Sources of economic growth – global perspective
AbstractThe main goal of this paper is to determine the factors responsible for the economic growth at the global level. The foundation for the study is provided by the database developed by the author for 168 countries. Using the BMA (Bayesian Model Averaging) (Doppelhofer, Miller, Sala- i-Martin 2004) method, a group of explanatory variables was proposed for potential factors responsible for differences in country averages of GDP. Bayesian inference, along with the MC3 algorithm, allows the selection of the most likely combination of independent variables (i.e. factors responsible for the processes of economic growth) from a very large set of variables to be made, as well as the calculation of the explanatory power of all the interesting models and their ranking from the most to the least likely one, and the averaging of posterior estimations (including the mean and variance), weighted with the posterior probability of the models (Sala-i-Martin 1997). Additionally, the Jointness analysis was made that makes it possible to assess the potential substitutability and complementarity of the factors of economic growth (Błażejowski, Kwiatkowski 2015).
|Other language title versions||Fuentes Del Crecimiento Económico – Una Perspectiva Global|
|Publication size in sheets||0.5|
|Book||Guinea Fernando Alonso (eds.): XVIII Reunión de Economia Mundial : Actas, 2016, Sociedad de Economía Mundial, ISBN 978-84-617-5761-9, 1494 p.|
|Keywords in English||economic growth, Bayesian Model Averaging, MC3 algorithm|
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