scholarly journals How Do Institutions Determine Economic Growth? Evidеnce from Central and Eastern Europe before and during Global Economic Crisis

2014 ◽  
Author(s):  
Trajko Slaveski ◽  
Darko Lazarov
Keyword(s):  
Economic Growth ◽  
Regression Model ◽  
Economic Crisis ◽  
Fixed Effects ◽  
Regression Models ◽  
Transition Period ◽  
Negative Influence ◽  
Global Economic Crisis ◽  
Dynamic Panel Regression ◽  
The Eu

We investigate the influence of institutions on economic growth and the level of income per capita in CEE region, before and during the global economic crisis. We use principal factor component analysis in order to create a more reliable and representative variable that will measure the institutional quality in our regression models, and avoid the multi colinearity, a common statistical weakness for this type of regression models. The results from panel (random and fixed effects) regressions and GMM dynamic panel regression lead to two contrasting insights. The first regression model shows positive and statistically significant correlation between institutions and economic growth, which would imply that the CEE countries that have created a strong institutional capacity during transition and post-transition period have experienced higher economic growth. The second regression model, which refers to the global economic crisis period, shows a negative influence of institutions on economic growth for the same sample of countries. One explanation for this result might be the fact that countries with a higher degree of integration into the EU were also more vulnerable to the global economic crisis.

The Limits of Social Europe: EU Law and the Ordoliberal Agenda

2013 ◽  
Vol 14 (5) ◽  
pp. 613-649 ◽  
Author(s):  
Gareth Dale ◽  
Nadine El-Enany
Keyword(s):  
Economic Crisis ◽  
Eu Law ◽  
Centrifugal Forces ◽  
Political Union ◽  
Privileged Access ◽  
Global Economic Crisis ◽  
The Eu ◽  
Social Europe

Since the global economic crisis began in 2007, the EU's response has been an attempt to muddle through, but it is generally recognized that more far-reaching changes to its structures are inevitable in the long term. One possible trajectory is towards disintegration; another is towards an increasingly “multi-speed” Europe—possibly accompanied by a splintering of the Eurozone whereby one or more smaller countries depart. A third possibility is closer union. Many would agree with the proposition that if destructive centrifugal forces are to be kept at bay, the next step for the EU must be political union, including a fiscal and transfer union—one that requires countries of the developed core supporting their brethren struggling at the periphery. Through this fraternal process, the EU will be able to achieve a new constitutional moment, a moment of refoundation in which its “social” soul is rediscovered. No longer will corporate lobbies be granted privileged access to the offices of Brussels. Powerful and democratically accountable institutions will be constructed, and geared around one of the EU's defining values: Solidarity.

scholarly journals Znaczenie Turcji dla gospodarki i bezpieczeństwa Unii Europejskiej

2018 ◽  
pp. 91-104
Author(s):  
Artur Pohl
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Economic Crisis ◽  
21St Century ◽  
International Security ◽  
The European Union ◽  
Fast Growing ◽  
Security Enhancement ◽  
Growing Economy ◽  
The Eu

In the second decade of 21st century the European Union will have to face the economic crisis and a problem of its domestic and international security enhancement. In both cases, the Turkish access to the organization can be a cure for European problems. Fast-growing economy, with young, well-educated society as well as big market may be an impulse to the economic growth of the EU. Economic surroundings and geostrategic location of Turkey, with its strongand modern army, can positively affect the security of the organization.

scholarly journals The governance model of the U.S. and EU after the economic crisis?

2014 ◽  
Vol 11 (3) ◽  
pp. 317-320
Author(s):  
Gina Albu
Keyword(s):  
Economic Growth ◽  
Economic Crisis ◽  
Government Spending ◽  
Global Economy ◽  
Development Model ◽  
Negative Consequences ◽  
Governance Model ◽  
The U.S ◽  
Over Time ◽  
The Eu

In this paper we have treated several fundamental issues underlying some issues about interventionism, governance and so on that come in actuality in this period of economic crisis. Over time the economic crisis that began in 2008 has had some negative consequences on the global economy. Moreover, many sparked controversy between the followers of Keynes and Friedman’s and not least between Obama’s policies envisaging growth and EU austerity policies that were aimed at reducing the deficit and debt. It is necessary that both the U.S. and the EU to rethink the development model and to improve governance in all aspects. Stiglitz and Krugman are some of the biggest proponents of interventionism and higher government spending. They also are trying to find solution for economic growth.

scholarly journals Analyzing the Impact of the Renewable Energy Sources on Economic Growth at the EU Level Using an ARDL Model

Mathematics ◽  
2020 ◽  
Vol 8 (8) ◽  
pp. 1367 ◽  
Author(s):  
Mihail Busu
Keyword(s):  
Economic Growth ◽  
Renewable Energy ◽  
Regression Model ◽  
Negative Impact ◽  
Renewable Energy Sources ◽  
Energy Sources ◽  
The European Union ◽  
Causality Analysis ◽  
The Impact ◽  
The Eu

Energy is one of the most important drivers of economic growth, but as the population is increasing, in normal circumstances, in all countries of the world, there is a demand for energy produced from conventional resources. Increasing prices of conventional energy and the negative impact on the environment are two of the main reasons for switching to renewable energy sources (RESs). The aim of the paper is to quantify the impact of the RESs, by type, on the sustainable economic growth at the European Union (EU) level. The research was performed for all 28 EU member states, for a time frame from 2004 to 2017, through a panel autoregressive distributed lag (ARDL) approach and causality analysis. Furthermore, Hausman test was performed on the regression model. By estimating the panel data regression model with random effects, we reveal through our results that RESs, namely wind, solar, biomass, geothermal, and hydropower energy, have a positive influence on economic growth at EU level. Moreover, biomass has the highest impact on economic growth among all RES. In fact, a 1% increase in biomass primary production would impact the economic growth by 0.15%. Based on econometric analysis, our findings suggest that public policies at the EU level should be focused on investment in RESs.

