The Capitalist Spirit and Endogenous Growth

Kumar, Ronald Ravinesh; Stauvermann, Peter Josef; Wernitz, Frank

doi:10.3390/jrfm15010027

Cited by 5 publications

(1 citation statement)

References 83 publications

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“…Attributes such as market competitiveness 51 , continuous variations of exchange currency rates 52 , Gross domestic product 53 (GDP), interest rates (IR), disposable incomes 54 (DI), and global consumer demands can significantly impact one's organization. These dynamic aspects always lead to internal and external implications since actors should consider cost-effective strategies to mitigate financial risks 55 , maximize profits, and encourage growth 56 . However, elements of individual actions can generally propagate through economic networks with critical topologies for the stability of economies 57 , self-organization 58 , and risk propagation.…”

Section: Introductionmentioning

confidence: 99%

Multi-Fractal Detrended Cross-Correlation Heatmaps for Time Series Analysis

Junior

Bunge

Rodrigues

et al. 2022

Preprint

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Complex systems in biology, climatology, medicine, and economy hold emergent properties such as non-linearity, adaptation, and self-organization. These emergent attributes can derive from large-scale relationships, connections, and interactive behavior despite not being apparent from their isolated components. It is possible to better comprehend complex systems by analyzing cross-correlations between time series. However, the accumulation of non-linear processes induces multiscale structures, therefore, a spectrum of power-law exponents (the fractal dimension) and distinct cyclical patterns. We propose the Multifractal Detrended Cross-Correlation Heatmaps (MF-DCCHM), a systematic approach representing a process with clear, defined, and repeatable steps to map the relationships between fluctuations of signals on different time scales and regimes. Our dataset is composed of sales and inventory from the Brazilian automotive sector and macroeconomic descriptors, namely the Gross Domestic Product (GDP) per capita, Nominal Exchange Rate (NER), and the Nominal Interest Rate (NIR) from the Central Bank of Brazil. Our results indicate cross-correlated patterns that can be directly compared with the power-law spectra for multiple regimes. We have also identified cyclical patterns of high intensities that coincide with the Brazilian presidential elections. The MF-DCCHM uncovers non-explicit cyclic patterns, quantifies the relations of two non-stationary signals (noise effect removed), and has outstanding potential for mapping cross-regime patterns in multiple domains.

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Section: Introductionmentioning

confidence: 99%

Multi-Fractal Detrended Cross-Correlation Heatmaps for Time Series Analysis

Junior

Bunge

Rodrigues

et al. 2022

Preprint

View full text Add to dashboard Cite

show abstract

Multi-fractal detrended cross-correlation heatmaps for time series analysis

Junior

Bunge²,

Rodrigues

et al. 2022

Sci Rep

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Complex systems in biology, climatology, medicine, and economy hold emergent properties such as non-linearity, adaptation, and self-organization. These emergent attributes can derive from large-scale relationships, connections, and interactive behavior despite not being apparent from their isolated components. It is possible to better comprehend complex systems by analyzing cross-correlations between time series. However, the accumulation of non-linear processes induces multiscale structures, therefore, a spectrum of power-law exponents (the fractal dimension) and distinct cyclical patterns. We propose the Multifractal detrended cross-correlation heatmaps (MF-DCCHM) based on the DCCA cross-correlation coefficients with sliding boxes, a systematic approach capable of mapping the relationships between fluctuations of signals on different scales and regimes. The MF-DCCHM uses the integrated series of magnitudes, sliding boxes with sizes of up to 5% of the entire series, and an average of DCCA coefficients on top of the heatmaps for the local analysis. The heatmaps have shown the same cyclical frequencies from the spectral analysis across different multifractal regimes. Our dataset is composed of sales and inventory from the Brazilian automotive sector and macroeconomic descriptors, namely the Gross Domestic Product (GDP) per capita, Nominal Exchange Rate (NER), and the Nominal Interest Rate (NIR) from the Central Bank of Brazil. Our results indicate cross-correlated patterns that can be directly compared with the power-law spectra for multiple regimes. We have also identified cyclical patterns of high intensities that coincide with the Brazilian presidential elections. The MF-DCCHM uncovers non-explicit cyclic patterns, quantifies the relations of two non-stationary signals (noise effect removed), and has outstanding potential for mapping cross-regime patterns in multiple domains.

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From Humble Beginnings to a Global Economic Powerhouse: A Comprehensive Study of India’s Economic Development Through the Lens of Selected Macroeconomic Indicators (1990–2020)

Jaiswal

2023

Ann. Finan. Econ.

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Amidst the tumultuous COVID-19 pandemic and the Russia–Ukraine conflict, India has defied the odds and exhibited remarkable consistency in its macroeconomic performance, surpassing other top 10 global economies. This laudable progress was made even in the aftermath of significant prior disruptions. Therefore, the objective of this research paper is to meticulously scrutinize the macroeconomic determinants that impacted India’s economic growth from 1990 to 2020. The data utilized was sourced from the Reserve Bank of India, and a time series econometric technique was employed to identify stationary and its co-integration using an auto-regressive distributed lag (ARDL) model. This study exhaustively investigates the impact of five macroeconomic indicators, exports, imports, gross capital formation, gross savings, and gross inflow, which propel economic growth. Our findings unequivocally demonstrate that exports, gross capital formation, gross savings, and gross inflows have an indisputably positive and significant effect on India’s economic growth in the short and long run. However, imports negatively impact both the short and long runs. Other macroeconomic variables could not be comprehensively covered due to the absence of relevant data. Nevertheless, this study confers novel insights to policymakers and researchers alike by examining both the short-run and long-run dynamics and employing the Wald test to provide a profound understanding of the macroeconomic determinants indispensable for realizing sustainable economic growth. To the best of the author’s knowledge, this study constitutes a pioneering and original endeavor that undertakes a comprehensive and nuanced examination of economic growth by analyzing multiple macroeconomic indicators simultaneously, thereby providing a holistic and multifaceted understanding of the complex phenomenon of economic growth.

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The Capitalist Spirit and Endogenous Growth

Cited by 5 publications

References 83 publications

Multi-Fractal Detrended Cross-Correlation Heatmaps for Time Series Analysis

Multi-Fractal Detrended Cross-Correlation Heatmaps for Time Series Analysis

Multi-fractal detrended cross-correlation heatmaps for time series analysis

From Humble Beginnings to a Global Economic Powerhouse: A Comprehensive Study of India’s Economic Development Through the Lens of Selected Macroeconomic Indicators (1990–2020)

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