EVALUATING MACROECONOMIC FACTORS AND THEIR INFLUENCE ON ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM WESTERN BALKAN ECONOMIES
EVALUATING MACROECONOMIC FACTORS AND THEIR INFLUENCE ON ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM WESTERN BALKAN ECONOMIES
Author(s): Erëza A. ArifiSubject(s): Politics / Political Sciences, Politics, Economy, Law, Constitution, Jurisprudence, National Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, International Law, Political Theory, Political Sciences, Civil Society, Governance, Public Administration, Public Law, Economic policy, Welfare systems, Political economy, Methodology and research technology, Comparative politics, Law on Economics, EU-Accession / EU-DEvelopment, Financial Markets, Public Finances, Fiscal Politics / Budgeting, Marketing / Advertising, ICT Information and Communications Technologies, Socio-Economic Research, EU-Legislation
Published by: Institute for Research and European Studies - Bitola
Keywords: Banks; Economic Growth; Panel Data; Public Debt; Inflation
Summary/Abstract: This research aimed to identify and evaluate the impact of some macroeconomic components on economic growth performance. The data applied in the analysis were secondary data, including six countries from 2005 to 2020. The econometric approach applied was the fixed effect regression approach to economic growth as a dependent variable. The study also applied several diagnostic tests and the Hausman test to select between fixed and random effects. The data provided after the analysis show that inflation and foreign direct investment have a significant positive impact, while public debt has a significant negative impact. Moreover, unemployment and population growth have shown statistically insignificant results. The study from the aspect of the original contribution provides arguments and applies two variables that are very little addressed in the context of economic growth. The study results provide critical information for policymakers, economists, and researchers and provide arguments for a sound and proactive debate on these variables.
Journal: Journal of Liberty and International Affairs
- Issue Year: 8/2022
- Issue No: 2
- Page Range: 21-34
- Page Count: 14
- Language: English
