scholarly journals Real Economic Convergence and the Impact of Monetary Policy on Economic Growth of the EU Countries: The Analysis of Time Stability and the Identification of Major Turning Points Based on the Bayesian Methods

2012 ◽  
Author(s):  
Mariusz Próchniak ◽  
Bartosz Witkowski
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Bayesian Methods ◽  
Turning Points ◽  
Economic Convergence ◽  
Time Stability ◽  
Eu Countries ◽  
The Impact ◽  
The Eu

scholarly journals The impact of health care financing on the economic growth: EU countries analysis

2020 ◽  
Vol 1 (2) ◽  
pp. 24-32
Author(s):  
Anastasiia Samoilikova ◽  
Rosen Kunev
Keyword(s):  
Economic Growth ◽  
Health Care ◽  
Software Package ◽  
Positive Impact ◽  
Statistical Significance ◽  
Health Care Financing ◽  
Eu Countries ◽  
Per Capita ◽  
The Impact ◽  
The Eu

This article generalized modern tendencies and actual peculiarities of health care financing. The key aim of the research is to investigate the dynamics of health care financing as a factor of economic growth based on EU countries analysis. Systematization information sources connected with health care financing and its structure indicate that the EU countries analysis of dynamics of health care financing and its impact on economic growth was conducted fragmentary. This issue is still actual both for scholars and policymakers, especially for Ukraine, based on European trends. Investigation in the article is made according to the following stages: 1) introduction and relevance grounding; 2) literary review and identifying the necessity of research in this scientific area; 3) describing methodology, research methods, and current hypothesis; 4) characteristic of research results and confirming the hypothesis of the positive impact of the health care financing on economic growth; 5) making conclusions. Methodological tools of the research methods were structural and comparative analysis, logical generalization, and scientific abstraction. The methods of cross-country statistical and analytical analysis using the Excel 2010 software package for the sample from 14 EU countries for 2009-2018 (limited number of countries and limited data in 2018 relate to the data availability on open website of the EU statistical office) were applied to analyse the structure of health care financing, in particular financing schemes, main providers, and health care functions. The top countries in health care financing were identified. The methods of empirical analysis using the STATA software package for this data sample were used to confirm the hypothesis about the positive impact of the health care financing on economic growth – the GDP per capita. The nature of the analysed indices distribution was estimated based on results of Shapiro-Wilk test. So, Pearson or Spearman correlation coefficient was chosen. The statistical significance and strength of the relationship between the indicators of total expenditure for health care, and in particular government financing and compulsory contributory health care financing, voluntary health care financing, and household out-of-pocket payment for health care and the change of GDP per capita were assessed through a correlation analysis. The time lags of achievement the most statistical significance by this relationship was also identified. The results of the research show that the impact of health care financing on the change of economic growth is very high in 12 from 14 investigated EU countries (with lags of 1–3 years) and high in 2 from 14 countries (with a lag of 1 year). The character of this relationship for the most countries (9 from 14 countries) is direct (positive), and for 5 countries it is inverse (negative). The results of the research will be useful during future fundamental and practical research connected with health care financing and its modelling, for scholars and government officials to reform the health care system and its financial mechanism.

scholarly journals Impact of Information and Communication Technology Infrastructure on Economic Growth: An Empirical Assessment for the EU Countries

2018 ◽  
Vol 10 (10) ◽  
pp. 3750 ◽  
Author(s):  
Elena Toader ◽  
Bogdan Firtescu ◽  
Angela Roman ◽  
Sorin Anton
Keyword(s):  
Economic Growth ◽  
Information And Communication Technology ◽  
Communication Technology ◽  
Macroeconomic Factors ◽  
Eu Countries ◽  
Information And Communication ◽  
Per Capita ◽  
Ict Infrastructure ◽  
The Impact ◽  
The Eu

The accelerated development of information and communication technology (ICT) over the past two decades has encouraged an increasing number of researchers to examine and measure the impact of this technology on economic growth. Our study aims to identify and evaluate the effect of using ICT infrastructure on economic growth in European Union (EU) countries for a period of 18 years (2000–2017). Using panel-data estimation techniques, we investigate empirically how various indicators of ICT infrastructure affect economic growth, proxied in our study by GDP per capita. Within the estimates, we have included some macroeconomic control variables. Our results indicate a positive and strongly effect of using ICT infrastructure on economic growth in the EU member states, but the magnitude of the effect differs depending on the type of technology examined. Regarding the impact of macroeconomic factors, our estimates indicate that inflation rate, unemployment rate, the degree of trade openness, government expenditures, and foreign direct investments would significantly affect GDP per capita at EU level. The findings are broadly similar to the theoretical predictions, but also to the findings of some relevant empirical studies. Our research reveals that ICT infrastructure, along with other macroeconomic factors, is an important driver of economic growth in EU countries.

