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- Title
DETERMINANTS OF GROWTH IN SOUTHEAST EUROPE IN TWO DECADES OF TRANSITION.
- Authors
Capolupo, Rosa
- Abstract
The focus of this paper is to assess the growth performance of a group of transition economies in the peripheral region of South Eastern Europe (SEE) by examining traditional and non-traditional growth sources emerging from theoretical models. We firstly isolate this group of countries and then place them in a larger data set using a panel of 26 transition economies over a long enough period of almost two decades. Conditional on possible estimation biases related to endogeneity, we provide empirical evidence on drivers of SEE's growth such as capital accumulation, human capital, openness, and institutional indices. The econometric specifications follow the practice of applying an augmented growth model that encompasses old and new growth theories. Our estimation findings suggest that among the different determinants of growth key drivers for the restricted sample are capital accumulation and institutional reform indices. For the larger sample, the main growth drivers are openness, Foreign Direct Investment (FDI) and institutional indices. However, among the different institutional indices only the EBRD index is significant and growth enhancing.
- Publication
Current Politics & Economics of Europe, 2019, Vol 30, Issue 1, p69
- ISSN
1057-2309
- Publication type
Academic Journal