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Analysis Effects of GoodsMarket Efficiency onEconomic Success with emphasis on variables affecting efficiency (Case Study: Asian Countries withthe average upward competitiveness index)

Naghmeh Honarvar (), Homayoun Ranjbar () and Sara Ghobadi ()
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Naghmeh Honarvar: Ph.D Student in Department of Economics, Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan, Iran
Homayoun Ranjbar: Associate professor, Department of Economics, Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan, Iran
Sara Ghobadi: Assistant professor, Department of Economics, Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan, Iran

Quarterly Journal of Applied Theories of Economics, 2020, vol. 7, issue 3, 157-184

Abstract: The main purpose of each country is to have high economic growth and to reach developmental levels, which is the necessity to achieve these goals, to use the best available resources in the country and to improve its efficiency and productivity.Promotion of efficiency and productivity affects the main economic, social and political phenomena of societies, such as lowering inflation, increasing welfare, increasing employment and increasing competitiveness. Thereforethe purpose of this study is to analyze the long run effects of the goods market efficiency component in the global competitiveness index on the economic success for the period 2008-2018 in Asian countries with the average upward competitiveness index. For this purpose, using the Panel Vector Error Correction Model (PVECM), the effects of goods market efficiency on the economic success of these countries was investigated. In general, the results indicate that by creating a shock in the goods market efficiency, the positive shock of goods market efficiency (improving the goods market efficiency) lead to increase in the rate of economic growth and decrease in the unemployment rateand ultimately, an increase in economic success in the medium and long run. The results of variance decomposition also indicate that the most effective variable on the goods market efficiency is investment, which has the greatest impact in the long run.

Keywords: Economic Success; Global Competitiveness Index; Goods Market Efficiency (search for similar items in EconPapers)
JEL-codes: C23 E24 F10 L10 O10 (search for similar items in EconPapers)
Date: 2020
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