scholarly journals The Economic Development in the Context of the Development of Foreign Trade in Poland – a Comparison to some EU Countries

2017 ◽  
Vol 17(32) (4) ◽  
pp. 271-279
Author(s):  
Anna Rytko
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Foreign Trade ◽  
Test Methods ◽  
Product Diversification ◽  
Indexing Methods ◽  
Eu Countries ◽  
Export Structure ◽  
The Impact ◽  
The Eu

The themes of the impact of foreign trade on economic growth has been repeatedly assumed by investigators and were most often related to various aspects: the openness of the economies, economic prosperity, competitiveness and diversification of export. The objective of the research was the evaluation of changes in economic development and the development of foreign trade in Poland comparing them with the EU and some EU countries. Particular attention was given to the issue of diversification and competitiveness of exports by putting the hypothesis that the greater product diversification of Polish export, the greater its competitiveness, which leads to economic growth. The work uses the following test methods: descriptive methods, statistical methods, the indexing methods of which Indicator of the Absolute Deviations and Revealed Comparative Advantages were calculated. Export diversification can lead to speeding up the pace of economic growth. By analyzing in detail the situations in Poland can conclude that it is advisable to diversify of the export structure.

scholarly journals Time stability of the impact of institutions on economic growth and real convergence of the EU countries: implications from the hidden Markov models analysis

Equilibrium ◽  
2021 ◽  
Vol 16 (2) ◽  
pp. 285-323
Author(s):  
Michał Bernardelli ◽  
Mariusz Próchniak ◽  
Bartosz Witkowski
Keyword(s):  
Economic Growth ◽  
Hidden Markov Models ◽  
Structural Breaks ◽  
Markov Models ◽  
Hidden Markov ◽  
Value Added ◽  
Time Stability ◽  
The Impact ◽  
Over Time ◽  
The Eu

Research background: It is not straightforward to identify the role of institutions for the economic growth. The possible unknown or uncertain areas refer to nonlinearities, time stability, transmission channels, and institutional complementarities. The research problem tackled in this paper is the analysis of the time stability of the relationship between institutions and economic growth and real economic convergence. Purpose of the article: The article aims to verify whether the impact of the institutional environment on GDP dynamics was stable over time or diffed in various subperiods. The analysis covers the EU28 countries and the 1995?2019 period. Methods: We use regression equations with time dummies and interactions to assess the stability of the impact of institutions on economic growth. The analysis is based on the partially overlapping observations. The models are estimated with the use of Blundell and Bond?s GMM system estimator. The results are then averaged with the Bayesian Model Averaging (BMA) approach. Structural breaks are identified on the basis of the Hidden Markov Models (HMM). Findings & value added: The value added of the study is threefold. First, we use the HMM approach to find structural breaks. Second, the BMA method is applied to assess the robustness of the outcomes. Third, we show the potential of HMM in foresighting. The results of regression estimates indicate that good institution reflected in the greater scope of economic freedom and better governance lead to the higher economic growth of the EU countries. However, the impact of institutions on economic growth was not stable over time.

scholarly journals The impact of institutional quality on economic growth: A comparative analysis of the EU and non-EU countries of Southeast Europe

2020 ◽  
Vol 65 (225) ◽  
pp. 163-181
Author(s):  
Marija Radulovic
Keyword(s):  
Economic Growth ◽  
Institutional Quality ◽  
Political Stability ◽  
Southeast Europe ◽  
Eu Countries ◽  
Regulatory Quality ◽  
Quality Of Institutions ◽  
The Impact ◽  
The Eu

The quality of institutions and its impact on economic growth has become more important in recent years, especially in transition countries that must reform their institutions to create a market economy and meet the preconditions for joining the EU. This is the case with the countries of Southeastern Europe, some of which are already EU members, while others are in the process of joining the EU. This paper examines the effects of institutional quality on the economic growth of South- East Europe and compares these effects in EU and non-EU countries for the period 1996-2017, using Worldwide Governance Indicators (WGI) to measure the quality of institutions and the GDP growth rate. The panel autoregressive distributed lag (ARDL) approach is used to analyse the relationship between institutional quality and economic growth. The results show that in EU countries there is a long-run relationship between institutional quality and economic growth for all significant variables, while in the non-EU countries only government effectiveness, political stability and absence of violence, regulatory quality, and voice and accountability are statistically significant. Furthermore, in EU countries there is no short-run relationship between institutional quality and economic growth, while in the non-EU countries of SEE, regulatory quality and voice and accountability are significant.

scholarly journals IMPROVING PERFORMANCE OF VAT SYSTEM IN DEVELOPING EU COUNTRIES: ESTIMATING THE DETERMINANTS OF THE RATIO C-EFFICIENCY IN THE PERIOD 1997-2017

