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Recent empirical evidence demonstrates that a higher level of technical progress is associated with a lower level of growth volatility and higher expected economic growth. This paper builds a simple growth model which combines the insights of Angeletos and Kollintzas (2000) and Tse (2000, 2001,...
Persistent link: https://www.econbiz.de/10005069836
Persistent link: https://www.econbiz.de/10005715540
The crisis of international markets following recent events such as terrorist attacks, wars in the Middle East, high public debts, growing financial globalisation and integration have raised an interest in the analysis of country risk among industrialised countries as well as emerging nations....
Persistent link: https://www.econbiz.de/10012956558
Over the past 30 years (1990-2019), African economies have experienced remarkable improvements in real macroeconomic conditions, characterized by higher and more stable real per-capita growth rates, and lower and more stable inflation. This paper documents and seeks to explain these changes at...
Persistent link: https://www.econbiz.de/10013336273
This essay here has two goals. The first is to clarify, whenever possible, the sources of Long Waves (LWs) or Kondratieff Waves (K-waves). The second is to show that the wars can be one of principal sources of path-breaking technologies that support Long Waves for the technological, economic and...
Persistent link: https://www.econbiz.de/10012958847
We compute steady-state economic growth - defined as the rate of growth that the economy would converge to in the absence of new shocks. This rate can be computed in real-time by means of a parsimonious time-varying parameter (TVP) VAR model. Our procedure offers a relatively agnostic estimation...
Persistent link: https://www.econbiz.de/10012861847
After the 2008 crisis, despite economic recovery that started in 2009, the world economy has experienced a downward shift of its growth path and a consequent decline. As shown at the beginning of this paper, this shift and growth rate stagnation are totally attributable to the economic dynamics...
Persistent link: https://www.econbiz.de/10011789200
This article is an addition to a series of online publications on the natural science foundations of the global economy. In Parts I-XI, we presented the concepts of physical macroeconomics published earlier in interdisciplinary journals and books. These logically interconnected concepts are...
Persistent link: https://www.econbiz.de/10012834235
Some of the topical problems of the harmonization of the global economy are outlined.Harmony is treated in Physical Macroeconomics as a dynamic balance of all energy and informational factors. Harmony is an objective property of the sustainable development of all living systems.Primarily,...
Persistent link: https://www.econbiz.de/10012862379
The notions of information, symmetry and harmony in their application to the economy are discussed.For living systems, the creation of information means an increase in the information component of their working potential. This increase is the main feature of biological evolution and sustainable...
Persistent link: https://www.econbiz.de/10012862390