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The Main Determinants of Economic Growth: An Empirical Investigation with Granger Causality Analysis for Greece

Nikolaos Dritsakis, Erotokritos Varelas and Antonios Adamopoulos

European Research Studies Journal, 2006, vol. IX, issue 3-4, 47-58

Abstract: This paper examines empirically the causal relationship among exports, gross capital formation, foreign direct investments and economic growth using a multivariate autoregressive Var model for Greece over the period 1960-2002. The results of cointegration test suggested that there is only one cointegrated vector between the examined variables, while Granger causality tests showed that there is a unidirectional causal relationship between exports and gross fixed capital formation and also there is a unidirectional causal relationship between foreign direct investments and economic growth.

JEL-codes: O10 C22 (search for similar items in EconPapers)
Date: 2006
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