Investigation of the sunspots and GDP nexus: The case of Balkan countries
The phenomenon known as sunspots refers to regions of the Sun’s photosphere that are darker than their surroundings because their surface temperature is lower. The sunspot growth theory, however debatable, is one of the first explanations for economic development that explains how variation...
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| Format: | Article |
| Language: | English |
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Faculty of Economics, Belgrade
2023-01-01
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| Series: | Ekonomski Anali |
| Subjects: | |
| Online Access: | https://doiserbia.nb.rs/img/doi/0013-3264/2023/0013-32642337069Z.pdf |
| _version_ | 1827871606823714816 |
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| author | Žmuk Berislav Jošić Hrvoje |
| author_facet | Žmuk Berislav Jošić Hrvoje |
| author_sort | Žmuk Berislav |
| collection | DOAJ |
| description | The phenomenon known as sunspots refers to regions of the Sun’s photosphere
that are darker than their surroundings because their surface temperature is
lower. The sunspot growth theory, however debatable, is one of the first
explanations for economic development that explains how variations in the
Sun’s activity affect the business cycle. Jevons developed the sunspot
hypothesis in 1875. To reevaluate this notion, this research uses
correlation and regression analysis to explore the relationship between
sunspots and GDP in the context of 11 Balkan nations over the years
1960-2021. By extending the sample of nations in panel regression models to
include all nations on Earth, further robustness testing is accomplished. It
was found that there exist significantly negative medium strength
correlations between sunspots and gross domestic product values of 8 out of
11 Balkan countries. Similar findings were obtained using simple linear
regression analysis. The results of the cross-country panel regression
models further highlight the negative impact of solar activity on economic
activity, which is also associated with nations that are located at higher
latitudes. |
| first_indexed | 2024-03-12T16:12:33Z |
| format | Article |
| id | doaj.art-81f49f19127d43c4a35719ed62762459 |
| institution | Directory Open Access Journal |
| issn | 0013-3264 1820-7375 |
| language | English |
| last_indexed | 2024-03-12T16:12:33Z |
| publishDate | 2023-01-01 |
| publisher | Faculty of Economics, Belgrade |
| record_format | Article |
| series | Ekonomski Anali |
| spelling | doaj.art-81f49f19127d43c4a35719ed627624592023-08-09T12:42:14ZengFaculty of Economics, BelgradeEkonomski Anali0013-32641820-73752023-01-0168237699510.2298/EKA2337069Z0013-32642337069ZInvestigation of the sunspots and GDP nexus: The case of Balkan countriesŽmuk Berislav0https://orcid.org/0000-0003-3487-1376Jošić Hrvoje1https://orcid.org/0000-0002-7869-3017University of Zagreb, Faculty of Economics and Business, Zagreb, CroatiaUniversity of Zagreb, Faculty of Economics and Business, Zagreb, CroatiaThe phenomenon known as sunspots refers to regions of the Sun’s photosphere that are darker than their surroundings because their surface temperature is lower. The sunspot growth theory, however debatable, is one of the first explanations for economic development that explains how variations in the Sun’s activity affect the business cycle. Jevons developed the sunspot hypothesis in 1875. To reevaluate this notion, this research uses correlation and regression analysis to explore the relationship between sunspots and GDP in the context of 11 Balkan nations over the years 1960-2021. By extending the sample of nations in panel regression models to include all nations on Earth, further robustness testing is accomplished. It was found that there exist significantly negative medium strength correlations between sunspots and gross domestic product values of 8 out of 11 Balkan countries. Similar findings were obtained using simple linear regression analysis. The results of the cross-country panel regression models further highlight the negative impact of solar activity on economic activity, which is also associated with nations that are located at higher latitudes.https://doiserbia.nb.rs/img/doi/0013-3264/2023/0013-32642337069Z.pdfsunspotsgdp per capitabalkan countriescorrelation and regressionh-p filterpanel data |
| spellingShingle | Žmuk Berislav Jošić Hrvoje Investigation of the sunspots and GDP nexus: The case of Balkan countries Ekonomski Anali sunspots gdp per capita balkan countries correlation and regression h-p filter panel data |
| title | Investigation of the sunspots and GDP nexus: The case of Balkan countries |
| title_full | Investigation of the sunspots and GDP nexus: The case of Balkan countries |
| title_fullStr | Investigation of the sunspots and GDP nexus: The case of Balkan countries |
| title_full_unstemmed | Investigation of the sunspots and GDP nexus: The case of Balkan countries |
| title_short | Investigation of the sunspots and GDP nexus: The case of Balkan countries |
| title_sort | investigation of the sunspots and gdp nexus the case of balkan countries |
| topic | sunspots gdp per capita balkan countries correlation and regression h-p filter panel data |
| url | https://doiserbia.nb.rs/img/doi/0013-3264/2023/0013-32642337069Z.pdf |
| work_keys_str_mv | AT zmukberislav investigationofthesunspotsandgdpnexusthecaseofbalkancountries AT josichrvoje investigationofthesunspotsandgdpnexusthecaseofbalkancountries |