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Dynamic Structural Changes in Selected European Countries, with a Comparison with Japan and the United States

In: European Economies in Transition

Author

Listed:
  • Bernhard Böhm

    (Austria and University of Siena)

  • Lionello F. Punzo

    (Austria and University of Siena)

Abstract

We analyse a set of data on the development of three European countries, Japan, and the US over the last two decades, proposing a characterization of certain phenomena which are taken to represent structural changes. To interpret such ‘dynamic discontinuities’ we employ a descriptive framework derived from dynamical systems theory. Our method departs from traditional and modern growth theories as we use a more disaggregated description of the economy and focus on the interplay of distinct, typically fluctuating, paths instead of assuming the existence of long-run steady states and looking, accordingly, for them. This dynamic framework is developed in Section 2.2 against the background of established growth theory. Then, it is used in the subsequent sections for the presentation of stylized facts of the structural dynamics observed in the countries mentioned, and in its interpretation in terms of growth cycles with bifurcation events.

Suggested Citation

  • Bernhard Böhm & Lionello F. Punzo, 2000. "Dynamic Structural Changes in Selected European Countries, with a Comparison with Japan and the United States," Palgrave Macmillan Books, in: Oliver Fabel & Francesco Farina & Lionello F. Punzo (ed.), European Economies in Transition, chapter 2, pages 38-66, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28910-9_2
    DOI: 10.1057/9780230289109_2
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    Cited by:

    1. Lionello F. Punzo, 2001. "The Look of Stagniation: Romania's Erratic Transition," CIRJE F-Series CIRJE-F-142, CIRJE, Faculty of Economics, University of Tokyo.
    2. Punzo, Lionello F., 2003. "Some new tools for the qualitative analysis of dynamic economic data: symbolic and distribution analyses for multi-regime dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 14(2), pages 121-131, June.

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