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Economic Miracles in the European Economies
Magdalena Osi?ska
Verlag Springer-Verlag, 2019
ISBN 9783030056063 , 255 Seiten
Format PDF, OL
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Preface
5
Acknowledgements
10
Contents
11
Contributors
13
Part I: Economic Miracles in Growth Theory and in the Real Economy: An Overview
14
Chapter 1: Economic Miracles: An Introduction
15
1.1 Introduction
15
1.2 Economic Miracle in the Interpretive and Growth Perspectives
16
1.3 Economic Miracles in the Light of Institutional Economics
17
1.4 An Economic Miracle: Metaphysical or Rational?
20
1.5 Summary
21
References
21
Chapter 2: Intense Economic Growth in Economic History and Economic Theory
23
2.1 Introduction
23
2.2 Economic History
25
2.3 Theory of Economic Growth
33
2.4 Conclusions
41
References
44
Chapter 3: Political Determinants of Government Structure and Economic Performance in Turkey Since 1950
47
3.1 Introduction
47
3.2 Political and Historical Background
48
3.3 Economic Performance Under Various Types of Government
57
3.4 Empirical Results
60
3.5 Summary and Conclusion
67
References
70
Chapter 4: Determinants of Economic Growth in Spain: A Historical Viewpoint
73
4.1 Introduction
73
4.2 Main Features of Spanish Economic Growth Since Integration into the EU
74
4.3 Structural Changes
75
4.3.1 The Export Miracle
76
4.3.2 Rising Immigration
78
4.4 Factors Determining Long-Term Growth
78
4.5 Main Shocks and Macroeconomic Imbalances
83
4.6 Conclusions
88
References
88
Chapter 5: Factors of Economic Growth in Ireland
91
5.1 Introduction
91
5.2 The Dynamics of Economic Growth in Ireland
93
5.3 The Role of State in the Process of Economic Growth of Ireland
95
5.3.1 Stabilization Policy
96
5.3.2 Social Partnership Model
97
5.3.3 Institutional Perspective
98
5.3.4 The Role of European Union Funds
99
5.3.5 IDA Ireland: The Role of State Agency
100
5.4 FDI: The Main Factor of Growth
101
5.4.1 FDI Inflows to Ireland
101
5.4.2 Allocative Structure of FDI
103
5.5 The Role of Trade in Economic Growth in Ireland
104
5.6 Conclusions
106
References
108
Chapter 6: Determinants of Economic Growth in Israel
110
6.1 Introduction
110
6.2 Description of the Israel Economy
113
6.3 Israeli Economic Miracle: A General Picture
115
6.4 Sources of Economic Growth in Israel: Real Sector and Labor Markets
121
6.5 Monetary and Financial Determinants of the Israeli Economic Growth
123
6.6 The Future Challenges for the Israeli Economy
124
6.7 Conclusions
129
References
131
Part II: Statistical Identification and Econometric Modelling of Economic Miracles in Selected Economies
133
Chapter 7: Testing for Structural Breaks in Macroeconomic Processes of Growth
134
7.1 Introduction
134
7.2 Testing for Structural Breaks
135
7.3 Structural Breaks and Economic Growth: Empirical Analysis
139
7.3.1 Empirical Application: A Case of Ireland
141
7.3.2 Empirical Application: A Case of Spain
141
7.3.3 Empirical Application: A Case of Turkey
148
7.3.4 Empirical Application: A Case of the Netherlands
153
7.4 Conclusions
155
7.5 Databases
156
References
157
Chapter 8: Threshold Error Correction Model: A Methodological Overview
160
8.1 Introduction
160
8.2 The Idea of Threshold Model Building
162
8.3 Threshold Error Correction Models
164
8.4 Remarks on Estimation Procedures
167
8.5 Statistical Inference in Threshold Models Framework
168
8.5.1 Threshold Models and Structural Changes
169
8.5.2 Testing for Non-linearity in Threshold Models Using Tsay Test
173
8.5.3 Threshold Cointegration Testing: The Hansen-Seo Test
176
8.6 Conclusions
180
References
181
Chapter 9: Econometric Analysis of Economic Miracles in Selected Economies Using TECM Approach
183
9.1 Introduction
183
9.2 Remarks on Model Specifications
186
9.2.1 Theoretical Basis of the Model
186
9.2.2 Threshold Error Correction Model Specification
187
9.3 Data Characteristics and Methodology Outline
190
9.4 Econometric Analysis of Economic Miracles in Selected Economies: Empirical Results
192
9.4.1 Economic Miracle in Ireland in 1980-2016
192
9.4.2 Economic Miracle in Spain in 1980-2015
200
9.4.3 Is Turkey Really Able to Generate an Economic Miracle?
210
9.4.4 Economic miracle in the Netherlands in 1980-2016
221
9.5 The Economic Miracles in Ireland, Spain, Turkey, and the Netherlands: A Summary
230
9.6 Conclusions
234
9.7 Databases
234
References
235
Chapter 10: Economic Miracles in the Light of Imperfect Knowledge Economics
239
10.1 Introduction
240
10.2 Characteristics of Imperfect Knowledge Economics
241
10.3 Economic Miracles in Selected Economies in the Perspective of IKE
245
10.4 IKE and Econometric Models
247
10.5 Interpretation of the Empirical Results from the IKE Perspective
249
10.6 Conclusions
253
References
254
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