TY - JOUR
T1 - Stochastic analysis of the economic growth of OECD countries
AU - de la Fuente-Mella, Hanns
AU - Vallina-Hernandez, Ana María
AU - Fuentes-Solís, Rodrigo
N1 - Publisher Copyright:
© 2019, © 2019 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
Copyright:
Copyright 2020 Elsevier B.V., All rights reserved.
PY - 2020/1/1
Y1 - 2020/1/1
N2 - This study examined the determinants of economic development for the 34 member countries of the Organization for Economic Cooperation and Development (OECD) and analysed efficient uses of economic development resource endowments. The methodology included econometric panel data modelling and stochastic frontier analysis, using the Cobb-Douglas production function and trans-logarithmic functional form to analyse data from 2003 to 2012. Economic growth was measured by the gross domestic product (GDP) of each economy. As a result, the determinants of economic development were presented and a ranking of efficiency was obtained for all OECD economies throughout the period of analysis. It was concluded that countries with higher economic growth levels have higher efficiency rankings. For example, countries with higher efficiency rankings were Luxembourg and the U.S.; Chile and Mexico were ranked lower. Finally, there was a positive relationship between growth levels and technical efficiency levels.
AB - This study examined the determinants of economic development for the 34 member countries of the Organization for Economic Cooperation and Development (OECD) and analysed efficient uses of economic development resource endowments. The methodology included econometric panel data modelling and stochastic frontier analysis, using the Cobb-Douglas production function and trans-logarithmic functional form to analyse data from 2003 to 2012. Economic growth was measured by the gross domestic product (GDP) of each economy. As a result, the determinants of economic development were presented and a ranking of efficiency was obtained for all OECD economies throughout the period of analysis. It was concluded that countries with higher economic growth levels have higher efficiency rankings. For example, countries with higher efficiency rankings were Luxembourg and the U.S.; Chile and Mexico were ranked lower. Finally, there was a positive relationship between growth levels and technical efficiency levels.
KW - Applied economics
KW - economic growth
KW - stochastic frontier analysis
UR - http://www.scopus.com/inward/record.url?scp=85074974987&partnerID=8YFLogxK
U2 - 10.1080/1331677X.2019.1685397
DO - 10.1080/1331677X.2019.1685397
M3 - Article
AN - SCOPUS:85074974987
SN - 1331-677X
VL - 33
SP - 2189
EP - 2202
JO - Economic Research-Ekonomska Istrazivanja
JF - Economic Research-Ekonomska Istrazivanja
IS - 1
ER -
