The effects of economic activities diversification on development: The perspective of Serbia

Jednak, Sandra; Makajić-Nikolić, Dragana; Kragulj, Dragana; Vujošević, Mirko

doi:10.5937/industrija44-9572

Cited by 5 publications

(5 citation statements)

References 21 publications

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“…This underscores the importance of promoting export diversification strategies to stimulate economic growth in E-7 countries. These results are consistent with other studies by Sadorsky (2012), Jednak et al (2016), andMcIntyre et al (2018), which highlight the positive connection between economic growth and export diversification. Based on the findings, it is clear that E-7 countries have to remove barriers to foreign trade to attain better levels of economic growth.…”

Section: Pooled Mean Group Autoregressive Distributed Lag (Pmg-ardl) ...supporting

confidence: 93%

“…This diversification and expansion provide the stability, security, and dependability that emerging countries require rather than relying largely on the production of primary goods, which is typically unpredictable and vulnerable to fluctuations (Abu Wadi and Bashayreh, 2018). Jednak et al (2016) investigated the effects of economic diversification on Serbia's development from 2007 to 2012. They discovered that the structure and diversification of economic activities promote economic growth and development.…”

Section: Nexus Between Export Diversification and Economic Growthmentioning

confidence: 99%

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Examining the Influence of Renewable Energy Consumption, Technological Innovation, and Export Diversification on Economic Growth: Empirical Insights from E-7 Nations

Alhasim,

Rehman,

ANSARI

et al. 2024

Preprint

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The present research focuses on the endogenous development theory and investigates the relationship between economic growth (dependent variable) and renewable energy consumption, technological innovation, and export diversification (independent variables) in seven emerging economies known as the E-7. Previous studies have examined these factors individually but have not explored their combined impact on the E-7 economies. Therefore, this study contributes to the existing literature on the effects of renewable energy consumption, technological advancement, and export diversification on economic development. The study analyses the dynamic connection among these variables in seven selected emerging countries: Brazil, China, Indonesia, India, Mexico, Russia, and Turkey. Panel data from 1990 to 2022 is utilized, and various methodologies, including panel cointegration, the PMG-ARDL estimator, and robustness tests such as FMOLS and DOLS, are employed. Empirical inferences are drawn using the Dumitrescu-Hurlin Panel Causality (DHC) test, and the long-run relationships among the variables are validated using the Westerlund residual cointegration tests. The results from the PMG-ARDL estimator show that renewable energy consumption, technological advancement, and export diversification have a significant and positive impact on economic expansion, confirming the validity of the endogenous growth model in the E-7 countries. The control variable of the financial sector has a positive but insignificant effect on economic growth, while trade openness has a negative and significant effect. The DHC test results indicate a neutral feedback effect of renewable energy consumption on economic growth. The findings also reveal a unidirectional causal relationship between technological innovation and economic growth. Overall, these findings provide valuable insights for economic policymakers in the E-7 countries. By removing barriers to renewable energy consumption, technological innovation, and export diversification, policymakers can promote sustainable economic development.

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Section: Pooled Mean Group Autoregressive Distributed Lag (Pmg-ardl) ...supporting

confidence: 93%

Section: Nexus Between Export Diversification and Economic Growthmentioning

confidence: 99%

Examining the Influence of Renewable Energy Consumption, Technological Innovation, and Export Diversification on Economic Growth: Empirical Insights from E-7 Nations

Alhasim,

Rehman,

ANSARI

et al. 2024

Preprint

View full text Add to dashboard Cite

show abstract

“…Keller and Nabli (2002) indicates that there is a limited effect of technology development on growth in gulf countries because they import technology and high quality workers besides the low expending on research and development. Jednak et al (2016), they investigate the impact of economic diversification on the development of Serbia over the period (2007)(2008)(2009)(2010)(2011)(2012). They found that economic activities structure and diversification have a positive influence on economic growth and development.…”

Section: The Gcc Economic Diversification Overview and Literature Reviewmentioning

confidence: 99%

Modeling the Exports Diversification in the Oil Countries Growth: The Case of Gulf Cooperation Council Countries

Alomari

Bashayreh

2020

IJEEP

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This paper aims at modeling and analyzing the short and long run effects of export diversification on economic growth using the countries Gulf Cooperation Council (GCC) panel data for the period 1992-2017. The paper introduces the panel auto regressive distributed lag/pooled mean group (ARDL/PMG) to reach its purpose. The export diversification measured by Theil index. The Pedroni panel cointegration test confirms that the variables are cointegrated, whereas PMG estimates indicate a positive significant long run relationship between export diversification and real gross domestic product (GDP) growth, no significant effect of export diversification in the short run. Results reveal a significant impact of trade openness growth on real GDP growth, which confirms the long-run as well as the short-run relationship between the growth of trade openness and economic growth for the GCC countries. It is worth to mention that the overall effort for GCC region on average had succeed in diversification, and the achieving of their plans goal is start to appear as a long run effect. But the study reveals that results may differ relatively in each country.

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“…The foreign capital inflow decreased from 14.3% to 5.6% GDP (in 2009) and the slower pace of credit activities has resulted in a drop in production, income, personal consumption, and consequently in the drop in domestic demand (about 7%). For all these reasons, the Government of Serbia has changed its strategies for economic growth and development (Jednak et al, 2013).…”

Section: Overview Of Serbian Economic Growth and Development Strategiesmentioning

confidence: 99%

Economic Activities Structure and Development: Evidence From Serbia

et al. 2014

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The effects of economic activities diversification on development: The perspective of Serbia

Cited by 5 publications

References 21 publications

Examining the Influence of Renewable Energy Consumption, Technological Innovation, and Export Diversification on Economic Growth: Empirical Insights from E-7 Nations

Examining the Influence of Renewable Energy Consumption, Technological Innovation, and Export Diversification on Economic Growth: Empirical Insights from E-7 Nations

Modeling the Exports Diversification in the Oil Countries Growth: The Case of Gulf Cooperation Council Countries

Economic Activities Structure and Development: Evidence From Serbia

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