scholarly journals Interregional R and D spillovers and regional convergence: a spatial econometric evidence from the EU regions

Equilibrium ◽  
2017 ◽  
Vol 12 (1) ◽  
pp. 9 ◽  
Author(s):  
Andrea Furková ◽  
Michaela Chocholatá
Keyword(s):  
Economic Growth ◽  
Growth Process ◽  
Empirical Studies ◽  
Value Added ◽  
Empirical Literature ◽  
Regional Innovation ◽  
R And D ◽  
Eu Regions ◽  
Beta Convergence ◽  
The Eu

Research background: Many contemporary empirical studies and also most of economic growth theories recognize the importance of innovation and knowledge for achieving an economic growth. A large part of empirical literature has treated the issue of beta convergence without the spatial aspect, i.e. the possible spatial dependence among regions or states in growth process was neglected. Purpose of the article: In this paper, we investigate the link between selected R and D (Research and Development) indicators as proxies for the regional innovation and knowledge and economic performance of the region. We also assume a significant role of regional R and D spillovers in the regional growth process determination. Methods: The main methodological basis for our analysis is beta convergence approach and the dataset under the consideration consists of 245 NUTS 2 (Nomenclature of Units for Territorial Statistics) EU (European Union) regions during the 2003–2014 period. Our analysis is made with respect to spatial interactions across the EU regions. Findings and Value added: The influence of R and D indicators on the economic growth has been confirmed, and spatial interconnection across the EU regions have been proven. Potential existence of geographical R and D spillovers across the EU regions was examined by formulation of additional beta convergence model with spatial lag variables. We have identified that the influence of R and D spillovers is not strictly restricted to the neighbouring regions, but they spread across a larger area. For the construction of spatial lags of R and D indicators different spatial weight matrices were considered.

scholarly journals SMEs innovativeness and institutional support system: the local experiences in qualitative perspective. Polish case study

2018 ◽  
Vol 9 (2) ◽  
pp. 333-351 ◽  
Author(s):  
Anna Lewandowska ◽  
Mateusz Stopa
Keyword(s):  
Economic Growth ◽  
Support System ◽  
Support Systems ◽  
Empirical Studies ◽  
Value Added ◽  
Institutional Support ◽  
Business Environment ◽  
Empirical Literature ◽  
Negative Consequences ◽  
Peripheral Regions

Research background: Many contemporary empirical studies and most economic growth theories recognize the importance of innovation as one of the most progressive determinants of socio-economic growth, both in the regional and local perspective. However, much of the empirical literature has discussed the issue of innovativeness and institutional environment without the significant results for small enterprises, especially in peripheral regions. Purpose of the article: The aim of this paper is to evaluate the institutional support system and its impact on SME innovativeness in Podkarpackie region. In analyzing this case, we raise the following two questions: (1) what are the types of innovation strategies of SMEs in Podkarpackie? (2) what are the factors affecting innovation and potential barriers to further use of institutional support systems aimed at the implementation of innovation in enterprises? Methods: Based on the empirical research, we have analyzed the data (individual in-depth interviews) and found out how the entrepreneurs, R&D, business environment institutions, regional and local authorities assess the use of programs and projects dedicated to innovation in the scope of the institutional support system and what are the barriers encountered by entrepreneurs that limit the implementation of innovation. Findings & Value added: The results of our research show that institutional sup-port systems mitigate negative consequences of peripheral localization of the enterprises, where specific innovation strategy has no influence on SME assessment of innovation effectiveness. Innovation is too costly, and SMEs are too weak in peripheral regions, therefore there is great need for reasonable and flexible institutional support systems. However, the peripheral situation influences this institutional system itself, strengthening the mechanisms of self-censorship.

scholarly journals Health Inequalities Across The European Union Regions: A Beta-Convergence Approach

2014 ◽  
Vol 17 (4) ◽  
pp. 71-86 ◽  
Author(s):  
Renata Jaworska
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Health Inequalities ◽  
Unconditional Convergence ◽  
The European Union ◽  
Main Research ◽  
Eu Regions ◽  
Convergence Model ◽  
Beta Convergence ◽  
The Eu

The European Union is currently facing a serious problem concerning the occurrence of significant health inequalities observed between particular member states as well as within these states. Substantial efforts are being made to achieve an economic and social cohesion and the reduction of health inequalities between the EU regions is an important element of this process. This work is devoted to the study of the variations of health status (measured by life expectancy) across the EU regions of NUTS II level. We apply existing tools developed in economic growth literature to study a mortality convergence. Using the idea of unconditional convergence model developed for economic growth, we can confirm a decrease or increase of regional health inequalities. The main research hypothesis is as follows: whether regions with lower initial life expectancies have experienced the largest increases in life expectancies. To verify the hypothesis of beta-convergence we use spatial econometric models which additionally allow to take the geographic dependence among the surveyed regions into consideration. Due to the heterogeneity of the surveyed spatial units we also verify the hypothesis of the club beta-convergence.

