ECONOMIC GROWTH DETERMINANTS IN NEW AND OLD EU COUNTRIES WITH FOCUS ON CONSTRUCTION

IF 4.8 2区经济学 Q1 ECONOMICS

Technological and Economic Development of Economy Pub Date : 2022-10-21 DOI:10.3846/tede.2022.17598

M. Žarković, J. Ćetković, S. Redzepagić, G. Đurović, Radoje Vujadinović, A. Živković

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引用次数: 3

Abstract

Classical, neoclassical, institutional and other schools have debated what is crucial for economic growth. Literature review related to economic growth models is extensive. The objective of our paper is to construct a model of economic growth determinants in EU countries, with focus on construction. Our model includes determinants that reflect the impact of construction on economic growth, which is the contribution to existing literature. It has been created for three groups of countries: EU28, old EU and new EU countries. We believe that this has improved the quality of the results and enabled a comparative analysis of the old and new EU countries. In order to create a model, we used a strongly balanced panel of 28 EU countries in the period 1995–2019 and employed the difference-in-differences approach. Our results for EU28 confirm positive effect of industry, gross fixed capital formation, production in construction and cost construction index on GDP, while gross wages are statistically insignificant. FDIs have low negative impact on economic growth in EU28 and old EU, but statistically insignificant in new EU countries. CO2 is significant and positively correlated with economic growth in all countries. Based on empirical results, we propose policy relevance in concluding remarks.

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新老欧盟国家经济增长的决定因素——以建设为重点

古典学派、新古典学派、制度学派和其他学派一直在争论什么对经济增长至关重要。与经济增长模型相关的文献综述非常广泛。本文的目的是构建一个欧盟国家经济增长决定因素的模型，并将重点放在构建上。我们的模型包括反映建设对经济增长影响的决定因素，这是对现有文献的贡献。它是为三组国家创建的:欧盟28国、旧欧盟和新欧盟国家。我们认为，这提高了调查结果的质量，使我们能够对欧盟新老国家进行比较分析。为了创建模型，我们在1995-2019年期间使用了一个由28个欧盟国家组成的高度平衡的面板，并采用了差异中的差异方法。我们对欧盟28国的研究结果证实了工业、固定资本形成总额、建筑生产和成本建设指数对GDP的正向影响，而工资总额对GDP的影响不显著。fdi对欧盟28国和老欧盟国家经济增长的负面影响较低，对新欧盟国家经济增长的负面影响不显著。在所有国家，二氧化碳都与经济增长显著正相关。基于实证结果，我们在结束语中提出了政策相关性。

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

Technological and Economic Development of Economy ECONOMICS-

CiteScore

10.00

自引率

8.50%

发文量

审稿时长

15 weeks

期刊介绍： Technological and Economic Development of Economy is a refereed journal that publishes original research and review articles and book reviews. The Journal is designed for publishing articles in the following fields of research: systems for sustainable development, policy on sustainable development, legislation on sustainable development, strategies, approaches and methods for sustainable development, visions and scenarios for the future, education for sustainable development, institutional change and sustainable development, health care and sustainable development, alternative economic paradigms for sustainable development, partnership in the field of sustainable development, industry and sustainable development, sustainable development challenges to business and management, technological changes and sustainable development, social aspects of sustainability, economic dimensions of sustainability, political dimensions of sustainability, innovations, life cycle design and assessment, ethics and sustainability, sustainable design and material selection, assessment of environmental impact, ecology and sustainability, application case studies, best practices, decision making theory, models of operations research, theory and practice of operations research, statistics, optimization, simulation. All papers to be published in Technological and Economic Development of Economy are peer reviewed by two appointed experts. The Journal is published quarterly, in March, June, September and December.