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Causal Nexus between FDI, Exports, Unemployment and Economic Growth for the Old European Union Members. Evidence from Panel Data

Author

Listed:
  • Nikolaos Dritsakis

    (University of Macedonia, Economics and Social Sciences)

  • Pavlos Stamatiou

    (University of Macedonia, Economics and Social Sciences)

Abstract

This study examines the causality relationships between foreign direct investments (FDI), exports, unemployment and economic growth in the fifteen old EU members using panel data covering the period 1970-2015. The Hausman test is applied for choosing between Fixed Effect and Random Effect approach in order to estimate the panel VAR equations for Granger causality tests. The results revealed three bidirectional causalities between economic growth and exports, exports and FDI, and exports and unemployment and three unidirectional causalities running from FDI to economic growth, FDI to unemployment and from economic growth to unemployment. Policy implications are then explored in the conclusions.

Suggested Citation

  • Nikolaos Dritsakis & Pavlos Stamatiou, 2018. "Causal Nexus between FDI, Exports, Unemployment and Economic Growth for the Old European Union Members. Evidence from Panel Data," International Journal of Economic Sciences, International Institute of Social and Economic Sciences, vol. 7(2), pages 35-56, November.
    • Handle: RePEc:sek:jijoes:v:7:y:2018:i:2:p:35-56
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    Citations

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    Cited by:

    1. Anna Barwinska-Małajowicz & Paweł Hydzik & Iwona Bak, 2021. "The Impact of the COVID-19 Pandemic on the Situation of the Unemployed in the Podkarpackie Voivodeship," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 691-705.
    2. Bakari, Sayef & Khalfallah, Sirine & Zidi, Ahmed, 2021. "The Determinants of Agricultural Exports: Empirical Validation for the Case of Tunisia," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 9(3), October.
    3. Batóg Jacek & Batóg Barbara, 2023. "Economic Performance Paths of CEE Countries and the EU-27 in 2000–2022," Folia Oeconomica Stetinensia, Sciendo, vol. 23(2), pages 45-66, December.
    4. Moutinho, Victor & Santos de Oliveira, Helena M. & Viana Espinosa de Oliveira, Henrique & Puime Guillén, Félix, 2023. "The augmented and integrative model of economic growth: Theoretical and empirical evidence from USA," Socio-Economic Planning Sciences, Elsevier, vol. 89(C).
    5. Ziberi Besime & Alili Merita Zulfiu, 2021. "Economic Growth in the Western Balkans: A Panel Analysis," South East European Journal of Economics and Business, Sciendo, vol. 16(2), pages 68-81, December.
    6. Aparicio-Pérez Daniel & Calatayud Carolina & Rochina-Barrachina María E., 2021. "The Export Strategy and SMEs Employment Resilience During Slump Periods," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 15(1), pages 163-186, January.

    More about this item

    Keywords

    Economic growth; Foreign direct investments; Exports; Unemployment; Panel analysis; Causality;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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