scholarly journals SMEs innovativeness and institutional support system: the local experiences in qualitative perspective. Polish case study

2018 ◽  
Vol 9 (2) ◽  
pp. 333-351
Author(s):  
Anna Lewandowska ◽  
Mateusz Stopa
Keyword(s):  
Economic Growth ◽  
Support System ◽  
Support Systems ◽  
Empirical Studies ◽  
Value Added ◽  
Institutional Support ◽  
Business Environment ◽  
Empirical Literature ◽  
Negative Consequences ◽  
Peripheral Regions

Research background: Many contemporary empirical studies and most economic growth theories recognize the importance of innovation as one of the most progressive determinants of socio-economic growth, both in the regional and local perspective. However, much of the empirical literature has discussed the issue of innovativeness and institutional environment without the significant results for small enterprises, especially in peripheral regions. Purpose of the article: The aim of this paper is to evaluate the institutional support system and its impact on SME innovativeness in Podkarpackie region. In analyzing this case, we raise the following two questions: (1) what are the types of innovation strategies of SMEs in Podkarpackie? (2) what are the factors affecting innovation and potential barriers to further use of institutional support systems aimed at the implementation of innovation in enterprises? Methods: Based on the empirical research, we have analyzed the data (individual in-depth interviews) and found out how the entrepreneurs, R&D, business environment institutions, regional and local authorities assess the use of programs and projects dedicated to innovation in the scope of the institutional support system and what are the barriers encountered by entrepreneurs that limit the implementation of innovation. Findings & Value added: The results of our research show that institutional sup-port systems mitigate negative consequences of peripheral localization of the enterprises, where specific innovation strategy has no influence on SME assessment of innovation effectiveness. Innovation is too costly, and SMEs are too weak in peripheral regions, therefore there is great need for reasonable and flexible institutional support systems. However, the peripheral situation influences this institutional system itself, strengthening the mechanisms of self-censorship.

Empirical Literature on Economic Growth, 1991–2020: Uncovering Extant Gaps and Avenues for Future Research

2021 ◽  
pp. 097491012110616
Author(s):  
Natalia I. Doré ◽  
Aurora A. C. Teixeira
Keyword(s):  
Economic Growth ◽  
Latin American ◽  
Empirical Studies ◽  
Empirical Literature ◽  
Future Research ◽  
Long Run ◽  
Scientific Attention ◽  
The Impact ◽  
Determinants Of Economic Growth ◽  
Latin American And Caribbean

The factors required to achieve sustainable economic growth in a country are debated for decades, and empirical research in this regard continues to grow. Given the relevance of the topic and the absence of a comprehensive, systematic literature review, we used bibliometric techniques to examine and document several aspects in the empirical literature related to growth, from 1991 to 2020. Five main results are worth highlighting: (a) the share of empirical articles on economic growth show a clear upward trend; (b) among all the groups of countries considered, the emerging economies (EEs) have received the most scientific attention; (c) the economic growth processes of the Latin American and Caribbean EEs have observed negligible scientific attention; (d) the very long-run studies comprise a residual share among the empirical literature on growth; (e) the extant empirical studies on economic growth have addressed mainly the impact of “macroeconomic conditions.” Our findings suggest there is a need to redirect the empirical growth agenda, so as to encourage more scientific attention devoted to the analysis of key determinants of economic growth in the very long run. There should also be increased scrutiny of the processes of economic growth in Latin American and Caribbean EEs

Contemporary Survey on the Empirical Literature of Islamic Finance and Economic Growth Relationship

2019 ◽  
Vol 8 (2) ◽  
pp. 14-26
Author(s):  
Ibrahim Musa Gani ◽  
Zakaria Bin Bahari
Keyword(s):  
Economic Growth ◽  
Causal Relationship ◽  
Significant Contribution ◽  
Empirical Studies ◽  
Empirical Literature ◽  
Islamic Finance ◽  
Real Economy ◽  
The Real ◽  
Long Run ◽  
Short Run

Financial sector activities are part of the main ingredients for the growth of any economy. The financial activities that were most widely practiced are Interest-based conventional financial activities which are prohibited in Islam. Thus, non-interest Islamic financial activities were introduced and it has been accepted and practiced all around the globe. Therefore, this study surveyed, explored and analysed using library review method, the empirical studies conducted on Islamic finance and the economic growth nexus. The study revealed that the majority of the findings of the empirical studies are in support of a positive and significant contribution of Islamic finance to the growth of the real economy in short run and long run, few of the findings indicate an insignificant contribution. The causal relationship between Islamic finance and growth is mostly bi-directional as reported in many of the studies, but supply leading hypothesis also emerged in some of the few studies. It was concluded that Islamic finance is immensely contributing to the growth of the real economy.

