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Eco-innovation and Economic Growth in the European Union

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  • Ana Andabaka Martina Basarac Sertić Martina Harc

    (Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia. Economic Research Division, Croatian Academy of Sciences and Arts, Zagreb, Croatia. Institute for Scientific and Artistic Work in Osijek, Croatian Academy of Sciences and Arts, Osijek, Croatia)

Abstract

Eco-innovation, as a new concept, and green technologies are central to the Europe’s future and at the core of the European Union policies to boost competitiveness, create jobs, and generate sustainable growth for years to come. In this context, eco-innovation is a significant tool that combines decreased environmental impact with a positive socioeconomic impact. This paper highlights the prominent role of eco-innovation and investigates still scarcely explored impact assessment of GDP growth, quality of institutions, and recycling rates on the eco-innovation index in the 28 European Union member states. Specifically, the set of regression analyses that use panel estimation models was undertaken and the system GMM estimator with robust standard errors was used. Econometric analysis indicates that GDP growth rate, quality of institutions, and recycling rate of municipal waste had a statistically significant and positive effect on eco-innovation in the period 2010-2016. JEL Classification: C33, O11, O30

Suggested Citation

  • Ana Andabaka Martina Basarac Sertić Martina Harc, 2019. "Eco-innovation and Economic Growth in the European Union," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 22(2), pages 43-54, November.
    • Handle: RePEc:zag:zirebs:v:22:y:2019:i:2:p:43-54
    DOI: 10.2478/zireb-2019-0019
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    References listed on IDEAS

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    More about this item

    Keywords

    circular economy; decoupling; eco-innovation; European Union; panel data analysis;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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