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Correlation Between Democratization and GDP Growth in the Western Balkans Countries

Author

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  • Galya Mancheva

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

The present study aims at tracing the correlations between democratization and GDP growth in the Western Balkans for the period 2009-2018. To achieve this goal, a democratization index is used, which refers to GDP growth through a Pearson bilateral correlation. This methodology provides an opportunity to track whether (1) there is a statistically significant linear relationship between two continuous random variables – democratization index and GDP growth, (2) the strength of the linear relationship between them and (3) its direction. The study takes into account the countries of the Republic of Albania, the Republic of Serbia, the Republic of Northern Macedonia, Montenegro and the Federation of Bosnia and Herzegovina. As a result of the analysis, it was found that with regard to these countries, the processes of democratization do not lead to economic growth. An exception to this conclusion is the Federation of Bosnia and Herzegovina, where GDP growth is a consequence of democratization and therefore only in this country does democratization lead to economic growth.

Suggested Citation

  • Galya Mancheva, 2021. "Correlation Between Democratization and GDP Growth in the Western Balkans Countries," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 2, pages 125-136, April.
    • Handle: RePEc:nwe:natrud:y:2021:i:2:p:125-136
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    File URL: http://unwe-research-papers.org/bg/journalissues/article/10372
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    More about this item

    Keywords

    democratization; Western Balkans; GDP; GDP growth; Pearson correlation;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • C87 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Econometric Software
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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