MODELLING THE ROMANIAN ECONOMY: SOME DATA PROBLEMS

by Dobrescu, Emilian
Published in Romanian Journal of Economic Forecasting, volume 8 issue 1, 2007

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Abstract

The version 2005 of the Romanian macromodel (Dobrescu 2005, 2006) was built using data for the period 1990 (sometimes 1989) - 2004. This paper insists on three (probably the most complicated) problems: the evaluation of export, import, foreign capital inflows and exchange rate in euros, since the available information was expressed mainly in USD; the computation of more or less credible series regarding the tangible fixed assets, without which any attempt to elaborate an acceptable production function would inherently fail; the estimation of the alpha coefficient, taking into consideration different sources of labour income of households.

Keywords: model, input-output analysis, econometric relationships
JEL Classification: C5, E2-E6, H6