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The Influence Of Globalization On Gdp Growth In Eastern Europe

Author

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  • THOMAS L. AINSCOUGH

    (School of Marketing & Innovation, University of South Florida)

Abstract

This study examines the impact of economic, political, and social dimensions of globalization on GDP growth in 18 Eastern European countries from 1999 to 2019. Using a Fixed Effects (FE) model with quadratic terms, it captures both linear and nonlinear relationships, with a notable finding of a U-shaped relationship between Trade De Jure Globalization and GDP growth. This suggests that while early stages of trade policy liberalization may reduce growth, significant gains emerge at higher integration levels. The analysis reveals that, although trade activities contribute positively to GDP growth, financial integration appears to exert downward pressure, potentially reflecting the challenges Eastern European economies face in adjusting to financial liberalization. These results underscore the complexity of globalization’s effects on economic performance in the region and the importance of considering both the nature and depth of globalization when formulating policy.

Suggested Citation

  • Thomas L. Ainscough, 2024. "The Influence Of Globalization On Gdp Growth In Eastern Europe," Global Economic Observer, "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences;Institute for World Economy of the Romanian Academy, vol. 12(2), pages 06-14, December.
    • Handle: RePEc:ntu:ntugeo:vol12-iss2-06-14
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    More about this item

    Keywords

    Globalization; Economic Growth; Eastern Europe; Panel Data; Fixed Effects Model.;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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