2019 ◽  
pp. 239
Author(s):  
Marina Đorđević ◽  
Jadranka Đurović Todorović ◽  
Milica Ristić
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Developing Countries ◽  
Collection Efficiency ◽  
Value Added ◽  
Household Consumption ◽  
Economic Growth Rate ◽  
Eu Countries ◽  
The Impact ◽  
The Eu

Indirect taxes have a significant place in developing EU countries’ tax systems. The article sums up scholars of different scientists, dealing with the impact of VAT efficiency determinants. The purpose of this study is to investigate the determinants of VAT collection efficiency in the EU developing countries. The study relies on relevant data in transparent international statistical databases, covering the period from 1997 to 2017. The main research question in this paper is: does rise in value added tax rate negatively affect VAT collection efficiency in the EU developing countries. Accordingly, one of the independent variables included in the survey is standard annual VAT rate. In addition to standard VAT rate, as a determinant of VAT collection efficiency, we analyze: economic growth rate, export of goods, export of services, wages and salaries, household consumption. The hypotheses set are analyzed using correlation and regression analyses. Empirical results show a positive effect of economic growth rate, export of goods, and the negative effect of two variables: standard VAT rate and household consumption. The two observed variables, export of services and wages and salaries, do not show a statistically significant effect. The results obtained using appropriate statistical tools serve as guidelines to macroeconomic policy makers to generate higher tax revenues from VAT. By analyzing the C-efficiency determinant, we design a relevant development strategy approach for economically underdeveloped EU countries.

Reducing the Risks of the Financial Sector to Ensure Sustainable Growth of the Russian Еconomy

2019 ◽  
Vol 12 (3) ◽  
pp. 86-92
Author(s):  
T. I. Minina ◽  
V. V. Skalkin
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Financial Sector ◽  
Developed Countries ◽  
Sustainable Growth ◽  
Necessary Condition ◽  
Real Sector ◽  
Financial Instruments ◽  
The Real ◽  
The Impact

Russia’s entry into the top five economies of the world depends, among other things, on the development of the financial sector, being a necessary condition for the economic growth of a developed macroeconomic and macro-financial system. The financial sector represents a system of relationships for the effective collection and distribution of economic resources, their deployment according to public demand, reducing the risk of overproduction and overheating of the economy.Therefore, the subject of the research is the financial sector of the Russian economy.The purpose of the research was to formulate an approach to alleviating the risks of increasing financial costs in the real sector of the economy by reducing the impact of endogenous risks expressed as financial asset “bubbles” using the experience of developed countries in the monetary policy.The paper analyzes a macroeconomic model applied to the financial sector. It is established that the economic growth is determined by the growth and, more important, the qualitative development of the financial sector, which leads to two phenomena: overproduction in the real sector and an increase in asset prices in the financial sector, with a debt load in both the real and financial sectors. This results in decreasing the interest rate of the mega-regulator to near-zero values. In this case, since the mechanisms of the conventional monetary policy do not work, the unconventional monetary policy is used when the mega-regulator buys out derivative financial instruments from systemically important institutions. As a conclusion, given deflationally low rates, it is proposed that the megaregulator should issue its own derivative financial instruments and place them in the financial market.

Economic Growth and Fiscal Sustainability in the EU: The Impact of an Ageing Population

2008 ◽  
Author(s):  
Giuseppe Carone ◽  
Declan Costello ◽  
Nuria Diez Guardia ◽  
Per Eckefeldt ◽  
Gilles Mourre
Keyword(s):  
Economic Growth ◽  
Fiscal Sustainability ◽  
Ageing Population ◽  
The Impact ◽  
The Eu

scholarly journals The Impact of the Implementation of Cohesion Policy on the Sustainable Development of EU Countries

2019 ◽  
Vol 11 (15) ◽  
pp. 4173 ◽  
Author(s):  
Ramona Pîrvu ◽  
Cristian Drăgan ◽  
Gheorghe Axinte ◽  
Sorin Dinulescu ◽  
Mihaela Lupăncescu ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Cohesion Policy ◽  
Member States ◽  
Policy Makers ◽  
The Sustainable Development ◽  
Eu Countries ◽  
Starting Point ◽  
The Impact ◽  
Official Data ◽  
The Eu

The impact of implementation of cohesion policy on the sustainable development of EU countries is of great interest and presents a number of actual challenges. This research aims to evaluate the impact and the effects of the cohesion policy among the Member States using hierarchical clustering analysis in order to identify how the selected variables affect the sustainable development adopted models. The variables used in the analysis were selected on the basis of official data provided by the European Commission, SDG Index and Dashboards Reports and the EU Cohesion Monitor. The results of the research have led to the grouping of the 28 Member States in a number of six clusters, identifying performers but also those countries that have a high potential for sustainable development or which require increased attention to be sustained in recovering existing gaps. The results of the study can be a starting point for policy makers and other stakeholders involved in their efforts to support sustainable development through effective and effective policies.

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