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Economic Growth and Environmental Quality in the European Union Countries – Is there Evidence for the Environmental Kuznets Curve?

., Krueger, A. B. (1991), Environmental impacts of a North American free trade agreement, Working Paper, 3914, National Bureau of Economic Research. Grossman, G. M., Krueger, A. B. (1993), Environmental impacts of the North American free trade agreement, in Peter Garber (ed.), The U. S.‑Mexico Free Trade Agreement, MIT Press, Cambridge. Hannesson, R. (2009), Energy and GDP growth, International Journal of Energy Sector Management, 3 (2), pp. 157-170. Hausman, J. A. (1978), Specification tests in econometrics, Econometrica, 46

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Macroprudential Policies and Economic Growth

xtabond2: An introduction to “Difference” and “System” GMM in Stata.” Center for Global Development Working Paper No. 103. 21. Sanchez, A., & Rohn, O. (2016). How do policies influence GDP tail risks? OECD Economics Department Working Paper, No. 1339. 22. Slovik, P., & Cournede, B. (2011). Macroeconomic impact of Basel III. OECD Working Papers No. 844.

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Determinants of FDI in BRICS Countries: Panel Data Approach

Abstract

We empirically investigates the factors that affect Foreign Direct Investment (FDI) inflows in five BRICS countries for the period 1990–2015. We address the selection bias and unobserved heterogeneity by estimating a panel Heckman selection method and attempts to account for both selection and endogeneity within the new two-stage method. After addressing the above mentioned econometric issues, the infrastructure and GDP per capita variables under the new two-stage method remain positive and significantly similar to the coefficient of infrastructure and GDP per capita under the panel Heckman selection model. In addition, the inverse Mills ratio maintain its level of statistical significance, confirming the presence of both sample selection bias and endogeneity.

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Comparative Price Levels of New EU Member Countries

Abstract

This article analyzes comparative price levels of 10 new EU member countries from Central, East, and South-East Europe and discusses their main determinants. A comparison of comparative price levels is logically followed by a comparison of relative GDP per capita in purchasing power parities. Further, the Balassa-Samuelson efect is theoretically explained and empirically tested using a sample of EU27 countries (excluding Luxemburg). The results of simple regression analysis confrm that diferences in comparative price levels can be explained by the diferences in relative GDP per capita in purchasing power parities. Besides the Balassa-Samuelson efect there are, however, many other factors that have an impact on comparative price levels. Tey are related to the lower competitiveness of domestic companies on international markets as the result of such factors as a lower quality of production, inefcient organizational structures and management styles, insufcient marketing and business skills, or a poor approach to international distribution channels.

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The FDI-Growth Nexus in South Africa: A Re-Examination Using Quantile Regression Approach

Abstract

This study sought to contribute to the growing empirical literature by investigating the effects of FDI on per capita GDP growth for South Africa using time series data collected between 1970 and 2016. Compared to the majority of previous studies, we use quantile regressions which investigates the effects of FDI on economic growth at different distributional quantiles. Puzzling enough, the empirical results show that FDI has a negative influence on welfare at extremely low quantiles whereas at other levels this effect turns insignificant. Contrary, the effects of domestic investment on welfare is positive and significant at all levels. Collectively, these results have important implications for policymakers in South Africa.

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Generation of Tax Revenues and Economic Development: A Panel-Analysis for Emerging Economies in Asia

Abstract

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.

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Evaluating the Nexus Between Financial Deepening and Economic Growth: Evidence from Ukraine

Abstract

In this paper systemic problems of Ukrainian banking sector are reviewed and the solutions are offered. The main objective of the study is to examine the relationship between a financial deepening and economic growth in Ukraine by estimating several multiple regression models over the 1993 to 2015 period. A real GDP growth per capita was used as an indicator for the economic growth. The domestic credit to private sector (% of GDP) was used as an index of financial depth. The study concludes that financial deepening causes a slight impact on the economic growth of Ukraine. A low level of impact is an indicator of a limitedness of lending to the real economy. This means that banking sector has not become the real driving force of the economic growth in Ukraine yet. The study suggests a statement that policy makers should design the policies which will encourage lending especially high tech production, small and mid-size business, micro financing to the real economy to promote economic growth and increase employment.

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Agglomeration Economies and Foreign Direct Investment in Advanced Business Services in Poland

tertiary education sector in these regions. It indicates the agglomeration economies but also represents the endowment of talents in particular regions. Table 2 Description of explanatory variables Variable Description GDP GDP at current market prices by NUTS 2 regions. Unit: million PLN. Source: GUS GDP per capita GDP per capita at current market prices by NUTS 2 regions. Unit: PLN. Source: GUS Density of ABS Number of ABS/km 2 . Unit: ABS firms/km 2 . Source: own calculation using GUS data Density of firms Number of

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Dependent capitalism and the middle-income trap in Europe na East Central Europe

CEECs is demonstrated in the “STRATEGIES OF MNCs” section. Limitations to growth inherent in this variety of capitalism are summarized in the “CONCLUSION” section. 2 Is Central and Eastern Europe catching up? Comparisons of per capita gross domestic product (GDP), using both nominal levels and purchasing power parity (PPP), are shown in Figures 1 and 2 . The starting point in 1991 followed the sharp drop in GDP experienced across the region at the start of its post-socialist transformation. The gap with the EU-15 (pre-2004 EU members) appears enormous at that

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Nominal and Real Stochastic Convergence of the BRICS Economies

. Economic Research Journal, 2005-06. 16. Hoshino, M. 2011. Measurement of GDP per capita and regional disparities in China, 1979-2009. RIEB Discussion Paper Series. 17. Im, K.S., M.H. Pesaran, & Y. Shin. 2003. Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53-74. 18. Koèenda, E. 2001. Macroeconomic convergence in transition countries. Journal of Comparative Economics, 29, 1-23. 19. Kumar, S., & R.R. Russell. 2002. Technological change, technological catch-up, and capital deepening: Relative contributions to growth and

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