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The Application of Fractional Calculus in Chinese Economic Growth Models

Author

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  • Hao Ming

    (School of Mathematics and Statistics, Guizhou University, Guiyang 550025, China)

  • JinRong Wang

    (School of Mathematics and Statistics, Guizhou University, Guiyang 550025, China
    School of Mathematical Sciences, Qufu Normal University, Qufu 273165, China)

  • Michal Fečkan

    (Department of Mathematical Analysis and Numerical Mathematics, Faculty of Mathematics, Physics and Informatics, Comenius University in Bratislava, Mlynská Dolina, 842 48 Bratislava, Slovakia
    Mathematical Institute, Slovak Academy of Sciences, Štefánikova 49, 814 73 Bratislava, Slovakia)

Abstract

In this paper, we apply Caputo-type fractional order calculus to simulate China’s gross domestic product (GDP) growth based on R software, which is a free software environment for statistical computing and graphics. Moreover, we compare the results for the fractional model with the integer order model. In addition, we show the importance of variables according to the BIC criterion. The study shows that Caputo fractional order calculus can produce a better model and perform more accurately in predicting the GDP values from 2012–2016.

Suggested Citation

  • Hao Ming & JinRong Wang & Michal Fečkan, 2019. "The Application of Fractional Calculus in Chinese Economic Growth Models," Mathematics, MDPI, vol. 7(8), pages 1-6, July.
    • Handle: RePEc:gam:jmathe:v:7:y:2019:i:8:p:665-:d:251520
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    References listed on IDEAS

    as
    1. Tarasov, Vasily E. & Tarasova, Valentina V., 2018. "Macroeconomic models with long dynamic memory: Fractional calculus approach," Applied Mathematics and Computation, Elsevier, vol. 338(C), pages 466-486.
    2. Gerardo-Giorda, Luca & Germano, Guido & Scalas, Enrico, 2015. "Large scale simulation of synthetic markets," LSE Research Online Documents on Economics 67563, London School of Economics and Political Science, LSE Library.
    3. Škovránek, Tomáš & Podlubny, Igor & Petráš, Ivo, 2012. "Modeling of the national economies in state-space: A fractional calculus approach," Economic Modelling, Elsevier, vol. 29(4), pages 1322-1327.
    4. Valentina V. Tarasova & Vasily E. Tarasov, 2017. "Economic Growth Model with Constant Pace and Dynamic Memory," Papers 1701.06299, arXiv.org, revised Apr 2019.
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    Cited by:

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