Is Liberalisation Associated with Higher Productivity? A Case Study of Punjab Manufacturing

2007 ◽  
Vol 11 (4) ◽  
pp. 53-65
Author(s):  
Ravi Kiran ◽  
Manpreet Kaur
Keyword(s):  
Economic Growth ◽  
Total Factor Productivity ◽  
Manufacturing Sector ◽  
Research Work ◽  
Value Added ◽  
Business Environment ◽  
Empirical Literature ◽  
Factor Productivity ◽  
Policy Regime ◽  
Indian Economy

Productivity is an important concept in the context of the economic growth of a nation. The rate of productivity in accelerating the pace of economic growth is well recognised in both the theoretical as well as empirical literature on growth. The significance of productivity for economic growth was highlighted by Kuznets (1966) when he showed that rapid gain in industrial productivity was the crucial underpinning of Western Industrialization. The Indian Economy was thrust into throes of rapid change in the nineties when the then government of India adopted the New Economic Policy. Liberalization, Privatization and Globalization — became the three planks by which the Indian Economy was propelled into the fusion. This process has had maximum impact on the manufacturing sector, as it has radically changed its business environment and future growth dynamics. All the states of Indian union have been affected differently due to the structural changes. In response to changed policy regime different sub sectors of industry of Punjab have responded differently to adjust optimally. The present research work focuses on studying the response of manufacturing industries in Punjab to the changed policy regime after the advent of liberalisation and privatisation process in India. The present study analyses the trends in value added, labour, capital as well as trends in labour, capital and total factor productivity for sixteen industrial groups on the organised manufacturing sector for the period 1980 — 81 to 2002 — 03 and also for two sub periods, period I, 1980 — 81 to 1990 — 91 and period II, 1991 — 92 to 2002 — 03. The present study tries to examine the trends in partial productivities as well as total factor productivity in the two sub periods to see whether there has been an improvement in productivity in the post 1991 period, the period associated with liberalisation and globalisation. The study tries to analyse the industries which have been showing better performance in terms of partial and total factor productivity and also study the trends of the industries which have not performed well in the period of analysis.

EMPIRICAL STUDIES ANALYZING THE DYNAMIC EFFECTS OF CHANGES IN PUBLIC EXPENDITURE AND TAXATION ON ACTIVITY

2018 ◽  
Vol 28 (5) ◽  
pp. 1641-1646
Author(s):  
Mahije Mustafi ◽  
Sulbije Memeti Karemani
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Economic Activity ◽  
Empirical Studies ◽  
Empirical Literature ◽  
Budget Deficits ◽  
Dynamic Effects ◽  
Macroeconomic Impact ◽  
The Business Cycle ◽  
The Impact

This paper analyzes the empirical literature that examines the effects of fiscal policy shocks on economic activity. Discussion related to fiscal policy is related to the impacts on economic growth is quite current, because the development of appropriate fiscal instruments can lead to steady and sustainable economic growth in the countries. The role of fiscal policy and the impact on economic activity are among the most controversial issues among academics and policymakers. In the absence of any "active" intervention in government expenses, tax revenues move automatically with the economic cycle. I can also say that government transfers can be considered as help for the unemployed, they grow as the economy slows down and unemployment rises, while labor tax returns, capital and consumption flows are declining. Resistive actions occur when the business cycle improves. In recent years, empirical studies have shown that private consumption and GDP have increased significantly, while government expenses have been severely reduced. Most empirical evidence suggests that fiscal expansion increases production and consumption and worsens the trade balance.The Kenzie and Neoclassical schools have different views on the impact of public spending on economic activity. This study has completed a detailed review of many important, relevant scientific havepapersthat empirically document these impacts. As a conclusion, we can state that although the fiscal policy theory is well developed, until recently has not received much attention from the (applied) economic practice. The first category is aimed at assessing macroeconomic impact from major reductions in the budget deficit, and the second study, in general, analyzes the stabilizing capabilities of fiscal policy variables. According to Blanchard and Perotti, the dynamic effects of the discretionary fiscal policy of macroeconomic variables have recently focused on the omissions of autoregressive vectors (2002). Some empirical studies have found a link between budget deficits, money growth and inflation, both in industrialized economies as well as in growing economies. For industrial economies most of these studies have come to the conclusion that there is little evidence that government debt affects the growth of money and inflation. In developing countries, it is often argued that high inflation is realized when governments face large and ongoing deficits financed by money emission. A change in taxes or public expenses (the so-called “fiscal shocks”) at any time prevents their development.

