Empirical evidence for Germany, United Kingdom and United States of America," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 599-630.
    10. Hasan Engin Duran & Alexandra Ferreira-Lopes, 2017. "Determinants of co-movement and of lead and lag behavior of business cycles in the Eurozone," International Review of Applied Economics, Taylor & Francis Journals, vol. 31(2), pages 255-282, March.
    11. Padhan, Rakesh & Prabheesh, K.P., 2020. "Business cycle synchronization: Disentangling direct and indirect effect of financial integration in the Indian context," Economic Modelling, Elsevier, vol. 85(C), pages 272-287.
    12. Jürgen Bierbaumer, 2012. "Regionale Konjunkturzyklen in Österreich," WIFO Monatsberichte (monthly reports), WIFO, vol. 85(11), pages 833-848, November.
    13. Ard den Reijer, 2006. "The Dutch business cycle: which indicators should we monitor?," DNB Working Papers 100, Netherlands Central Bank, Research Department.
    14. Gatfaoui, Jamel & Girardin, Eric, 2015. "Comovement of Chinese provincial business cycles," Economic Modelling, Elsevier, vol. 44(C), pages 294-306.
    15. Pandey, Radhika & Patnaik, Ila & Shah, Ajay, 2019. "Measuring business cycle conditions in India," Working Papers 19/269, National Institute of Public Finance and Policy.
    16. Klaus Abberger & Wolfgang Nierhaus, 2011. "Construction of Composite Business Cycle Indicators in a Sparse Data Environment," CESifo Working Paper Series 3557, CESifo.
    17. Fukuda, Kosei, 2012. "Illustrating extraordinary shocks causing trend breaks," Economic Modelling, Elsevier, vol. 29(4), pages 1045-1052.
    18. Roberts, Mark C., 2009. "Duration and characteristics of metal price cycles," Resources Policy, Elsevier, vol. 34(3), pages 87-102, September.
    19. Dewald, William G. & Haug, Alfred A., 2004. "Longer-term effects of monetary growth on real and nominal variables, major industrial countries, 1880-2001," Working Paper Series 382, European Central Bank.
    20. L.A. Gil-Alana, 2005. "Fractional Cyclical Structures & Business Cycles in the Specification of the US Real Output," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 99-126.

    More about this item

    Keywords

    Potentialwachstum; Arbeitsproduktivität; Hodrick-Prescott-Filter; Liechtenstein; Mikrostaat; Kleinstvolkswirtschaft; Schweiz;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: 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:zbw:koflwp:11. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/kofllli.html .

    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.