haku: @indexterm error correction models / yhteensä: 21
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| Tekijä: | Kvedaras, V. |
| Otsikko: | Explanation of economic growth differences in the CEE countries: importance of the BOP constraint |
| Lehti: | Baltic journal of economics
2005 : SUMMER-AUTUMN, VOL. 5:2, p. 48-67 |
| Asiasana: | balance of payments economic growth error correction models transition economies Eastern Europe |
| Kieli: | eng |
| Tiivistelmä: | This article presents a balance-of-payments (BOP) constrained growth analysis of the long-run growth process in the Central and Eastern European (CEE) countries during the recovery period of transition (1995-2004). The article tests the BOP-constrained growth model, based on the specification of a dynamic import function, which describes the short-term and long-term import behaviour in a different way. McCombie and Thirlwall have implicitly argued for a similar specification of the import function in the analyses of this kind. Econometrically, the import function is formulated, in this paper, as a conditional error correction model (ECM). It is shown that even the basic BOP-constrained growth model captures well the disparity of growth rates of the gross domestic products (GDP) in the CEE countries. |
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