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[학술저널]

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Vadim Ponkratov(Financial University under the Government of the Russian Federation) Alan Karaev(Financial University under the Government of the Russian Federation) Andrey Masterov(Financial University under the Government of the Russian Federation) Oksana Gorlova(Financial University under the Government of the Russian Federation) Marina Sedova(Financial University under the Government of the Russian Federation) Nataliya Shmigol(Financial University under the Government of the Russian Federation)

DOI : 10.7232/iems.2019.18.3.463

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The paper presents a comparative analysis of the growth rates decomposition in 20 countries for the period from 2000 to 2018. In the research the authors used regression modeling based on the aggregate production function presented as multiplicative power Cobb-Douglas function. Having performed the regression analysis, the authors obtained numerical estimates of the model parameters for all analyzed countries: GDP elasticities of the considered countries by extensive factors - capital and labor, as well as by the impact of the intensive factor - TFP growth rates that present the dynamics of the resulting variable (GDP) at an acceptable level of significance. The chosen countries have been divided into clusters depending on the impact level of the analyzed factors onto the economic growth rate. The authors established the significant limitation of the neoclassical approach to analyzing the causes of economic growth due to using production functions with an aggregated result and the idea of the constant product specialization of a country. It was proposed to take into account the production structure of national economies when analyzing the pace and scale of economic development.

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ABSTRACT
1. INTRODUCTION
2. METHODOLOGY
3. RESULTS
4. DISCUSSION
5. CONCLUSION
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