The impact of institutional quality on economic growth: A comparative analysis of the EU and non-EU countries of Southeast Europe

Q3 Economics, Econometrics and Finance

Economic Annals Pub Date : 2020-01-01 DOI:10.2298/eka2025163r

Marija Radulović

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引用次数: 13

Abstract

The quality of institutions and its impact on economic growth has become more important in recent years, especially in transition countries that must reform their institutions to create a market economy and meet the preconditions for joining the EU. This is the case with the countries of Southeastern Europe, some of which are already EU members, while others are in the process of joining the EU. This paper examines the effects of institutional quality on the economic growth of South- East Europe and compares these effects in EU and non-EU countries for the period 1996-2017, using Worldwide Governance Indicators (WGI) to measure the quality of institutions and the GDP growth rate. The panel autoregressive distributed lag (ARDL) approach is used to analyse the relationship between institutional quality and economic growth. The results show that in EU countries there is a long-run relationship between institutional quality and economic growth for all significant variables, while in the non-EU countries only government effectiveness, political stability and absence of violence, regulatory quality, and voice and accountability are statistically significant. Furthermore, in EU countries there is no short-run relationship between institutional quality and economic growth, while in the non-EU countries of SEE, regulatory quality and voice and accountability are significant.

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制度质量对经济增长的影响:欧盟与非欧盟东南欧国家的比较分析

制度的质量及其对经济增长的影响近年来变得更加重要，特别是在转型期国家，这些国家必须改革其制度以创造市场经济并满足加入欧盟的先决条件。东南欧国家的情况就是如此，其中一些国家已经是欧盟成员国，而另一些国家正在加入欧盟的过程中。本文考察了制度质量对东南欧经济增长的影响，并比较了1996-2017年期间欧盟和非欧盟国家的这些影响，使用全球治理指标(WGI)来衡量制度质量和GDP增长率。采用面板自回归分布滞后(ARDL)方法分析了制度质量与经济增长的关系。结果表明，在欧盟国家，制度质量与经济增长之间的所有重要变量都存在长期关系，而在非欧盟国家，只有政府效率、政治稳定和没有暴力、监管质量、发言权和问责制在统计上显著。此外，在欧盟国家，制度质量与经济增长之间不存在短期关系，而在SEE的非欧盟国家，监管质量、发言权和问责制是显著的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Annals Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

0.90

自引率

0.00%

发文量

审稿时长

18 weeks

期刊介绍： Economic Annals is an academic journal that has been published on a quarterly basis since 1955, initially under its Serbian name of Ekonomski anali (EconLit). Since 2006 it has been published exclusively in English. It is published by the Faculty of Economics, University of Belgrade, Serbia. The journal publishes research in all areas of economics. The Editorial Board welcomes contributions that explore economic issues in a comparative perspective with a focus on transition and emerging economies in Europe and around the world. The journal encourages the submission of original unpublished works, not under consideration by other journals or publications. All submitted papers undergo a double blind refereeing process. Authors are expected to follow standard publication procedures [Instructions to Authors], to recognise the values of the international academic community and to respect the journal’s Policy.