Sources of Economic Growth: A Global Perspective

Marcin Błażejowski , Jacek Kwiatkowski , Jakub Gazda

Abstract

The main goal of this paper is to determine the factors responsible for economic growth at the global level. The indication of the sources of economic growth may be an important element of the sustainable economic policy for development. The novelty of this research lies in employing an analysis based on data, which consist of an average growth rate of the Gross Domestic Product (GDP) for 168 countries for the years 2002–2013. The Bayesian model averaging approach is used to identify potential factors responsible for differences in countries’ GDPs. Additionally, a jointness analysis is performed to assess the potential independence, substitutability, and complementarity of the factors of economic growth. The robustness of the results is confirmed by Bayesian averaging of classical estimates. We identify the most probable factors of economic growth, and we find that the most important determinants are variables associated with the so-called “Asian development model
Author Marcin Błażejowski - Toruń School od Banking, Poland
Marcin Błażejowski,,
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, Jacek Kwiatkowski - Uniwersytet Mikołaja Kopernika w Toruniu
Jacek Kwiatkowski,,
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, Jakub Gazda (WZ / KM)
Jakub Gazda,,
- Department of Microeconomics
Journal seriesSustainability, ISSN 2071-1050, (N/A 70 pkt)
Issue year2019
Vol11
No1
Pages1-14
Publication size in sheets0.65
Keywords in Polishzrównoważona polityka gospodarcza, BMA, BACE, gretl
Keywords in Englishsustainable economic policy; Bayesian model averaging; gretl; BACE
ASJC Classification3305 Geography, Planning and Development; 2105 Renewable Energy, Sustainability and the Environment; 2308 Management, Monitoring, Policy and Law
DOIDOI:10.3390/su11010275
URL https://www.mdpi.com/2071-1050/11/1/275/pdf
Languageen angielski
Score (nominal)70
Score sourcejournalList
ScoreMinisterial score = 70.0, 10-02-2020, ArticleFromJournal
Publication indicators WoS Citations = 0; Scopus SNIP (Source Normalised Impact per Paper): 2016 = 0.911; WoS Impact Factor: 2018 = 2.592 (2) - 2018=2.801 (5)
Citation count*12 (2020-09-13)
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* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.
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