EconPapers    
Economics at your fingertips  
 

Heterogeneity of Growth in the West Balkans and Emerging Europe: A Dynamic Panel Data Model Approach

Kosta Josifidis, Radmila Dragutinović Mitrović () and Olgica Ivančev ()
Additional contact information
Radmila Dragutinović Mitrović: Faculty of Economics, University of Belgrade, Serbia
Olgica Ivančev: Department of European Economics and Business, Faculty of Economics Subotica, University of Novi Sad, Serbia

Panoeconomicus, 2012, vol. 59, issue 2, 157-183

Abstract: This paper explores the heterogeneity of growth in the Western Balkan and Emerging European economies. For that purpose, growth determinants are estimated in the period 1997-2009 by dynamic panel data models. The chosen period provides a comparison for the model results with those estimated for the period up to 2007 in order to analyze changes caused by the global instability. According to the main findings of the paper, macroeconomic stabilisation and structural reforms still matter in determining economic growth, but foreign direct investments and economic integrations seem to have the most important role in stimulating growth in the observed countries. Moreover, significant positive effects of foreign direct investments and economic integrations produce differences in growth paths between Emerging European and Western Balkan economies. Sharp decrease of foreign inflows in 2008 determined contractions of growth rates firstly in Emerging European economies with subsequent spill-over on the Western Balkan economies during 2009. Consequently, in the period of global instability, differences between two groups of economies become even more obvious.

Keywords: Growth; Emerging European economies; Western Balkan economies; Dynamic panel data model (search for similar items in EconPapers)
JEL-codes: C33 O47 P51 (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6) Track citations by RSS feed

Downloads: (external link)
http://www.panoeconomicus.rs/casopis/2012_2/02%20Kosta%20Josifidis.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:voj:journl:v:59:y:2012:i:2:p:157-183

Access Statistics for this article

Panoeconomicus is currently edited by Kosta Josifidis

More articles in Panoeconomicus from Savez ekonomista Vojvodine, Novi Sad, Serbia
Bibliographic data for series maintained by Ivana Horvat ( this e-mail address is bad, please contact ).

 
Page updated 2021-06-11
Handle: RePEc:voj:journl:v:59:y:2012:i:2:p:157-183