Financial development, technology, growth and performance: Evidence from the accession to the EU

Zagorchev, Andrey; Vasconcellos, Geraldo M.; Bae, Young-Soo

doi:10.1016/j.intfin.2011.05.005

Cited by 64 publications

(24 citation statements)

References 37 publications

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“…However, the financial development dimension is also given by the total value of stocks traded as a share of GDP. Compared to our results, and with reference to other country panels, some studies [5,25,32,41,67] found a positive and significant relationship between financial development and economic growth.…”

Section: Variablescontrasting

confidence: 68%

“…The authors find that mobile broadband has a positive and significant impact on GDP per household, but the impact size is higher for poorer countries. Zagorchev et al [32] examines the impact of financial development and ICT on economic growth in eight countries in Central and Eastern Europe for the period 1997-2004. Research results indicate that financial development and increased investment in telecommunications technology contribute significantly to GDP growth per capita.…”

Section: Review Of Empirical Studiesmentioning

confidence: 99%

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Impact of Information and Communication Technology Infrastructure on Economic Growth: An Empirical Assessment for the EU Countries

et al. 2018

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The accelerated development of information and communication technology (ICT) over the past two decades has encouraged an increasing number of researchers to examine and measure the impact of this technology on economic growth. Our study aims to identify and evaluate the effect of using ICT infrastructure on economic growth in European Union (EU) countries for a period of 18 years (2000–2017). Using panel-data estimation techniques, we investigate empirically how various indicators of ICT infrastructure affect economic growth, proxied in our study by GDP per capita. Within the estimates, we have included some macroeconomic control variables. Our results indicate a positive and strongly effect of using ICT infrastructure on economic growth in the EU member states, but the magnitude of the effect differs depending on the type of technology examined. Regarding the impact of macroeconomic factors, our estimates indicate that inflation rate, unemployment rate, the degree of trade openness, government expenditures, and foreign direct investments would significantly affect GDP per capita at EU level. The findings are broadly similar to the theoretical predictions, but also to the findings of some relevant empirical studies. Our research reveals that ICT infrastructure, along with other macroeconomic factors, is an important driver of economic growth in EU countries.

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Section: Variablescontrasting

confidence: 68%

Section: Review Of Empirical Studiesmentioning

confidence: 99%

Impact of Information and Communication Technology Infrastructure on Economic Growth: An Empirical Assessment for the EU Countries

et al. 2018

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“…The authors also stated that all these factors are an important driver of economic growth in EU. Zagorchev et al (2011) examined the impact of the ICT sector on economic growth in eight Central and Eastern European countries in period 1997-2004 and showed that investment in this sector contributes significantly to GDP per capita growth, highlighting the fact that governments should provide incentives for technological development and encourage investment in this sector. Moreover, Yousefi (2011) demonstrated that the ICT sector has a higher impact on GDP per capita growth in middle-income states than the one found in low-income countries, emphasizing that GDP growth is not conditioned by investments in the ICT sector in developing countries.…”

Section: Literature Reviewmentioning

confidence: 99%

Human Development: A Key Driver of Socioeconomic Development in Eu

Tudorache¹

2020

Proceedings of the 13th Economics &Amp; Finance Virtual Conference, Prague

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This paper examines the economic development drivers and the ones of the social development in order to check if there is a potential trade-off between these development forms at the level of European Union, with a focus on human development and technological progress. In this context, I have used panel yearly data covering the period 2010-2018 for EU Member States. Both models were estimated using Panel Estimated Generalized Least Squares and some weighting options as Period SUR and Cros-section weights. However, the specificities of the data led to a different application of the methods in the case of the mentioned models. In this regard, I have run a Fixed Effects Model in studying the determinants of economic development and a None Effects Model when analysing the drivers of social development. The main results of the paper showed a positive relationship between human development and social and economic development. In adition, the study estimated a positive impact of ITC sector on economic development and a negative one on the poverty rate. However, the negative impact of ITC on social development is quite low and it may also include a positive impact on poverty (lower than the one manifested through the opportunities channel) exercised by automation, but this needs to be further explored. Both models provided feasible results which strengthens the confidence in the examined relationships.

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“…All assumptions regarding the dates and macroeconomic effects of Serbia's EU and Euro Area accession are, of course, to some extent arbitrary. However, these assumptions are broadly based on empirical evidence regarding previous EU and Euro Area enlargement rounds; see, e.g., Busch et al (2014), Zagorchev et al (2011), and Bower and Turrini (2010) on the Eastern enlargement of the EU, or similar studies by Weyerstrass and Neck (2008) for Slovenia and Lejour et al (2009) for Croatia. Figures 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10 visualize the sim/ulation results regarding the impact of Serbia's accession to the EU and to the Euro Area on important macroeconomic indicators.…”

Section: Simulation Designmentioning

confidence: 99%

Macroeconomic Effects of Serbia’s Integration in the EU and the Euro Area

Neck

Weyerstraß

2019

Int Adv Econ Res

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In 2009, Serbia officially applied for European Union (EU) membership. In 2014, membership negotiations began. After joining the EU, Serbia will have to adopt the euro as legal tender as soon as it fulfils the relevant Maastricht criteria. So far, the quantitative consequences of such changes in the institutional framework on the macroeconomy and the major objective variables of Serbia (or another West Balkan country) have not been analyzed. In this paper, we examine likely macroeconomic effects from Serbia's membership in the EU and the Euro Area by means of simulations with a macroeconometric model of the Serbian economy. We show that EU accession and the introduction of the euro bring about higher real gross domestic product, more employment, and more sustainable public finances. The benefits of joining the Euro Area are mainly due to increases in productivity.

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Financial development, technology, growth and performance: Evidence from the accession to the EU

Cited by 64 publications

References 37 publications

Impact of Information and Communication Technology Infrastructure on Economic Growth: An Empirical Assessment for the EU Countries

Impact of Information and Communication Technology Infrastructure on Economic Growth: An Empirical Assessment for the EU Countries

Human Development: A Key Driver of Socioeconomic Development in Eu

Macroeconomic Effects of Serbia’s Integration in the EU and the Euro Area

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