Original scientific paper
Synergic Effects of Input-Output Model and Markov Chains for Cross-Sectoral Analysis
Damira Keček
; University North, University Centre Varaždin
Vesna Dušak
; University of Zagreb, Faculty of Organization and Informatics, Varaždin
Nikolina Žajdela Hrustek
; University of Zagreb, Faculty of Organization and Informatics, Varaždin
Abstract
The paper discusses the application of Markov chains in the input output (IO) analysis. IO model embedded in Markov chain is an adequate methodology for understanding of interconnections between the sectors, which has not been sufficiently explored in the case of Croatian economy. For a better understanding of the interdependencies between the economic sectors, the symmetric IO tables of the Croatian economy for 2004 and 2010 are applied in the Markov chain. Changes in cross-sectoral relationships in those two periods are crucial objects of investigation and analysis in the paper. The research has shown that the synergic effects of application of IO model and Markov chains contribute to the quality of cross-sectoral analysis and the interpretation of results, especially with regard to the detailed analysis of total sectoral multipliers.
Keywords
input-output model; Markov chains; cross-sectoral analysis
Hrčak ID:
152997
URI
Publication date:
31.12.2015.
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