| Popis: |
Imperfect Knowledge Economics (IKE) is one of the latest trends in economics, which gained recognition after the outbreak of the global financial crisis in 2007. Its main assumption concerns the imperfect knowledge of market participants. No one knows fully the cause-and-effect mechanism behind the phenomenon that is in interest of the researcher. No theoretical model can fully describe reality. What is needed for this are variables derived from several models, theories, and the change of these variables over time. The structural break plays a huge role in describing and interpreting economic reality. In this context, the definition of ‘an economic miracle’ cannot be developed. Interpretations of an economic miracle are possible only within an individual economy. The phenomenon of the economic miracle is related to a structural break, most frequently in several factors of accelerated growth. Identification of accelerated growth factors is possible by using threshold models of error-correction or threshold cause-and-effect models without cointegration. The type of the test used (the Enders-Siklos test, modifications of the Enders-Siklos test, the Tsay test, the Hansen-Seo test) is of great importance to confirm the nonlinear nature of the model. The asymmetry between thresholds can be identified by a statistical difference of parameter evaluations with the same variables or by a variance-covariance matrix of parameter estimates or a random component. |
