Econometric Estimations of the Services and Financial Sector Impact on Economic Growth Variations in Times of Crisis

Cristian Dragos () and Simona Laura Dragos
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Cristian Dragos: BABES-BOLYAI University of Cluj-Napoca, Romania
Simona Laura Dragos: BABES-BOLYAI University of Cluj-Napoca, Romania

The AMFITEATRU ECONOMIC journal, 2012, vol. 14, issue Special No. 6, 621-634

Abstract: The world economy has been recently upside–downed by the Global Financial Crisis. However, the effects have been extremely different from one country to another and from one economic sector to another. Starting from the economic assumptions formulated in the field’s literature, the article analyzes the hypotheses of the disadvantageous influences of the services and financial sector upon the volatility of the economic growth rate and the unemployment rate in times of crisis. Econometric estimations using cross-sectional OLS Robust (White) Regressions on a sample of worldwide data taken from the World Bank confirm the theoretical hypotheses. The consequences of the highlighted mechanisms can be significant through the repositioning of the role of the different economic sectors.

Keywords: global financial crisis; services; financial services; economic growth; unemployment; cross-sectional econometric models (search for similar items in EconPapers)
JEL-codes: C21 E32 O11 O47 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:aes:amfeco:v:14:y:2012:i:special_no_6:p:621-634

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