Fractional calculus in economic growth modeling. The Portuguese case

Abstract

A variety of fractional order models have been proposed in the literature to account for the behaviour of financial processes from different points of view. The objective of this work is to model the growth of national economies, namely, their gross domestic products (GDPs), by means of a fractional order approach. The particular case of Portugal is addressed, and results show that fractional models have a better performance than the other alternatives considered and proposed in the literature.