On the determinants of economic growth: Empirical evidence from the Eurozone countries

Pegkas, Panagiotis; Staikouras, Christos; Tsamadias, Constantinos

doi:10.1177/2233865920912588

Cited by 12 publications

(4 citation statements)

References 44 publications

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“…It has been observed that different outcomes existed in the long and short run. Hence, the government needs to pay attention to implementing the appropriate policies for these factors from a long-term growth standpoint (Pegkas et al , 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

An empirical investigation of N-11 countries as successors of BRICS using panel data modeling

Gupta

Bhatia²

2021

IJOEM

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PurposeFor more than four decades, persistent economic activities and a focused growth strategy resulted in significant infrastructural and other favorable economic and institutional changes in the world's developing nations. High-quality growth is not just a function of sound economic policies but also implementing a broad range of social policies. The BRICS (Brazil, Russia, India, China and South Africa) nations have proven their testimony on both these factors. Following their path are some other emerging economies like N-11 (or Next Eleven propounded by Goldman Sachs (2005) Report), which this present study tries to examine as successors of BRICS.Design/methodology/approachAlong with panel data regression modelling, the study has applied econometric procedures robust to heterogeneities across various nations and have been able to produce more reliable results that can be generalized for other similar groups of countries. 11 independent variables (both economic and institutional) have been used to meet the study's objective for a period of 34 years (1985–2018).FindingsThe findings of the study reveal that the governments of both the group of countries must work toward their macro-economic stability factors (external debt stocks), technological capabilities (mobile and fixed broadband subscriptions), human capital (health expenditure) and political conditions (mainly the rule of law) to enhance their sustainable economic growth.Research limitations/implicationsThis study enhances knowledge of the determinants of economic growth in emerging countries. Firms from BRICS and N-11 may better understand the factors influencing their internationalization process (both economic and institutional). The study is significant not just for the researchers but also for the policymakers of the BRICS and N-11 to understand in which areas their country is leading or lagging. The study is useful even for the policymakers of other emerging countries of the world who might take lessons from these nations (especially BRICS) and follow their success path. This study helps the governments of other groups of emerging countries such as PIN (Pakistan, Indonesia and Nigeria); MINT (Mexico, Indonesia, Nigeria and Turkey); CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa), etc. which can follow the path of BRICS economies in growth and formulate policies to increase their economic growth accordingly. At the enterprise level, it helps MNCs understand BRICS and N-11 markets and formulating entry and growth strategies in these most emerging countries of the world.Originality/valueThe present study is unique. It tries to investigate the projections of the Goldman Sachs report after 15 years of its release. It tries to determine the factors responsible for the economic development in the N-11 countries with advanced econometric techniques. Majorly, the focus is to comparatively analyze the growth trajectory for BRICS and N-11 nations and suggest whether N-11 has the potential to become successors of BRICS. A concentrated effort to examine the most significant drivers (both economic and institutional), which may lead to economic progression, has been made in this study.

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Section: Literature Reviewmentioning

confidence: 99%

An empirical investigation of N-11 countries as successors of BRICS using panel data modeling

Gupta

Bhatia²

2021

IJOEM

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“…Moreover, investments in ecological and urban areas were strongly connected with citizens' education level. Pegkas et al (2020) investigated the relationship between economic growth and several factors (investment, human capital, trade openness, public debt) in countries from the euro area, where imbalances continued to exist after the banking and sovereign debt crisis. They showed that, in the long run, economic growth would be positively influenced by investment, human capital, exports and imports.…”

Section: Brief Overview Regarding the Impact Of International Trade H...mentioning

confidence: 99%

An Empirical Investigation on Determinants of Sustainable Economic Growth. Lessons from Central and Eastern European Countries

Bătrâncea

Mozi

Găban

et al. 2020

JRFM

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The study focuses on the effects of imports, exports, financial direct investment inflow and financial direct investment outflow on sustainable economic growth expressed by various macroeconomic indicators (gross domestic product, gross domestic savings, gross domestic capital) using the least squares panel method. Sample data were selected for ten Central and Eastern European (CEE) countries and the time frame considered was 2005–2016. Generally, transitional economies have to incorporate strong savings and a steady capital formation in order to achieve higher economic growth via foreign direct investment. Results showed that the analyzed factors played a major role in the sustainable economic growth of CEE countries. Another important and valuable insight of this study is that the financial sector steers the process of achieving sustainable economic growth across CEE countries.

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“…While the literature on the damaging effects of corruption on growth and development is abundant (Olawale and Hassan, 2016; Abdullahi et al , 2016; Huang, 2016; Lim, 2019; Mhlaba and Phiri, 2019; Asteriou et al , 2021; Ghourchian and Yilmazkuday, 2020; Pegkas et al , 2020; Law et al , 2021; Abubakar and Mamman, 2021; Hope, 2022; Amoh et al , 2022), the corruption-debt nexus is emerging.…”

Section: Introductionmentioning

confidence: 99%

Corruption and external debt nexus in sub-Saharan Africa: a panel quantile regression approach

Amoh,

Abdul-Mumuni,

Penney

et al. 2023

JMLC

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Purpose Debt sustainability and the growing level of external debt in sub-Saharan African (SSA) continue to be significant research priorities. This study aims to examine the corruption-external debt nexus in SSA economies and whether different levels of corruption better explain this relationship. Design/methodology/approach The panel quantile regression approach was applied to account for the heterogeneous effect of the exogenous variables on external debts. The research covers 30 years of panel data from 30 selected SSA economies for the period spanning from 2000 to 2021. Findings The empirical findings of the regression analysis demonstrate the heterogeneous influences of the exogenous variables on external debt. While there was a positive impact of foreign direct investment (FDI) inflows on external debts, corruption established a negative relationship with external debt from the 10th to the 80th quantile. The findings showed a positive link between trade openness and external debt, while they also showed a negative relationship between gross fixed capital formation and external debt. Research limitations/implications It is implied that corruption “sands the wheels” of external debts in the selected SSA countries. Therefore, the amount of external debt that flows into SSA is inversely correlated with corruption activity. Originality/value To the best of the authors’ knowledge, this study is one of the first to use panel quantile regression to analyze how corruption affects debt dynamics across different levels of debt, allowing for a more nuanced understanding of how corruption affects debt dynamics. Based on the findings of this study, SSA countries should create enabling environments to attract FDI inflows and to continue to drive domestic revenue mobilization and capital so as to be less dependent on external debts.

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On the determinants of economic growth: Empirical evidence from the Eurozone countries

Cited by 12 publications

References 44 publications

An empirical investigation of N-11 countries as successors of BRICS using panel data modeling

An empirical investigation of N-11 countries as successors of BRICS using panel data modeling

An Empirical Investigation on Determinants of Sustainable Economic Growth. Lessons from Central and Eastern European Countries

Corruption and external debt nexus in sub-Saharan Africa: a panel quantile regression approach

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