Econometric Analysis of Kaldor’s Growth Models in Upper Middle Income Countries With Risk of a Middle Income Trap
DOI:
https://doi.org/10.16947/fsmia.957081Keywords:
Kaldor’s Growth Models, Middle Income Trap, Panel Data ModelsAbstract
The aim of this study is to examine the validity of Kaldor growth models in upper middle income countries. The reason why upper middle income countries were preferred in the study that they were faced with the risk of middle income trap, which is among the most important growth problems of these countries in recent years. In the study, panel data models were estimated for the Kaldor’s growth models for 24 upper middle-income countries whose data can be accessed by considering the period 1991-2019. Before the estimation of the models, the stationarity of the series was examined with the unit root tests with structural break. According to the estimation of the results, it has been concluded that only Kaldor’s second model has been found valid for those countries with the risk of middle income trap.
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