Does human factor matter for economic growth? Determinants of economic growth process in CEE countries in light of spatial theory
AbstractThis paper tries to explain the process of economic growth and convergence in 211 regions of 10 Central and Eastern European countries during the period 1999−2008. The theoretical foundation of this research is constituted by a growth model with spatial externalities, resulting from growth of neighbouring regions. Other factors, which are assumed to have an additional impact on the economic growth, are: initial level of output, levels of physical and human capital. The analysis is performed with application of spatial econometric models, the spatial lagged model and the spatial error model. The results confirm the existence of absolute and conditional convergence in the investigated sample. The process of regional growth is also determined by the level and changes in human capital, as well as by location of the region, i.e. the regions which are located in dynamically developing areas may benefit from their location and grow faster.
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Bibliographic InfoArticle provided by National Bank of Poland, Economic Institute in its journal Bank i Kredyt.
Volume (Year): 44 (2013)
Issue (Month): 5 ()
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economic growth; convergence; human factor; neighbourhood’s impact;
Find related papers by JEL classification:
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
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