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Research Activities and their Relation to Economic Performance of Regions in the European Union

Abstract

Background: The intensity of innovation could often be crucial for further economic development of the regions. Science and technology are often seen as the key factor supporting innovation in the regions. Furthermore, we can assume that higher intensity of research activities could lead to better economic performance.

Objectives: Research aims to examine the link between the economic performance of the region and the intensity of science and technology activities, proxied by the share of employees in science and technology.

Methods/Approach: The analysis is based on panel data for NUTS2 regions of the European Union (EU) member states. We conducted correlation analysis, panel Granger causality tests and regression analysis.

Results: Our results suggest the existence of a significant positive correlation between GDP per capita and the share of employees in science and technology. Moreover, the regions with a higher intensity of science and technology activities are mostly characterized by relatively low unemployment rates.

Conclusions: Research activities are positive correlated with regional GDP and negatively correlated with unemployment. However, increasing the share of employment in science and technology beyond a certain turning point would not lead to any further positive effects on regional economic performance.

Open access
The Impact Of Foreign Direct Investment On Turkish Economy 2010–2016

Summary

This study focuses on Foreign Direct Investment (FDI) inflows and how they are linked with the economic indicators in Turkey including the Real Effective Exchange Rate (REER), and Gross Domestic Product per capita of Purchasing Power Parity - GDP (PPP) in Turkey. The GDP (PPP) variable is used because it shows significant causality on REER, along with the exchange rate volatility of the U.S Dollar in the Turkish stock market. Also, as an important sector of the Turkish economy, tourism revenue is elucidated according to the Organization for Economic Co-operation and Development (OECD) data from 2016. The main objective of this study is to evaluate the impact of the FDI investment on economic condition in Turkey for the period between January 2010 and July 2016. The selected period is important because it represents the crucial time for Turkish economy following the 2008 global financial crisis along with the ongoing Civil War in neighboring Syria that had initiated in 2012, Turkish-Russian crises of 2015, and the military coup attempt in Turkey in 2016. It is argued that despite all the negative international and regional developments, FDI and Tourism play key roles in attracting income to the country. This is presented in the level of REER and GDP for PPP. The results also support the findings of many economists, who have previously asserted that the Turkish economic interaction is growing at a globalized level, and is able to compete with the other large attractive areas for foreign investors around the world. Finally, the results demonstrate that the tourism industry was the least affected sector in Turkey.

Open access
Macroeconomic dynamics and the at-risk-of-poverty population in Slovakia

References Eurostat: Combating Poverty and Social Exclusion, 2010 Stiglitz, J., Sen, A., Fittoussi, J., P.: Report by the Commission on Measurement of the Economic Performance and Social Progress, Brussels-Paris, 2009 Kuznets, S.: National Income, 1929-1932". 73rd US Congress, 2d session, Senate document no. 124, 1934 Eurostat: Beyond GDP-Measuring Progress, True Wealth and the Well-being of Nations, International Conference, November 19-29, Brussels, 2007

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Economic Inequalities and the Level of Decentralization in European Countries: Cluster Analysis

). Eurostat (2013), GDP at regional level, [online] http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/GDP_at_regional_level . (Cited from 20 Apr 2014). Ezcurra R., Pascual P. (2007), Spatial Disparities in Productivity in Central and Eastern Europe , ‘Eastern European Economics’, no. 45. Falco E. (2014), Income inequality: nearly 40 per cent of total income goes to people belonging to highest (fifth) quintile , ‘Statistics in Focus’, no. 12, [online] http

Open access
Ecological Growth Boundaries

Abstract

The trends of the society for the continuous growth, combined with the demographic changes, today have led to the important ecological problems on a global scale, which include, among others: the increased use of non-renewable natural resources, an increase of the greenhouse gas emissions, contamination of soil, water, air and the progressive degradation of ecosystems. In the face of such serious threats the global initiatives of all countries are important to limit the results of the excessive consumption. The aim of the article is to present the methods of measurement of the consumption level of natural resources by the societies and the examination of relationships between the level of development of the societies and the use of resources. The popular measure – the ecological footprint – was used as a measurement method for the consumption of the today’s generations in relation to the regenerative possibilities of the natural environment. On the other hand, as the assessment method for the level of development of societies – the Human Development Index (HDI), including three basic areas: the life expectancy, GDP level per capita and education was used. The results of the research indicate that the current trend of the unlimited consumption of the highly developed countries takes place at the expense of the future generations.

