Agriculture - a possible lifesaver in times of crisis? A worldwide level econometric study

Codruta Mare and Cristian Mihai Dragos

International Journal of Economics and Business Research, 2017, vol. 14, issue 1, 61-72

Abstract: The 2008 global financial crisis has upset the world economy, with major effects on the financial sector, industry, trade and agriculture. However, national economies have been affected in a significantly unequal manner. The objective of this study is to estimate the relationship between the importance of agriculture in a national economy and the evolution of economic growth and unemployment. The final sample is made up of 151 of countries for which complete information was available in respect to the analysed phenomenon. Data has been collected from the World Bank database. Methodology is based on spatial econometrics and OLS robust (White) regressions. The results show that the higher the weight of agriculture in the national economy, the lower the variation of economic growth and unemployment in times of crisis.

Keywords: economic growth; unemployment; global financial crisis; spatial econometrics; OLS regression. (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijecbr:v:14:y:2017:i:1:p:61-72

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