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On the Relationship of Economic Dynamics and Accumulation Rate: International Experience

Author

Listed:
  • B. L. Lavrovskii

    (Institute of Economics and Industrial Engineering, Siberian Branch, Russian Academy of Sciences)

  • A. V. Chuvaev

    (Novosibirsk State Technical University)

Abstract

The article is devoted to the study of the issues of correlation between macroeconomic dynamics and the GDP accumulation rate. The statistical estimates using data for a large number of countries within the framework of a long retrospective indicate a certain presence of this connection. However, one cannot speak of a decisive influence of the accumulation rate on economic growth. The article specifically evaluates the influence of the factors of the accumulation rate and the incremental capital intensity on the GDP growth rate in the groups of developed and developing countries, in each of which the countries are in similar starting conditions. It has been shown that in the group of developing countries, characterized in the base year by approximately the same level of development, the influence of the accumulation rate and incremental capital intensity on macroeconomic dynamics is comparable and significant. In the group of developed countries (under the same conditions), the accumulation rate, if it has a positive impact, is extremely insignificant; the dominant factor here is the return on capital, not its (relative) volume.

Suggested Citation

  • B. L. Lavrovskii & A. V. Chuvaev, 2022. "On the Relationship of Economic Dynamics and Accumulation Rate: International Experience," Studies on Russian Economic Development, Springer, vol. 33(2), pages 127-134, April.
    • Handle: RePEc:spr:sorede:v:33:y:2022:i:2:d:10.1134_s1075700722020071
    DOI: 10.1134/S1075700722020071
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    References listed on IDEAS

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    1. Steve Bond & Asli Leblebicioglu & Fabio Schiantarelli, 2010. "Capital accumulation and growth: a new look at the empirical evidence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(7), pages 1073-1099, November/.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    3. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 407-443.
    4. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    5. Steve Bond & Asli Leblebicioglu & Fabio Schiantarelli, 2010. "Capital accumulation and growth: a new look at the empirical evidence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(7), pages 1073-1099, November/.
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