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The Relationship Between Economic Growth and Institutional Variables: a Panel Cointegration Analysis for EU Countries

Author

Listed:
  • Abdulvahap Akıncı

    (Political Science and Administration, Kocaeli University)

  • Sefa Usta

    (Political Science and Administration, Karamanoğlu Mehmetbey University)

  • Emin Ahmet Kaplan

    (Political Science and Administration, Karamanoğlu Mehmetbey University)

Abstract

The principle of governance, which was used for the first time by the World Bank, was adopted and put into practice by the European Union. The European Union (EU) has envisaged serious change and transformation in the administrative system of the member and candidate countries within the framework of the principle of governance and has shaped the legal and institutional framework for this. The aim of this study prepared based on these developments is to analyze the performance of the member and candidate countries in terms of economy and governance indicators in the period between 1996 and 2019, taking into account the institutional structure of the EU. In the study, the relationship between economic growth and institutional variables has been tried to be examined, based on the EU’s member and candidate countries. In the research, long-term relationships between economic growth and institutional variables are determined by taking into consideration the panel data analysis. According to the findings of the study, there is a positive and statistically significant relationship between economic growth and political stability and absence of violence and control of corruption for the EU countries in the long run.

Suggested Citation

  • Abdulvahap Akıncı & Sefa Usta & Emin Ahmet Kaplan, 2023. "The Relationship Between Economic Growth and Institutional Variables: a Panel Cointegration Analysis for EU Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(3), pages 2395-2419, September.
    • Handle: RePEc:spr:jknowl:v:14:y:2023:i:3:d:10.1007_s13132-022-00928-9
    DOI: 10.1007/s13132-022-00928-9
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    More about this item

    Keywords

    European Union; Governance; Economic growth; Panel cointegration analysis;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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