scholarly journals Macroeconomic Imbalances and the Economic Convergence of the EU candidate countries

2016 ◽  
Vol 3 (10) ◽  
pp. 135
Author(s):  
Daniela Bobeva ◽  
Dimitar Zlatinov
Keyword(s):  
Economic Growth ◽  
Economic Crisis ◽  
Economic Convergence ◽  
Slowing Down ◽  
Macroeconomic Imbalances ◽  
Eu Candidate Countries ◽  
Economic Developments ◽  
The Eu

The paper assesses the relevance of the EU Macroeconomic Imbalances Procedure scoreboard for the EU candidate countries. The calculation of the 14 indicators for a nine years period proves the recent economic crisis helped resolve some of the imbalances in the EU candidate countries but on the back of the slowing down the economic growth and convergence. The paper argues that MIP scoreboard fails to capture the specifics of economic developments of the caching up economies and cannot be used as a tool for assessing their readiness to join the EU.

scholarly journals Wpływ światowego kryzysu gospodarczego na brazylijski i meksykański przemysł samochodowy

2011 ◽  
Vol 17 ◽  
pp. 129-143
Author(s):  
Mirosław Wójtowicz
Keyword(s):  
Economic Growth ◽  
Economic Crisis ◽  
Automobile Industry ◽  
Global Economic Crisis ◽  
The Usa ◽  
Small Production

The aim of the study is to analyze the process of economic growth and changes of Brazilian and Mexican automobile industry in years 2000–2010. Special attention was paid to the situation of those industries in the years of global economic crisis and to strategies of dealing with the production and sales slump at the turn of years 2008–2009.The analysis confirmed disparities between Brazilian and Mexican automobile industries’ response to global economic crisis. The Mexican automobile sector was strongly affected by the slump in demand for new cars on the USA market whereas the Brazilian automobile sector experienced only a small production slowdown as the national demand for new cars soared.

scholarly journals The Serbian economy ten years after the global economic crisis

2020 ◽  
Vol 65 (225) ◽  
pp. 33-71
Author(s):  
Milica Uvalic ◽  
Bozidar Cerovic ◽  
Jasna Atanasijevic
Keyword(s):  
Economic Growth ◽  
Development Strategy ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
Policy Responses ◽  
Development Level ◽  
Global Economic Crisis ◽  
The Global Financial Crisis ◽  
Delayed Transition

The global financial crisis hit the Serbian economy severely in late 2008. The subsequent decade has been characterized by negative or very modest economic growth and Serbia is now just slightly above the development level of ten years ago. This paper analyses the most important economic milestones during this decade and investigates why only modest progress has been made, despite various measures implemented by the Serbian government. It examines the background to Serbia?s delayed transition and analyses the effects of the global economic crisis on the Serbian economy. It outlines the policy responses and their results, focusing on public finance, foreign trade, reindustrialisation, FDI, the labour market, and sources of growth. The paper sets out the key challenges to accelerating Serbia?s economic growth and identifies the main elements of a new long-term development strategy.

scholarly journals Reforms of pension system and problem of aging population

Stanovnistvo ◽  
2013 ◽  
Vol 51 (1) ◽  
pp. 91-102
Author(s):  
Danilo Sukovic
Keyword(s):  
Economic Growth ◽  
Economic Crisis ◽  
Pension System ◽  
Pension Reform ◽  
Aging Population ◽  
Private Pension ◽  
Gradual Transition ◽  
Working Population ◽  
Advantages And Disadvantages ◽  
Global Economic Crisis

This paper analyzes the far-reaching changes on social plane caused by aging population which endanger social security for old people, especially in times of global economic crisis and major changes in the labor market. A special emphasis is given to the economic unsustainability of the pension system in Serbia, where the ratio of the aging population and the working population is very unfavorable, and where high unemployment and weak economic growth threaten an aging population and increase the poverty. The analysis shows that pensions in Serbia in recent years have a real decline, and their relation to average earnings is still unfavorable despite large subsidies from the state budget which last years covers about 50 % of the expenditure for pensions. The second part of the paper discusses the advantages and disadvantages of PAYG (pay as you go) pension system and private pension insurance. The advantage of PAYG pension system is that it protects the retired persons' savings which would not be lost due to extraordinary market circumstances, such as wars, high inflation, etc. This system avoids the risk of a failed investment opportunities, which is the biggest weakness of private pension funds. In addition, the population trust this system believing that the government will not allow them to live in poverty when they get old. The key advantage of the private pension system is that this system realizes the economic function of pensions, because contributions paid are saving for their old age. Also, the placement of pension contributions to the capital market increase the return on investment and total government savings, which contribute to higher economic growth. Advantages of one pension system are actually weaknesses of another. Since the system "pay as you go" has proved ineffective to provide pension funding for the elderly population, which is increasing due to longer life expectancy, and its relationship to the working population is more unfavorable, it is necessary to introduce the pension reform, which has already more or less successfully implemented in many countries of the world. Globalization and especially the global economic crisis have made this issue particularly urgent. Finally, it is noted that the pension reform in Serbia should not just include leaving the system "pay as you go" and a gradual transition to a private pension plan. Also, it is necessary to implement the long overdue economic reforms to achieve significant long-term economic growth, because only higher economic growth can create the material conditions for desired changes in the pension system.

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