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Article: Using an error-correction model to test whether endogenous long-run growth exists

TitleUsing an error-correction model to test whether endogenous long-run growth exists
Authors
KeywordsEndogenous long-run growth
Error-correction model
Issue Date2008
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jedc
Citation
Journal Of Economic Dynamics And Control, 2008, v. 32 n. 2, p. 648-676 How to Cite?
AbstractA major empirical interest in growth studies is whether permanent changes in economic fundamentals affect the long-run growth rate or not. However, a direct time series analysis of this hypothesis may not always be feasible because the permanence of many such changes is rather questionable. This paper explains why examining the long-run effects of temporary changes in investment share on per capita output provides indirectly the answer regarding the effects of (possibly hypothetical) permanent changes in investment share, when log per capita output and log per capita investment are cointegrated. Applying the proposed method to the post-war data of major industrial countries, it is found that a disturbance to investment share does not produce a positive long-run effect in each of the three countries - France, Japan and the United Kingdom - in which log per capita output and log per capita investment are cointegrated. The evidence is unfavorable to the class of endogenous growth models. © 2007 Elsevier B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/85703
ISSN
2015 Impact Factor: 0.879
2015 SCImago Journal Rankings: 0.937
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLau, SHPen_HK
dc.date.accessioned2010-09-06T09:08:13Z-
dc.date.available2010-09-06T09:08:13Z-
dc.date.issued2008en_HK
dc.identifier.citationJournal Of Economic Dynamics And Control, 2008, v. 32 n. 2, p. 648-676en_HK
dc.identifier.issn0165-1889en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85703-
dc.description.abstractA major empirical interest in growth studies is whether permanent changes in economic fundamentals affect the long-run growth rate or not. However, a direct time series analysis of this hypothesis may not always be feasible because the permanence of many such changes is rather questionable. This paper explains why examining the long-run effects of temporary changes in investment share on per capita output provides indirectly the answer regarding the effects of (possibly hypothetical) permanent changes in investment share, when log per capita output and log per capita investment are cointegrated. Applying the proposed method to the post-war data of major industrial countries, it is found that a disturbance to investment share does not produce a positive long-run effect in each of the three countries - France, Japan and the United Kingdom - in which log per capita output and log per capita investment are cointegrated. The evidence is unfavorable to the class of endogenous growth models. © 2007 Elsevier B.V. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jedcen_HK
dc.relation.ispartofJournal of Economic Dynamics and Controlen_HK
dc.rightsJournal of Economic Dynamics and Control. Copyright © Elsevier BV.en_HK
dc.subjectEndogenous long-run growthen_HK
dc.subjectError-correction modelen_HK
dc.titleUsing an error-correction model to test whether endogenous long-run growth existsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0165-1889&volume=32 &issue=No 2&spage=648&epage=676&date=2008&atitle=Using+an+error-correction+model+to+test+whether+endogenous+long-run+growth+existsen_HK
dc.identifier.emailLau, SHP: laushp@hkucc.hku.hken_HK
dc.identifier.authorityLau, SHP=rp01073en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.jedc.2007.06.004en_HK
dc.identifier.scopuseid_2-s2.0-37849051930en_HK
dc.identifier.hkuros148845en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-37849051930&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume32en_HK
dc.identifier.issue2en_HK
dc.identifier.spage648en_HK
dc.identifier.epage676en_HK
dc.identifier.isiWOS:000253288200013-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridLau, SHP=7401596159en_HK

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