Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2017.1355260
Macroeconomic model of institutional reforms’ influence on economic growth of the new EU members and the Republic of Croatia
Vesna Buterin
orcid.org/0000-0002-1090-6549
; Faculty of Economics, University of Rijeka, Rijeka, Croatia
Marinko Škare
; Faculty of Economics and Tourism “Dr. Mijo Mirković”, Juraj Dobrila University of Pula, Pula, Croatia
Denis Buterin
; Business Department, Polytechnic of Rijeka, Rijeka, Croatia
Sažetak
The aim of this paper is to research, theoretically and empirically,
the impact of institutional reforms on economic growth in transition
countries (new European Union members) and Croatia, in the period
from 1996 to 2012. In order to prove the hypothesis, we will use panel
analysis of transition economies and Croatia, namely the Arellano–
Bond dynamic panel analysis. The analysis includes two dependent
variables (gross domestic product per capita [G.D.P./p.c.]and the share
of export in G.D.P.) and five independent variables (total Heritage
Index of Economic Freedom, Worldwide Governance Indicators
(W.G.I.) government effectiveness indicator, W.G.I. rule of law indicator,
corruption perception index and the index of institutional reforms
in transition countries). The results show that there is a significant
positive impact of institutional reforms on the economic growth of
transition countries and Croatia, which creates preconditions that are
essential for the future growth rate of the Croatian economy.
Ključne riječi
Institutions; institutional reforms; economic growth; transition countries; Croatia; Arellano–Bond dynamic panel analysis
Hrčak ID:
193200
URI
Datum izdavanja:
1.12.2017.
Posjeta: 1.819 *