Stylized Facts

about former Yugoslav republics economies


About stylized facts

The following three quotations give you an idea what are the stylized facts. For more about stylized facts you may read in the references listed below.

Stylized fact
A fact of the real world simplified and made more abstract to be usable in an economic model.Nicholas Kaldor, 1961
A set of properties, common across may instruments, markets and time periods, has been observed by independent studies and classified as ‘stylized facts‘. Rama Cont, 2001
A stylized fact is a term in economics used to refer to empirical findings that are so consistent across markets that they are accepted as truth. Martin Sewell, 2011

Useful web page:


Abad, L. A., & Khalifa, K. (2015). What are stylized facts? Journal of Economic Methodology, 22(2), 143-156.

Cont, R. (2001). Empirical properties of asset returns: Stylized facts and statistical issues. Quantitative Finance, 1(2), 223–236. doi:10.1080/713665670

Sewell, M. (2011). Characterization of financial time series. Research Note RN/11/01. UCL Department of Computer Science. [pdf]

Kaldor, N. (1961). Capital accumulation and economic growth. In F. Lutz (Ed.) The theory of capital (pp. 177-222). Proceedings of a Conference held by the IEA, London: Macmillan. pp. 177–222.


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Zlatko Kovacic
Director of Wellington based My Statistical Consultant Ltd company. Retired Associate Professor in Statistics. Has a PhD in Statistics and over 35 years experience as a university professor, international researcher and government consultant.