Methods for analysis of creative, information and knowledge-based factors in the implementation of the smart specialization model in the EU regions

2020 ◽  
pp. 153-162
Author(s):  
Taras Vasyltsiv ◽  
Olha Levytska
Keyword(s):  
Economic Growth ◽  
Methodological Approach ◽  
Regional Level ◽  
Integral Index ◽  
Knowledge Based ◽  
Eu Regions ◽  
Technological Modernization ◽  
Smart Specialization ◽  
The Impact ◽  
The Eu

The aim of the article is to study the existing and find new approaches to the analysis of creative, information and knowledge-based factors that determine social transformations and economic growth of the EU regions based on smart specialization. The methodological approaches to the assessment of the implementation of creative, information and knowledge-based factors in the economy are studied. A comparative analysis of international and regional systems for evaluating creative, information and knowledge-based factors of economic growth is made. A system of indicators of the authors’ three-vector approach (by the directions: (1) intellectualization of economy, (2) digitalization of economy and society, (3) technological modernization) to the analysis of creative, information and knowledge-based factors in the realization of the smart specialization model at a regional level are developed. The developed authors’ technique allows providing a comprehensive approach to the analysis of creative, information and knowledge-based factors in terms of the smart specialization model at the regional level. The methodology involves three groups of indicators in the areas of intellectualization, digitalization, and technological modernization. The calculation of the integral index is carried out based on the method of multidimensional weighted value taking into account the degree of the weight of indicators and sub-indices (subgroups and groups of indicators). The scientific novelty of the study is that the integral index allows making important analytical conclusions about the level of development of creative, information and knowledge-based economy, as well as the correlation of these processes with the socio-economic development of regions. The methodological approach can be implemented in domestic practice for evaluating the impact of the use of creative, information and knowledge-based factors on the development of regional economies and, accordingly, for achieving the objectives of regional smart specialization strategies.

scholarly journals Macroeconomic Determinants of Economic Growth: A Review of International Literature

2016 ◽  
Vol 11 (2) ◽  
pp. 33-47 ◽  
Author(s):  
Themba G. Chirwa ◽  
Nicholas M. Odhiambo
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Human Capital ◽  
Fiscal Policy ◽  
Empirical Studies ◽  
Physical Capital ◽  
Developed Countries ◽  
Empirical Literature ◽  
Macroeconomic Determinants ◽  
Determinants Of Economic Growth

AbstractThe paper conducts a qualitative narrative appraisal of the existing empirical literature on the key macroeconomic determinants of economic growth in developing and developed countries. Much as other empirical studies have investigated the determinants of economic growth using various econometric methods, the majority of these studies have not distinguished what drives or hinders economic growth in developing or developed countries. The study finds that the determinants of economic growth are different when this distinction is used. It reveals that in developing countries the key macroeconomic determinants of economic growth include foreign aid, foreign direct investment, fiscal policy, investment, trade, human capital development, demographics, monetary policy, natural resources, reforms and geographic, regional, political and financial factors. In developed countries, the study reveals that the key macroeconomic determinants that are associated with economic growth include physical capital, fiscal policy, human capital, trade, demographics, monetary policy and financial and technological factors.

Origination and Distribution of Debt: Risks and Regulatory Solutions

2011 ◽  
Vol 2 (3) ◽  
pp. 340-355
Author(s):  
Anselm Lenhard
Keyword(s):  
Financial Crisis ◽  
Agency Costs ◽  
Empirical Studies ◽  
Capital Requirements ◽  
Empirical Literature ◽  
Market Mechanisms ◽  
Loan Sales ◽  
The Us ◽  
Major Factors ◽  
The Eu

This article focuses on misaligned incentives in the lending process caused by the shift from the traditional relationship banking model to a more transaction-oriented ‘originateto-distribute’ model of bank finance as one of the major factors contributing to the financial crisis of the years 2007–2009. Based on a theoretical analysis of banks as financial intermediaries and the agency costs involved if banks distribute assets they have created to other parties in the financial system, empirical studies are reviewed which demonstrate that market mechanisms apparently contain these agency costs in loan syndications and loan sales, but failed to do so in securitisations during the years before the onset of the financial crisis. The EU has already reacted to this breakdown of market mechanisms by an amendment to the Capital Requirements Directive with the purpose of aligning incentives in securitisation transactions by getting more securitiser ‘skin in the game’. Similar legislation has been adopted in the US. This article places the EU and US response to perceived shortcomings in securitisations in the context of the theoretical and empirical literature and discusses alternative regulatory solutions.

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