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Paper Information

Journal:   JOURNAL OF ECONOMIC MODELING RESEARCH   WINTER 2012 , Volume - , Number 6; Page(s) 43 To 60.
 
Paper: 

ANALYZING THE EFFECTS OF INSTITUTIONAL FACTORS ON TFP GROWTH IN IRANIAN ECONOMY USING A STATE SPACE MODEL

 
 
Author(s):  REZAEI EBRAHIM*
 
* URMIA UNIVERSITY
 
Abstract: 

The number of factors affecting total factor productivity has been increasing far from those which considered in growth models. So, institutional factors have been attracting strong attention of researchers. This paper aims at investigating the effects of these institutional factors together with traditional factors on TFP growth during 1971-2007.
For this purpose, we present a State-Space model. Using this approach, TFP has been regarded as a latent variable and in the state equation, we introduced some exogenous variables. Some endogenous variables which were mainly measures of institutional factors have been specified as proxies. Our result show that the introduced measures of institutions such as governance (political stability and accountability) institutions and degree of government intervention together with an older and known institutional factors, such as macroeconomic instability, have significant effects on TFP growth. In addition, the residuals from state-space model (either deterministic or stochastic) were different from the residuals of other models.

 
Keyword(s): INSTITUTIONAL FACTORS, TFP, LATENT VARIABLE APPROACH, IRAN ECONOMY, STATE- SPACE MODEL
 
References: 
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