What Drives Economic Growth across European Countries? A Multimodal Approach

Larissa M. Batrancea (), Mehmet Ali Balcı (), Ömer Akgüller and Lucian Gaban
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Larissa M. Batrancea: Department of Business, Babeş-Bolyai University, 7 Horea Street, 400174 Cluj-Napoca, Romania
Mehmet Ali Balcı: Department of Mathematics, Muğla Sıtkı Koçman University, 48000 Muğla, Turkey
Ömer Akgüller: Department of Mathematics, Muğla Sıtkı Koçman University, 48000 Muğla, Turkey
Lucian Gaban: Faculty of Economics, “1 Decembrie 1918” University of Alba Iulia, 15−17 Unirii Street, 510009 Alba Iulia, Romania

Mathematics, 2022, vol. 10, issue 19, 1-20

Abstract: This research study examines the factors that determined economic growth measured by gross domestic product, gross value added, final consumption expenditure of households, and gross fixed capital formation across a sample of 36 European countries during the time frame Q3 2018−Q3 2021. We conducted a panel data analysis with the first-difference generalized method of moments (GMM) approach and cross-section fixed effects. Empirical results estimated with four econometric models indicated a significant robust impact of the independent variables exports, imports, foreign direct investment inflow, foreign direct investment outflow, social contributions, and wages on economic growth proxies. In addition, multiplex network analysis was used to investigate the connection architectures of the 36 countries, and it yielded statistical measurements for all layers in the multi-layered structure. Relevant policy implications of reported empirical results are also addressed.

Keywords: gross domestic product; gross value added; investment; exports; imports; gross fixed capital; multiplex network analysis (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (10)

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