This paper aims to provide analysis on the determinants of export performance on the extensive data-set of the 27 European Union member states' total manufacturing and high tech manufacturing industry. Hence, this paper adds to the existing empirical work by specifying an export performance equation not only as a function of income and price, as is traditionally done, but also industrial production and labour cost. For that purpose, dynamic panel data models are estimated by utilising the system GMM estimator for the period from 2000 to 2011. The obtained results indicate that both industrial production and domestic demand have a positive and statistically significant impact on total and high tech manufacturing exports. On the other hand, it is proven that foreign demand also has an impact on total manufacturing exports. Thus, the paper's contribution is reflected in the acknowledgement that a stable macroeconomic environment (contained in the significance of a dummy variable for the economic crisis in both models), boosting production capacity and domestic demand, is essential for better export performance and the competitiveness of the manufacturing industry in an increasingly competitive global economic climate. Finally, from the perspective of policy-making, the paper concludes that recovery in the manufacturing industry could be the much needed push from crisis to economic development.
Culture and tourism have always been related, but with blurred interpretations of the empirical relationship between those phenomena. This paper estimates the impact of different cultural indicators on tourism development in 27 EU member states for the period 2008–2018, by using dynamic panel data. The results indicate that the number of UNESCO Heritage Sites do not have a significant influence on the number of tourism overnights, whereas there are significant positive effects on international tourism receipts and tourism employment. Moreover, the additional cultural sector specifics considered in the analysis; government expenditure on culture and employment in culture, showed to have a significant positive influence on all three tourism indicators used in the research. In addition, the research results indicate that the real GDP per capita and the level of human capital are significant drivers of tourism development.
This paper investigates the influence of three types of credit growth on non-performing loans in eleven Central and Eastern European countries during the period from 1999 to 2013. As opposed to previous research on credit risk, we have moved the focus from the usually investigated bank-specific and macroeconomic variables to different types of credit growth from earlier periods. At the same time, the results of this research give answer on the studies before the crisis, which tried to determine the possible consequences of rapid credit growth in the CEE countries. The results indicate that at least two years are necessary for each type of credit growth to increase credit risk. Finally, empirical results confirm the importance of both bank-specific and macroeconomic variables.
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