Baksa, Dániel and Kónya, István (2017) Interest premium and economic growth: the case of CEE. Discussion Paper. UNSPECIFIED, Warsaw.
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Abstract
Abstract This paper views the growth and convergence process of the four Visegrad economies - the Czech Republic, Hungary, Poland and Slovakia - through the lens of the open economy, stochastic neoclassical growth model. We use a unified framework to understand both the long-run convergence path and fluctuations around it. Our empirical exercise highlights both the role of initial conditions such as indebtedness and capital intensity, and random shocks in the growth process. In particular, we explore the importance of the external interest rate premium, and its role in driving investment and the trade balance.
| Item Type: | Monograph (Discussion Paper) |
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| Subjects: | H Social Sciences / társadalomtudományok > HB Economic Theory / közgazdaságtudomány > HB1 Macroeconomics / makroökonómia H Social Sciences / társadalomtudományok > HB Economic Theory / közgazdaságtudomány > HB4 Dynamics of the economy / gazdasági folyamatok H Social Sciences / társadalomtudományok > HB Economic Theory / közgazdaságtudomány > HB5 Mathematical economics / matematikai közgazdaságtan |
| Depositing User: | István Kónya |
| Date Deposited: | 28 Sep 2017 20:32 |
| Last Modified: | 28 Sep 2017 20:32 |
| URI: | http://real.mtak.hu/id/eprint/64115 |
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