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The Main Determinants of Economic Growth : An Empirical Investigation with Granger Causality Analysis for Greece

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  • Nikolaos Dritsakis
  • Erotokritos Varelas
  • Antonios Adamopoulos

Abstract

This paper examines empirically the causal relationship among exports, gross capital formation, foreign direct investments and economic growth using a multivariate autoregressive Var model for Greece over the period 1960-2002. The results of cointegration test suggested that there is only one cointegrated vector between the examined variables, while Granger causality tests showed that there is a unidirectional causal relationship between exports and gross fixed capital formation and also there is a unidirectional causal relationship between foreign direct investments and economic growth.

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Bibliographic Info

Article provided by European Research Studies Journal in its journal European Research Studies Journal.

Volume (Year): IX (2006)
Issue (Month): 3-4 ()
Pages: 47-58

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Handle: RePEc:ers:journl:v:ix:y:2006:i:3-4:p:47-58

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  1. Eduardo Borensztein & Jose De Gregorio & Jong-Wha Lee, 1995. "How Does Foreign Direct Investment Affect Economic Growth?," NBER Working Papers 5057, National Bureau of Economic Research, Inc.
  2. Easterly, William & Rebelo, Sergio, 1993. "Fiscal policy and economic growth: An empirical investigation," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 417-458, December.
  3. Nelson, Michael A & Singh, Ram D, 1994. "The Deficit-Growth Connection: Some Recent Evidence from Developing Countries," Economic Development and Cultural Change, University of Chicago Press, vol. 43(1), pages 167-91, October.
  4. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  5. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  6. Khan, Mohsin S & Kumar, Manmohan S, 1997. "Public and Private Investment and the Growth Process in Developing Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 59(1), pages 69-88, February.
  7. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  8. Levine, Ross & Renelt, David, 1991. "A sensitivity analysis of cross-country growth regressions," Policy Research Working Paper Series 609, The World Bank.
  9. Malcolm Knight & Norman Loayza & Delano Villanueva, 1993. "Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach," IMF Staff Papers, Palgrave Macmillan, vol. 40(3), pages 512-541, September.
  10. Tyler, William G., 1981. "Growth and export expansion in developing countries : Some empirical evidence," Journal of Development Economics, Elsevier, vol. 9(1), pages 121-130, August.
  11. Pereira, Alfredo M & Xu, Zhenhui, 2000. "Export Growth and Domestic Performance," Review of International Economics, Wiley Blackwell, vol. 8(1), pages 60-73, February.
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