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Determinants of economic growth in South - East Europe: A panel data approach

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  • Trpkova, Marija
  • Tashevska, Biljana

Abstract

The objective of this paper is to reveal the main determinants of the economic growth in South-East European countries. Real GDP growth rate represents economic growth in the analysis. We perform a panel data analysis for 7 countries with similar economic surroundings: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Romania and Serbia. The observation period is 1995 - 2007. Empirical results indicate that Consumer price index, Current account/GDP, Exchange rate, General government balance, General government expenditure, Population, Large scale privatization and Price liberalization are some of the main factors on which Southeast European countries policy makers should focus in order to reach significant increase in economic growth.

Suggested Citation

  • Trpkova, Marija & Tashevska, Biljana, 2011. "Determinants of economic growth in South - East Europe: A panel data approach," Perspectives of Innovations, Economics and Business (PIEB), Prague Development Center (PRADEC), vol. 7(1), pages 1-4, January.
    • Handle: RePEc:ags:jrpieb:127028
    DOI: 10.22004/ag.econ.127028
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    References listed on IDEAS

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    1. Magdalena Morgese Borys & Éva Katalin Polgár & Andrei Zlate, 2008. "Real convergence and the determinants of growth in EU candidate and potential candidate countries - a panel data approach," Occasional Paper Series 86, European Central Bank.
    2. Morgese Borys, Magdalena & Polgár, Éva Katalin & Zlate, Andrei, 2008. "Real convergence and the determinants of growth in EU candidate and potential candidate countries: a panel data approach," Occasional Paper Series 86, European Central Bank.
    3. S. Fisher & R. Sahay & C. A. Vegh, 1997. "Stabilization and Growth in Transition Economies: The Early Experience," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 5.
    4. Ms. Ratna Sahay & Mr. Jeromin Zettelmeyer & Mr. Eduardo Borensztein & Mr. Andrew Berg, 1999. "The Evolution of Output in Transition Economies: Explaining the Differences," IMF Working Papers 1999/073, International Monetary Fund.
    5. Menbere T. Workie, 2005. "Determinants of Growth and Convergence in Transitive Economies in the 1990s: Empirical Evidence from a Panel Data," Prague Economic Papers, Prague University of Economics and Business, vol. 2005(3), pages 239-251.
    6. Mr. Stanley Fischer & Mr. Carlos A. Végh Gramont & Ms. Ratna Sahay, 1996. "Stabilization and Growth in Transition Economies: The Early Experience," IMF Working Papers 1996/031, International Monetary Fund.
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    Cited by:

    1. Cristina Ruza & Raquel Caro-Carretero, 2022. "The Non-Linear Impact of Financial Development on Environmental Quality and Sustainability: Evidence from G7 Countries," IJERPH, MDPI, vol. 19(14), pages 1-21, July.
    2. A Alodadi & J Benhin, 2015. "Long Term Economic Growth in Oil-Rich Saudi Arabia: What is the role for non-oil sectors?," Economic Issues Journal Articles, Economic Issues, vol. 20(1), pages 109-130, March.
    3. Mihaela Simionescu, 2016. "The Real GDP Rate in European Union. A Panel Data Approach," Working Papers of Institute for Economic Forecasting 161001, Institute for Economic Forecasting.
    4. Nzingoula, Gildas crépin, 2015. "Les déterminants de la croissance économique en zone cemac: Une approche en données de panel [The seterminants of economic growth in cemac: a panel data approach]," MPRA Paper 67009, University Library of Munich, Germany.
    5. Kapingura Forget Mingiri & S.I Ikhide & A Tsegaye, 2016. "The Relationship between External Financial Flows and Economic Growth in the Southern African Development Community (SADC): The Role of Institutions," Journal of Economics and Behavioral Studies, AMH International, vol. 8(1), pages 87-103.
    6. Yashasvi PANDEY & C.R. BISHNOI, 2023. "Macroeconomic determinants of economic growth. An international perspective," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(636), A), pages 53-76, Autumn.

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    More about this item

    Keywords

    Financial Economics; International Development;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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