The Main Determinants of Economic Growth: An Empirical Investigation with Granger Causality Analysis for Greece
Erotokritos Varelas and
European Research Studies Journal, 2006, vol. IX, issue 3-4, 47-58
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)
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Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:ix:y:2006:i:3-4:p:47-58
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