Open access
Financial Inclusion in Latin America 2007 - 2015: Evidence using Panel Data Analysis

Abstract

Financial Inclusion plays an important role in terms of economic growth and poverty reduction owing to inequality, therefore, it is a key aspect of public policy in many governments. This study explores those variables that influence financial inclusion in some Latin American countries, through the use of the panel data econometric technique, based on information provided by the World Bank's Global Findex, and the Statistical Yearbook of the World Bank. ECLAC (Economic Commission for Latin America), during the period between 2007 and 2015. The sample includes 7 countries, namely, Argentina, Brazil, Chile, Colombia, Ecuador, Mexico and Peru. The results indicate that financial inclusion has a positive and significant relationship with the value of GDP per capita, such that the greater the income level which families have, the greater will be the participation in the financial system, and consequently, the greater the degree of financial inclusion. On the other hand, the variable public debt, shows that a high level of indebtedness hinders financial inclusion, therefore, its relationship is negative.

Open access
Fiscality - A Relevant Factor Influencing Regional Development in Romania and the European Union

Abstract

The paper aims to examine taxation in the EU in correlation with regional development measures implemented. We started with the EU vision on regional development. If during the 2007-2013 period, were pursued three major objectives (convergence, regional competitiveness and territorial cooperation), in the current 2014-2020 funding period, money is allocated differently between countries that are deemed to be more developed, in transition and less developed. These categories are set according to GDP per capita. Next we exposed the fiscal changes made in the EU in 2010-2011 period and then we corelate them with the strategy for regional development for five member states: Romania, Bulgaria, Czech Republic , Hungary and Poland. We used data reported by Eurostat regarding the evolution of unemployment rate and for the foreign direct investments in 2007-2012 period. We also brought up and changes required by the new Romanian Fiscal Code. According to it, measures such as reduction of income tax for new micro enterprises or extending the VAT reverse charge mechanism in many sectors of activity, are meant to encourage foreign capital inflows and also to increase the level of regional development. As a general conclusion, we found that there is a direct link between fiscal policy and regional development; fiscal measures implemented influence the level of unemployment, economic growth, and competitiveness in the private sector.

Open access
The Formation and the Future Potentials of the Eighth Hungarian Region

Abstract

In the time of accession to the EU, Hungary drops to the second part of the programming period 2000-2006. The Central-Hungarian region (which includes the capital and Pest County) was classified as a less developed region, similarly to all of the six ‚rural‘ regions and thus the area received the highest amount of the supporting sources. In the programming period 2007–2013, the Central-Hungarian region belonged to the transitional regions and so it received continuously decreasing subsidies. In the case of Budapest, the value of GDP per capita refers to the development, but based on the measurement, Pest County was supposed to belong to the transitional areas. Between the years 2014–2020, the whole area of the Central-Hungarian region was getting to the level of a developed region. It means that this area is not entitled to get Cohesion sources anymore. On the 30th of October 2015, Pest County Assembly made a decision about Pest County’s disruption and declared its intent to create a separated region. As long as the government stood for the idea and it met with a warm response in Brussels, Pest County could operate as an independent region from 2018. Our study will draw attention to the huge territorial differences between the capital and its agglomeration and the surrounding areas.

Open access
International Confidence in Italian Economy. A Spread and Gambling Analysis

Abstract

Gambling is an ancient human activity with a prevalent position nowadays both as a social entertainment activity and as a way to gain money effortless. Every country has its specific pattern in gambling determined both by its cultural and macroeconomic determinants and by its national regulatory framework. Macroeconomic variables as gross national income per capita, annual variation of GDP or unemployment were previously proved to be connected with the gambling industry. The aim of this paper is to analyze the effects generated by the internal and external loss of confidence in the Italian economy, as an effect of the latest financial crisis, over the Italian gambling industry. The level of spread between the 10 years yield of Italian and German government bonds is used as a proxy for the international trust in the Italian economy and the Economic Sentiment Indicator is used to describe the Italian citizens' confidence. The main results show a strong positive, statistically significant correlation between skill games and spread and an unexpected negative significant correlations between spread and lottery, one of the purely fortune games that was often seen as an ultimate chance to survive the crisis. The Economic Sentiment Indicator seems not to be correlated with any of the gambling categories.

Open access
Assessing the pre-REDD policies of countries with substantial forest area growth

Abstract

Based on the method of Compensated Successful Efforts, this paper proposes a structural variables model to assess pre-REDD+ (Reducing Emission from Deforestation and Degradation plus) policies; selecting economic development, population growth, initial forest area, agricultural commodity export prices, and timber prices as structural variables, and empirically analyzes 11 high-forest-growth countries’ policies from 1992 to 2011. Results show that the forest area growth rate was negatively correlated with the initial forest area and agricultural commodities export prices, and positively correlated with population density, GDP per capita, and timber export prices. China and India’s entity fixed effects are more significant; in different periods the rate of actual forest area growth exceeded that of structural forest area growth in 11 countries. Overall, Compensated Successful Efforts proved to be useful for evaluating the effects of the high forest area growth country policies. Regardless, these countries should join REDD+ organizations and continue enhancing their forest management and increasing forest area. As part of this effort, REDD+ negotiations should consider fully compensation mechanisms for these countries to attract more countries and promote the progress of international climate negotiations.

Open access