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https://doi.org/10.17535/crorr.2014.0005

A VECM approach to detangling growth, exports, imports and FDI knot in selected CEE countries

Saša Žiković ; Ekonomski fakultet, Sveučilište u Rijeci
Ivana Tomas Žiković orcid id orcid.org/0000-0002-9156-3479 ; Ekonomski fakultet, Sveučilište u Rijeci
Maja Grdinić ; Ekonomski fakultet, Sveučilište u Rijeci


Puni tekst: engleski pdf 208 Kb

str. 161-175

preuzimanja: 1.602

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Sažetak

The authors analyze the relationship between GDP, imports-coverage ratio (NEX), FDI and gross fixed capital formation (GFC) in selected CEE countries by using an error correction model. The empirical results confirm a positive long-run influence of the imports coverage ratio, FDI and GFC on GDP growth for all of the countries, except Croatia. In the case of Croatia, there is a significant negative feedback between FDI and GDP growth in the long run and a positive one in the short run. By using B. Horvat’s research on this subject, a logical explanation of this sort of paradoxical behavior is suggested. The second uncommon result is the long-run positive relationship between GDP and the imports-coverage ratio. The obtained result speaks in favor of a conservative approach to running a national economy, where the current account and the imports-coverage ratio are taken into account and the economic growth is achieved through slower but stable, internally driven growth.

Ključne riječi

Error Correction Model; FDI, imports-coverage ratio; gross fixed capital; GDP; economic growth; CEE countries

Hrčak ID:

133694

URI

https://hrcak.srce.hr/133694

Datum izdavanja:

30.12.2014.

Posjeta: 2.455 *