The primary aim of this study is to examine the causal relations between energy use, CO 2 emissions and economic growth, using the examples of Greece and Bulgaria. The empirical evidence on South Eastern Europe (SEE) considering this research is quite sparse, so there is merit in the analysis of the paper. Vector Error Correction model with annual data from 1980 to 2010 has been used in order to determine potential causality between the variables. The empirical findings indicate that, in the long run there is causality from energy and CO 2 emissions to economic growth in both countries. In the short run, there is no causality between energy and economic growth neither on Greece nor on Bulgaria. Based on the results of the analysis certain recommendations can be presented considering energy policy in the long run, through the orientation to saving energy could have negative impact on economic growth.
In the context of measuring the effects of structural policy, the analysis of the relation of economic growth and inflation is essential for the economy of the Republic of Serbia. The high inflation rate for years has caused macroeconomic instability in the Serbian economy. We examine the effects of inflation on growth in the case of Serbia. Consequently, the main objective of this study is to examine the link between inflation and economic growth. As an appropriate methodological framework for establishing the long run relationship (cointegration) between variables, we used ARDL model, while Toda-Yamamoto procedure was used for testing the short run causality. The period of observation was from Q1 2007 to Q3 2014. The results showed the presence of the cointegration between variables in the long run, and that in the short run a unidirectional causality from inflation to economic growth was present. According to the result of the conducted empirical study, it can be noted that the price stability is essential for the sustainable growth, although economic growth has been linked to the moderate increase of inflation in the short run.
In the context of growing regional disparities which exist both in developed and developing countries, the primary goal of this paper is to examine the influence of total economic activities on regional disparities.
The European Union has set the target that by 2020 harmful emissions and energy consumption should be reduced by 20% compared to the 1990s. This paper examines the impacts of environmental quality on two parameters of national competitiveness (exports and GDP per capita). The study focuses on the EU-15 countries and covers the period from 1960 to 2013. Even though the analyzed economies are developed countries which are the leaders in environment protection, they are still also the leading emitters of greenhouse gases. The paper uses traditional econometric techniques to test the relations between energy use, CO2 emissions, exports and GDP. The results show that the variables are co-integrated. In addition, energy-led growth hypothesis is valid in most of the analyzed economies. The results have also shown that increased CO2 emissions reduce economic activity and export performance. Finally, we will conclude that there are two tasks for future policy makers: first, to strengthen renewable-energy goals, and second, to adjust the economic structure towards less harmful emissions. In such circumstances, we could expect the economies to further develop clean technologies and to obtain their benefits for national competitiveness.
The main goal of this paper is oriented on examining the potential link between economic growth and health expenditure in the South-Eastern European Health Network (seehn) countries over the period 1995-2014 by applying panel econometrics. The panel co-integration testing approach and panel vecm are used to investigate the long-and short-run causality between the economic growth, health expenditure and life expectancy (trivariate model). The empirical results show that there is a long-run relationship between the observed variables. It was confirmed that health is a luxury good in the long term, while it is a necessity product in the short term. Finally, it should be noted that economic policy in these countries should be directed to the targeted increase in expenditure on health care, in order to increase overall economic activity. Also, the economic policy should be oriented to adequate combination of public and private financing in health care.
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