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Economic Growth Paths Similarities in European Union

Author

Listed:
  • Janos Rechnitzer

    (Department of Regional Studies and Public Policy, Szechenyi Istvan University Egyetem ter 1., Gyor, 9026, HUNGARY)

  • Tamas Toth

    (Department of Regional Studies and Public Policy, Szechenyi Istvan University Egyetem ter 1, Gyor, 9026, HUNGARY)

Abstract

This study is to give an insight into the regional growth theories and explore the single growth paths of the member states of the European Union based on an extraction statistical methodological analysis. According to the judgment that the European Community (28 states, since 2013) does not follow a single growth pattern, based on their history and actual economic relationships, different national economies form economic blocs and these blocs follow diverse growth patterns within the Union. At the first step we tried to discover the mainstream of modern economic growth theories, and found some relationship between these theories and the empirical analyses. In the empirical part of this study we identified different growth paths and classified growth groups for the 28 EU member countries with a cluster analysis. At the final step we applied regression method to find some correlation between historical growth rate and current nominal GDP level.

Suggested Citation

  • Janos Rechnitzer & Tamas Toth, 2014. "Economic Growth Paths Similarities in European Union," Review of Economics & Finance, Better Advances Press, Canada, vol. 4, pages 93-104, November.
    • Handle: RePEc:bap:journl:140407
    as

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    References listed on IDEAS

    as
    1. Sala-i-Martin, Xavier X., 1996. "Regional cohesion: Evidence and theories of regional growth and convergence," European Economic Review, Elsevier, vol. 40(6), pages 1325-1352, June.
    2. Sala-i-Martin, Xavier X, 1996. "The Classical Approach to Convergence Analysis," Economic Journal, Royal Economic Society, vol. 106(437), pages 1019-1036, July.
    3. Robert M. Solow, 1973. "Congestion Cost and the Use of Land for Streets," Bell Journal of Economics, The RAND Corporation, vol. 4(2), pages 602-618, Autumn.
    4. Steve Bradley & Jim Taylor, 1996. "Human Capital Formation and Local Economic Performance," Regional Studies, Taylor & Francis Journals, vol. 30(1), pages 1-14.
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    More about this item

    Keywords

    Neoclassical growth; Analysis; Groups of national economies; Integrity; Regression;
    All these keywords.

    JEL classification:

    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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