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Title:Analiza dejavnikov gospodarske rasti in vloga izvoznih tokov v državah EU-15
Authors:ID Mauhler, Špela Klara (Author)
ID Bekő, Jani (Mentor) More about this mentor... New window
Files:.pdf MAG_Mauhler_Spela_Klara_2024.pdf (2,52 MB)
MD5: 02AF789BCEAA8BD134FB7F70F5485A5C
 
Language:Slovenian
Work type:Master's thesis/paper
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:V magistrskem delu obravnavamo vpliv različnih dejavnikov na gospodarsko rast držav članic EU-15 ter naravo povezave med gospodarsko rastjo in rastjo izvoza. V teoretičnem okvirju obravnavamo ključne dejavnike gospodarske rasti skozi različne modele mednarodne trgovine, torej Ricardov, Heckscher-Ohlinov, Krugmanov model in model proizvodnega cikla. S pregledom relevantne empirične literature določimo makroekonomske spremenljivke, ki jih uporabimo v naši analizi. Za analizo dejavnikov gospodarske rasti uporabimo ekonometrični model panelnih podatkov, podrobneje model združenih podatkov, slučajnih in fiksnih učinkov. Statistično relevantnost za odločanje med modelom fiksnih in slučajnih učinkov preverimo s Hausmanovim testom. V pričujočem delu na podlagi rezultatov modelov z robustnimi standardnimi napakami ugotavljamo, da imajo pozitiven statistično značilen vpliv na gospodarsko rast neposredne tuje naložbe (v % BDP), ekonomska svoboda, bruto varčevanje (v % BDP) ter trgovinska odprtost v kombinaciji z neposrednimi tujimi investicijami. Statistično značilen negativen vpliv na gospodarsko rast držav Unije pa je razviden pri stopnji brezposelnosti, obsegu kreditov privatnemu nefinančnemu sektorju (kot % BDP), javnofinančnih izdatkih (kot % BDP) ter inflaciji. V drugem delu ekonometrične analize posebno pozornost namenimo vzročno-posledični povezavi med rastjo izvoza in gospodarsko rastjo, ki jo preučimo s pomočjo razširjenega Dickey-Fullerjevega (ADF) testa stacionarnosti ter Grangerjevega testa. Število odlogov za testiranje Grangerjeve vzročnosti pri posameznih državah je izbrano s pomočjo informacijskih kriterijev Akaike in Schwarz. Rezultati Grangerjevega testa kažejo, da se pri gospodarstvih EU-15 glede na specifične značilnosti posameznih držav pojavljajo tako enosmerne kot dvosmerne vzročne povezave. Gospodarska rast statistično značilno spodbuja rast izvoza v Avstriji, Franciji, in Španiji. Dvosmerno vzročno povezavo med opazovanima spremenljivkama pa potrdimo za Portugalsko in Švedsko. Za panel držav EU-15 smo testirali Grangerjevo vzročnost v rangu odlogov. Evidentirana je bila enosmerna vzročnost, ki teče od rasti realnega izvoza blaga in storitev do rasti realnega BDP per capita za panel EU-15, pri višjih odlogih pa je potrjena tudi obojestranska vzročno-posledična povezava med izvozom in gospodarsko rastjo.
Keywords:Gospodarska rast, mednarodna trgovina, izvoz, EU-15, panelni podatki, Grangerjeva vzročnost.
Place of publishing:Maribor
Publisher:Š. K. Mauhler
Year of publishing:2024
PID:20.500.12556/DKUM-90167 New window
UDC:330.35
COBISS.SI-ID:211923971 New window
Publication date in DKUM:17.10.2024
Views:184
Downloads:196
Metadata:XML DC-XML DC-RDF
Categories:EPF
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Licences

License:CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
Link:http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:23.08.2024

Secondary language

Language:English
Title:Analysis of the Factors of Economic Growth and the Role of Export Flows in the EU-15 Countries
Abstract:In the master's thesis, we examine the impact of various factors on the economic growth of the EU-15 member states and the nature of the connection between economic growth and export growth. In the theoretical framework, we examine the key determinants of economic growth through various models of international trade, i.e. the Ricardian, Heckscher-Ohlin, Krugman and product cycle models. By reviewing the relevant empirical literature, we identify the macroeconomic variables to be used in our analysis. To analyse the determinants of economic growth, we use a panel data econometric model, more specifically a pooled data, random and fixed effects model. The statistical significance for the decision between the fixed effects and the random effects model is tested using the Hausman test. In the present paper, based on the results of the models with robust standard errors, we find that FDI (as % of GDP), economic freedom, gross saving (as % of GDP) and trade openness combined with FDI have a positive and statistically significant impact on economic growth. However, a statistically significant negative impact on economic growth of the EU countries can be seen in the unemployment rate, the volume of credit to the private non-financial sector (as % of GDP), government expenditure (as % of GDP) and inflation. In the second part of the econometric analysis, we pay particular attention to the cause-effect relationship between export growth and economic growth, which is examined using the Augmented Dickey-Fuller (ADF) stationarity test and the Granger test. The number of lags for testing Granger causality for individual countries is chosen using the Akaike and Schwarz information criteria. The results of the Granger test show that both unidirectional and bidirectional relationships emerge for the EU-15 economies, depending on country-specific characteristics. Economic growth is statistically significantly driven by export growth in Austria, France and Spain. A bidirectional causality between the observed variables is confirmed for Portugal and Sweden. For a panel of EU-15, we test for Granger causality in the lag rank. Unidirectional causality running from growth in real exports of goods and services to growth in real GDP per capita is observed in a panel, and for higher lags also a bidirectional cause-effect relationship is verified.
Keywords:Economic growth, international trade, export, EU-15, panel data, Granger causality.


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