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Econometric Analysis of Economic Miracles in Selected Economies Using TECM Approach

  • Jerzy Boehlke
  • Marcin Fałdziński
  • Maciej Gałecki
  • Magdalena OsińskaEmail author
Chapter

Abstract

Empirical results of econometric models for selected growth economies, i.e. Ireland, Spain, Turkey, and the Netherlands, obtained in the years 1980–2016 are discussed in detail. The purpose of the research is to answer the question whether periods of intense economic growth in different types of economies took place and how long they really lasted. The factors playing the crucial role in the periods of intense economic growth and their strength and direction are tested. The threshold error correction approach is used to both testing and modelling of long-term growth and fluctuations around it in short run. The results of econometric procedure allowed identifying both periods of economic miracles and crucial factors of growth acceleration. The economic miracles are evident in Ireland and the Netherlands.

Keywords

Threshold error correction Economic growth modelling Ireland Spain Turkey The Netherlands Economic miracle Validation tests 

Notes

Acknowledgement

The authors are grateful to Ali Akarca for his inspiring discussion on the initial results for Turkey.

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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Jerzy Boehlke
    • 1
  • Marcin Fałdziński
    • 2
  • Maciej Gałecki
    • 2
  • Magdalena Osińska
    • 2
    Email author
  1. 1.Department of Economics, The Faculty of Economic Sciences and ManagementNicolaus Copernicus UniversityToruńPoland
  2. 2.Department of Econometrics and Statistics, The Faculty of Economic Sciences and ManagementNicolaus Copernicus UniversityToruńPoland

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