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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:An examination of the impact of economic policy on long-run economic growth: an application of a VECM structure to a middle-income context
Author:Mariotti, MartineISNI
Periodical:South African Journal of Economics
Geographic term:South Africa
Subjects:economic models
economic development
economic policy
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.2002.tb01186.x/pdf
Abstract:Among the variables which exert a significant determination on economic growth is government policy, particularly consumption expenditure and the inflation rate. In this paper, an endogenous growth model is used to investigate the effects of policy of per capita GDP in South Africa, taken as an example of a middle-income country. The econometric methodology used was the Johansen estimation approach, the Vector Error Correction Model (VECM), augmented by the autoregressive threshold effects methodology. The author's conclusion is that, although a larger set of data would have been more propitious, the results are sufficient to conclude that studies that are concerned solely with the direct linear effects of policy on GDP may be mis-specified and are ignoring potential feed-through effects from other linearities. Bibliogr., notes, ref. [ASC Leiden abstract]