Interlinkage Between Economic, Financial, and Political Risks in the Balkan Countries: Evidence from a Panel Cointegration

Dervis Kirikkaleli

Eastern European Economics, 2016, vol. 54, issue 3, 208-227

Abstract: This article explores the long-run and causal linkages among economic, financial, and political country risk indicators for seven Balkan countries. Panel cointegration, FMOLS, DOLS, and the Granger and Dumitrescu-Hurlin causality tests are implemented. The empirical findings reveal that (1) there is a positive linkage between financial stability and economic stability in the seven countries in the long run, while financial stability has significant and positive impacts on political stability; and (2) vulnerability in economic and financial stability significantly leads to changes in political stability.

Date: 2016
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DOI: 10.1080/00128775.2016.1168704

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