Impact of Globalisation On Economic Growth in Romania: An Empirical Analysis of Its Economic, Social and Political Dimensions

Open access

Abstract

The paper analyses the link between globalisation and economic growth in Romania for a time span of 24 years. Data from World Bank were used in an econometrical model in order to highlight the impact of globalisation, expressed by the KOF globalisation index and its components (economic, social and political globalisation indices) on economic growth rate. A statistical strong and positive link is found between GDP per capita dynamics and overall globalisation index as well as between GDP growth rate and economic and political globalisation, except the social dimension of globalisation which has a negative impact on economic growth in Romania for the time span 1990-2013.

If the inline PDF is not rendering correctly, you can download the PDF file here.

  • 1. Afzal M. (2007). The impact of globalization on Economic Growth of Pakistan. The Pakistan Development Review 46(4) pp.723-734.

  • 2. Chang C-P. and Lee C.-C. (2010). Globalization and Economic Growth: A Political Economy Analysis for OECD countries Global Economic Review Vol.39 (2) pp.151-173.

  • 3. Dima S. (2016). Globalization trade openness and foreign direct investment in Romania Studia Universitatis”Vasile Goldiș” Arad Economics Series Vol. 26 Issue 4 pp.41-53.

  • 4. Dreher A.(2006). Does Globalization Affect Growth? Empirical Evidence from a new Index Globalization. Applied Economics 38 (10) pp.1091-1110.

  • 5. Dreher A. Gaston N. Martens P. (2008). Measuring Globalization-Gauging its Consequence. New York: Springer.

  • 6. Iovițu M. Bodislav A. Diaconu A. (2015). Globalization-engine for economic growth. Journal of Knowledge Management Economics and Information Technology Vol. V (6) pp.1-9.

  • 7. Kilic C. (2015). Effect of globalization on economic growth: a panel data analysis for developing countries. Economic Insights-Trends and Challenges Vol.14 No.1 pp.1-11.

  • 8. KOF Index of Globalization. Available at http://globalization.kof.ethz.ch/ Accessed 10 June 2016.

  • 9. Leitão N.C. (2012). Economic Growth Globalization and Trade. Management Research and Practice Vol.4 Issue 3 pp.18-24.

  • 10. Meraj.M. (2013). Impact of globalization and trade openness on economic growth in Bangladesh. Ritsumeikan Journal of Asia Pacific Studies Volume 32 pp.40-50.

  • 11. Morita T. Takatsuka H. and YamamotoK. (2015). Does globalization foster economic growth? The Japanese Economic Review Vol.66 (4) pp.492-519.

  • 12. Mutascu M. and Fleischer A.-M. (2011). Economic Growth and Globalization in Romania. World Applied Sciences Journal 12 (10) pp.1691-1697.

  • 13. Neagu O. (2014).How much does globalisation affect the income inequality in Romania? Studia Universitatis”Vasile Goldiș” Arad Economics Series Vol. 24 Issue 4 pp.76-83.

  • 14. Polasek W. and Sellner R. (2011). Does Globalization Affect Regional Growth? Evidence for NUTS-2 Regions in EU-27.Economics Series 266 Institute for Advanced Studies. Available at: http://irihs.ihs.ac.at/2057/ accessed 4 June 2016.

  • 15. Rao B. B. Tamazian A. Krishna V.C. (2011). Growth effects of a comprehensive measure of globalization with country-specific time series data. Applied Economics Vol.43 (5) pp.551-568.

  • 16. Ray S. (2012). Globalization and Economic Growth in India: A Granger Causality Approach. Journal of Law Policy and Globalization Vol. 2 2012 pp.18-30.

  • 17. Shaikh F.M. and Shah M.A. (2008). Impact of Globalization on Pakistan‟s Economy by Using CGE Model. International Conference on Applied Economics pp.839-845.

  • 18. Smith J. Plummer S. and Hughes M. (2017). Transnational social movements and changing organizational fields in the late twentieth and early twenty-first centuries. Global Networks 17 (1) pp.3-22.

  • 19. Umaru A. H. Ahmadu A. Musa S. (2013). Globalization and Its Impact on the Performance of the Nigerian Economy. Interdisciplinary Journal of Research in Business Vol.2 Issue 8 pp.1-6.

  • 20. ValliV. SacconeD. (2015).Structural Change Globalisation and Economic Growth in China and India. The European Journal of Comparative Economics Vol.12 (2) pp.133-163.

  • 21. World Bank (WB) (2016) Data. Available at http://databank.worldbank.org/data Accessed 25-30 May 2016.

  • 22. World Trade Organization (WTO) (2008). World Trade Report 2008 Trade in A Globalizing World WorldTrade Report.

  • 23. Zamfir P.B.(2015). The influence of globalization on economic growth in Romania. Annals of the”Constantin Brâncuși” University of Târgu Jiu Economy Series Special Issue ECO-TREND 2015-Performance Competitiveness Creativitypp.181-185.

  • 24. Ying Y.-H. Chang K. Lee C.-H.(2014). The Impact of Globalization on Economic Growth. Romanian Journal of Economic Forecasting XVII (2) pp.25-34.

Search
Journal information
Cited By
Metrics
All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 1998 1306 236
PDF Downloads 1254 944 236