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Macroeconomic model of institutional reforms’ influence on economic growth of the new EU members and the Republic of Croatia

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  • Vesna Buterin
  • Marinko Škare
  • Denis Buterin

Abstract

The aim of this paper is to research, theoretically and empirically, the impact of institutional reforms on economic growth in transition countries (new European Union members) and Croatia, in the period from 1996 to 2012. In order to prove the hypothesis, we will use panel analysis of transition economies and Croatia, namely the Arellano–Bond dynamic panel analysis. The analysis includes two dependent variables (gross domestic product per capita [G.D.P./p.c.]and the share of export in G.D.P.) and five independent variables (total Heritage Index of Economic Freedom, Worldwide Governance Indicators (W.G.I.) government effectiveness indicator, W.G.I. rule of law indicator, corruption perception index and the index of institutional reforms in transition countries). The results show that there is a significant positive impact of institutional reforms on the economic growth of transition countries and Croatia, which creates preconditions that are essential for the future growth rate of the Croatian economy.

Suggested Citation

  • Vesna Buterin & Marinko Škare & Denis Buterin, 2017. "Macroeconomic model of institutional reforms’ influence on economic growth of the new EU members and the Republic of Croatia," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 30(1), pages 1572-1593, January.
    • Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1572-1593
    DOI: 10.1080/1331677X.2017.1355260
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    Cited by:

    1. Zdenek FIALA & Kristyna MLEZIVOVA & Olga SOVOVA, 2023. "Current Issues of the Service Relationship of Security Forces Members in the Court of Justice Case Law and the Impact on Public Service Practice," Perspectives of Law and Public Administration, Societatea de Stiinte Juridice si Administrative (Society of Juridical and Administrative Sciences), vol. 12(2), pages 176-184, June.
    2. Abdulkareem Alhassan & Cem Payaslioğlu, 2024. "Trade Diversion and Creation Effect of Free Trade Agreements in ASEAN: Do Institutions Matter?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 917-935, March.
    3. Asma Awan & Sidra Nawaz, 2022. "Towards Green Growth: Monitoring Progress and Investigating Its Determinants in South Asia," Journal of Economic Impact, Science Impact Publishers, vol. 4(3), pages 252-264.

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