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Home  >  Volume 46 (May, 2018)

19. A LONGITUDINAL AND CROSS-REGIONAL ANALYSIS OF ECONOMIC GROWTH AND ITS DETERMINANTS BASED ON BAYESIAN MODEL AVERAGING by ADEPOJU A. A and OGUNDUNMADE T.P. Volume 46 (May, 2018 Issue), pp145 –154
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A LONGITUDINAL AND CROSS-REGIONAL ANALYSIS OF ECONOMIC GROWTH AND ITS DETERMINANTS BASED ON BAYESIAN MODEL AVERAGING

ADEPOJU A. A and OGUNDUNMADE T.P.

Department of Statistics, University of Ibadan, Oyo State, Nigeria.

Abstract

Bayesian model averaging (BMA) has become a widely accepted way of accounting for model uncertainty in regression models. In this study, cross-regional analysis of Asian, European, African, Caribbean, Petroleum exporting and American countries was analysed using Bayesian Model Averaging approach to show specific determinants for these regions. We also analysed Economic growth in developing, developed, least developed and petroleum exporting and emerging countries. Analyses were carried out using datasets with 9-potential drivers of growth for 126 countries from 2010 to 2014. The findings show that in a panel setting the most robust growth determinants are fiscal policy, trade openness, inflation rate and government consumption rate.

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