Izvorni znanstveni članak
https://doi.org/10.17818/DIEM/2025/1.2
DETERMINANTS OF ECONOMIC GROWTH: PANEL DATA ANALYSIS
Ante Zdilar
orcid.org/0000-0001-9411-3409
; University of Dubrovnik, Faculty of Economics and Business
Zdenka Obuljen Zoričić
; University of Dubrovnik, Faculty of Economics and Business
Ana Pušić
; University of Dubrovnik, Faculty of Economics and Business
Sažetak
The main objective of this paper is to examine the determinants of economic growth in 78 countries in the period 2012-2022. Although the literature review clearly identifies individual determinants of growth, this paper differentiates in terms of studying individual effects in countries at different stages of development. The analysis was conducted using four different methods (pooled OLS, fixed effects panel, random effects panel, and generalized method of moments), with a special emphasis on dynamic panel analysis, which uses the most complex estimation. Following the identified literature gap regarding the study of the impact of formal institutions in countries with different levels of development, the study identifies investments, employment rate and the institutional framework as the main determinants of growth. The impact of the institutional framework was found to be the strongest, but it largely depends on the level of development of individual countries. In addition, the analysis of long-term estimates further confirms the results obtained. Finally, economic policymakers should make additional efforts to simplify the existing institutional framework and adapt it to the challenges of the global macro environment.
Ključne riječi
economic growth; panel analysis; institutional framework
Hrčak ID:
331960
URI
Datum izdavanja:
10.6.2025.
Posjeta: 0 *