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Title:

The World Bank Revised Minimum Standard Model : concepts and limitations

Creator:

Nowak, Wioletta

Subject and Keywords:

RMSM ; Revised Minimum Standard Model ; two-gap model ; economic growth ; World Bank

Description:

Od 2013 pt.: Ekonomia - Wroclaw Economic Review

Abstract:

The Revised Minimum Standard Model (RMSM) became an important analytical tool for the World Bank’s fi nancing projects in the 1970s. Since that time, the model and its sequential extensions (the RMSM-X and the RMSM-XX) have been used to forecast economic growth and development in developing countries, despite their numerous limitations. The RMSM model can be solved in the positive mode and in the programming mode without or with limits on foreign fl ows. The model estimates the levels of investment and foreign fi nancing that are needed to achieve a target for economic growth if it is solved in the positive mode or in the programming mode without constrains on foreign fi nancing. If the RMSM model is solved in the programming mode with constrains on foreign fi nancing then it gives us a feasible level of output growth for available levels of investment and foreign fi nancing. The extended Bank’s models incorporate more complex economic structure. The RMSM-XX model more completely specifi es the behavioural links among economic variables

Place of publishing:

Wrocław

Publisher:

Wydawnictwo Uniwersytetu Wrocławskiego

Date issued:

2013

Identifier:

ISSN 2084-4093

Language:

eng

Relation:

Acta Universitatis Wratislaviensis, ISSN 0239-6661 ; no 3535. Ekonomia, ISSN 2084-4093 ; 19/2 s. 37-48

Is version of:

Czasopisma Naukowe w Sieci (CNS)

Rights holder:

© Copyright by Wydawnictwo Uniwersytetu Wrocławskiego Sp. z o.o., Wrocław 2013

Autor opisu:

WR U/PAdjm