GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSIS
Conventional wisdom suggests that openness of an economy promotes economic growth. There is still argument among economists concerning how a country’s macroeconomic variables and its economic growth interact in numerous econometric studies by using panel data. This paper examines the impact of openn...
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| Format: | Article |
| Language: | English |
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Vilnius University Press
2010-01-01
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| Series: | Ekonomika |
| Online Access: | https://www.journals.vu.lt/ekonomika/article/view/986 |
| _version_ | 1811271476801699840 |
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| author | Erginbay Uğurlu |
| author_facet | Erginbay Uğurlu |
| author_sort | Erginbay Uğurlu |
| collection | DOAJ |
| description | Conventional wisdom suggests that openness of an economy promotes economic growth. There is still argument among economists concerning how a country’s macroeconomic variables and its economic growth interact in numerous econometric studies by using panel data. This paper examines the impact of openness on economic growth for the EU-15 area in 1996–2003. In our empirical work, we have used the panel data technique which is also called longitudinal data or cross-sectional time series data. Panel data is generally concerned with choosing among three alternative regressions that are named fixed effects, random effects and pooled model estimation. The variables used are growth, openness, price level, investment and government share of RGDP. We find that openness has had a weak but negative impact on economic growth in this region over this period. Also, we have found that an increase in investment and a decrease in government expenditure have supported economic growth in the EU-15 countries. |
| first_indexed | 2024-04-12T22:21:36Z |
| format | Article |
| id | doaj.art-43a4b7f8816045c2bd978342c1f83aa3 |
| institution | Directory Open Access Journal |
| issn | 1392-1258 2424-6166 |
| language | English |
| last_indexed | 2024-04-12T22:21:36Z |
| publishDate | 2010-01-01 |
| publisher | Vilnius University Press |
| record_format | Article |
| series | Ekonomika |
| spelling | doaj.art-43a4b7f8816045c2bd978342c1f83aa32022-12-22T03:14:21ZengVilnius University PressEkonomika1392-12582424-61662010-01-0189210.15388/Ekon.2010.0.986GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSISErginbay UğurluConventional wisdom suggests that openness of an economy promotes economic growth. There is still argument among economists concerning how a country’s macroeconomic variables and its economic growth interact in numerous econometric studies by using panel data. This paper examines the impact of openness on economic growth for the EU-15 area in 1996–2003. In our empirical work, we have used the panel data technique which is also called longitudinal data or cross-sectional time series data. Panel data is generally concerned with choosing among three alternative regressions that are named fixed effects, random effects and pooled model estimation. The variables used are growth, openness, price level, investment and government share of RGDP. We find that openness has had a weak but negative impact on economic growth in this region over this period. Also, we have found that an increase in investment and a decrease in government expenditure have supported economic growth in the EU-15 countries.https://www.journals.vu.lt/ekonomika/article/view/986 |
| spellingShingle | Erginbay Uğurlu GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSIS Ekonomika |
| title | GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSIS |
| title_full | GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSIS |
| title_fullStr | GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSIS |
| title_full_unstemmed | GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSIS |
| title_short | GROWTH AND OPENNESS RELATIONSHIP IN THE EU15: PANEL DATA ANALYSIS |
| title_sort | growth and openness relationship in the eu15 panel data analysis |
| url | https://www.journals.vu.lt/ekonomika/article/view/986 |
| work_keys_str_mv | AT erginbayugurlu growthandopennessrelationshipintheeu15paneldataanalysis |