Statistical Modeling of the Large Open Economy of the U.S.

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Statistical Modeling of the Large Open Economy of the U.S.

Journal Title: Статистика України - Year 2017, Vol 77, Issue 2

Abstract

The open economy phenomenon draws close attention of researchers in the era of global economy and trans-nationalization of international economic relations. Along with strong impact on international market and global interest rate, such economies are capable to have significant effects for global conjuncture and determine global factors of economic development. Main sources of strength of the American economy are analyzed (rich natural and human resources, strong relations with permanent and reliable trade partners and neighboring countries, the largest financial system and the most reliable world currency). It is argued that large companies accounting for a major part of the total foreign direct investment of the U.S. are the fundament for the American economy and the main conduit of the country’s economic and political interests. Selected macroeconomic indicators of the U.S. are analyzed, to make economic diagnostics of the current performance of the American economy The statistical multifactor regression model built by the method of least squares is proposed. Results of the analysis demonstrate negative statistical impact of unemployment and increasing energy dependence on GDP by PPP, and positive statistical impact of household consumption on future development of the American economy It is argued that given the difficult political and economic situation in Ukraine, scientists should examine best practices of leading countries of the world in issues of economic balancing and sources of economic growth, to elaborate reasonable recommendations with due consideration to national specifics. The American economy is a good example of market model operation in 21 century.

Authors and Affiliations

О. М. Simachova

EP ID EP564092
DOI 10.31767/su.2(77).2017.02.03
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