Divergence between the Economies of the (Former) Yugoslav Republics: Is It Possible to Change Direction?
Zivko Andrijasevic and
Eastern European Economics, 2022, vol. 60, issue 3, 265-284
This papers investigates the structural components that determine conditional convergence and the reciprocal relationship between these components and income in the (former) Yugoslav countries. Applying an ARDL model, we found that, in the long run, capital stock growth and R&D expenditures are positively dependent on GDP per capita growth, but R&D negatively depends on employment growth. R&D has an impact on GDP per capita growth in the long run, but not in the short run. Applying the OLS model, we estimated the significance of R&D and tertiary education outcomes on output growth and found it to be significant and positive. We found that convergence is a bidirectional process.
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