The aim of this paper is to study and to highlight the applicative and interpretive limits of the GDP per capita indicators, when regional economics of the new member countries (EU13), particularly the process of integration of their regions into EU economy is examined in terms of the beta and sigma convergence. The growth of gross domestic product has long been pursued as the main objective of the economic activities of countries and regions. Its growth is seen as almost a guarantee of the proper functioning of the economy. The governments of individual countries, in the event of a decline in GDP, take measures for its recovery. Small attention, however, is given to the fact, whether such an economic development copes with the parameters of sustainable economic growth. Also, little attention is paid to the study of how the previous growth is reflected in the standard of living of the population and households in respective countries and regions.
The economic potential of a country is directly related to a policy of creating new jobs, increasing labour productivity, balancing energy and materials consumption, technological innovation, refurbishing the production base, and taking action to create an environment for attracting investment and stimulating domestic consumption, as well as increasing exports of goods and services. A key feature of the economic system, that determines its ability to maintain normal living and working conditions for the population, is to guarantee and protect the sustainable development of the economy and the realisation of national economic interests. This article is addressed to two main economic security indicators - economic growth and investment activity of the state. It presents a specific comparison of real GDP per capita and growth rate in the European Union, the Eurozone and the Republic of Bulgaria and GDP per capita in purchasing power standards in the European Union, the Eurozone and the Republic of Bulgaria. The flow of foreign direct investment by economic sectors in the Republic of Bulgaria is been considered, including annual data, foreign direct investment flows by countries and the international position of the Republic of Bulgaria in this process
Numerous theoretical and empiric studies investigate the correlation between education and human capital and economic development. Full affirmation of knowledge and the role of education in stimulating economic growth were provided by endogenous theory. The subject of this paper is to analyse the correlation between education and educational system and the economic growth of the Western Balkans countries (WB). The hypothesis of this work says that: education and educational system in the WB affect the growth of GDP per capita. A better education system stimulates and accelerates the economic growth and development. The aim of this research is to prove that an optimal education system stimulates the growth and development in each observed national economy. In this paper, the results of the correlation analysis indicate high compliance of higher education with GDP per capita i.e. higher education population is particularly important for the level of development whereas there is a highly compliant but inverse relation of the population with informal level of education and economic development in the WB countries.
The aim of this paper is to analyze if the Western Balkan and Eastern Partnership countries converge towards the twenty-eight members of the European Union. The relationships between the selected macroeconomic variables and per capita GDP growth rate are econometrically tested to support this research. The analyzed period is 2004–2017, with two sub-periods: 2004–2008 and 2009–2013. The subdivision is made to test whether the recent financial crisis affected the absolute and conditional convergence process in the analyzed group of countries. The empirical findings support the economic convergence hypothesis. The results show that the recent financial crisis negatively affected the absolute and conditional convergence process, when economic variables are included in the analysis. The negative effects of the crisis on conditional convergence with economic and socio-political variables are not identified. The poorer countries in the analyzed group should do more to attract investment and open their economies, as gross fixed capital formation and economic openness have a positive impact on per capita growth, and keep low inflation or stabilize it, while general government debt and unemployment should be decreased in the examined sample of countries.
Particularly in an emerging or developing economy context, generating sufficient tax revenues is essential for the provision and upkeep of well-needed public infrastructure/public capital that supports the development process. However, tax policy can also cause distortionary and negative effects to economic activity and growth, especially if excessive taxation is imposed. The aim of this paper is to examine the role of tax revenues and estimate its overall net impact on economic growth in emerging economies in Asia. The dataset covers emerging economies from South, Southeast, and East Asia during 1998-2015. The results show that tax revenues have an overall positive net impact on the growth rate of real GDP per capita, suggesting the positive effects associated with taxation outweigh the negative and distortionary effects of taxation. Thus, evidence is found that the collection of adequate amounts of tax revenues (with which public investments were financed) contributed significantly to economic development.
Socio-economic potential of Polish cities - a regional dimension
The main aim of the research presented in this paper was to construct and evaluate a synthetic index of socio-economic potential of Polish cities (IoEp) at the level of voivodships and also to examine relations between this potential and the economic development of regions. The index reflects the level of localisation advantages offered by a city. That is why an assumption was made that there is a positive relationship between the level of socio-economic potential of cities in a region (measured by the IoEP index) and its level of economic development. The obtained results show that there are significant and stable differences in the level of economic potential of Polish cities. One can also observe that the higher the level of IoEP was, the higher the value of regional GDP per capita. That gives some basis to positively verify the research hypothesis.
This paper presents an empirical investigation of a large number of potentially significant determinants of current account deficits in five EU candidate and potential candidate countries (Albania, Croatia, Macedonia, Serbia and Turkey) in the period 2005 Q1-2015 Q4. Using panel regression techniques we find that current account imbalances in the EU candidate and potential candidate countries are mainly determined by real GDP growth rate and the degree of trade integration. Other factors that have a significant impact on current account balances include relative per capita income, crude oil trade balance and level of financial development. Interestingly, the status of the observed country (an EU candidate or a potential candidate country) does not have any effect on the current account balance. It is expected that further economic and financial development of the EU candidate and pre-accession would encourage domestic saving and contribute to improvement of their current account positions.
We analyze the influence of newly constructed globalization measures on regional growth for the EU-27 countries between 2001 and 2006. The spatial Chow-Lin procedure, a method constructed by the authors, was used to construct, on a NUTS-2 level, complete regional data for exports, imports and FDI inward stocks, which serve as indicators for the influence of globalization, integration and technology transfers on European regions. The results suggest that most regions have significantly benefited from globalization measured by increasing trade openness and FDI. In a non-linear growth convergence model, the growth elasticities for globalization and technology transfers decrease with increasing GDP per capita. Furthermore, the estimated elasticity for FDI decreases when the model includes a higher human capital premium for CEE countries and a small significant growth enhancing effect accrues from the structural funds expenditures in the EU.
This paper is explaining the relationship between NAFTA foundation and business cycles length. Has the participation in a multinational organization changed their frequency? Initially; we used GDP per capita growth annual data for each country countries (Canada, Mexico and USA) for 63 years (1950-2012). The data was cut for each country in two pieces one before the 1995 and one on the year of integration and after. Then we selected their spectral density plots in order to find periodicity eliminating the background noise from a periodogram. The results show that Canada doubled its cycle length progressively. Mexico and USA seem to have currently smaller but growing cycles than they used to have.
This paper aims to analyse Spanish tourism policy and its relation to a series of facts. The research combines an extensive review of the existing studies into the aspects of tourism policy linked to government, geography and economy with an examination of statistical sources. The main issues and findings analysed in this study are highlighted below. Firstly, the evolution of tourism policy of Spain in the last 60 years in relation to the process of national economic development is analysed. Secondly, a limited role of tourism on economic and territorial balance as well as changes in the regional distribution in the supply of hotel accommodation is highlighted. Thirdly, territorial changes related to the supply of hotel accommodation and GDP per capita are discussed. Finally, certain topics are suggested for future debate: tourism and imbalance as well as tourism and development.