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Small but beautiful? Economic impacts of the size of nations in the European Union

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  • König, Jörg
  • Ohr, Renate

Abstract

This paper highlights the economic meaning of the size of the state for members of the European Union, thereby making the economic success of EU states statistically tangible. Firstly, we show in descriptive illustrations that the theoretically expected characteristics of small countries clearly apply to the current EU states. From the theoretical perspective, only the bivariate relationship between the population size and the economic growth initially depicts an unexpected sign. However, the econometric analysis performed on our panel data set confirms the assumption that this relationship is strongly influenced by factors other than population size, such as the duration of EU membership, the level of economic development (transformation process) and the increased development potential provided by EU funds. When subtracting these effects through appropriate statistical methods, there is an overall significant positive dependence of economic growth on the size of the state. --

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Bibliographic Info

Paper provided by University of Goettingen, Department of Economics in its series Center for European, Governance and Economic Development Research Discussion Papers with number 128.

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Date of creation: 2011
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Handle: RePEc:zbw:cegedp:128

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Related research

Keywords: European Union; economic integration; small open economy; size of nations; economic growth; panel data.;

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  1. Wacziarg, Romain & Alesina, Alberto, 1998. "Openness, Country Size and Government," Scholarly Articles 4553014, Harvard University Department of Economics.
  2. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
  3. H W Armstrong & R Read, . "Trade and Growth in Small States: The Impact of Global Trade Liberalisation," Working Papers ec5/98, Department of Economics, University of Lancaster.
  4. Brems, Hans, 1970. "A Growth Model of International Direct Investment," American Economic Review, American Economic Association, vol. 60(3), pages 320-31, June.
  5. Andrew K. Rose, 2006. "Size Really Doesn't Matter: In Search of a National Scale Effect," NBER Working Papers 12191, National Bureau of Economic Research, Inc.
  6. Furceri, Davide & Karras, Georgios, 2007. "Country size and business cycle volatility: Scale really matters," Journal of the Japanese and International Economies, Elsevier, vol. 21(4), pages 424-434, December.
  7. repec:lan:wpaper:899 is not listed on IDEAS
  8. Briguglio, Lino Pascal, 1998. "Small Country Size and Returns to Scale in Manufacturing," World Development, Elsevier, vol. 26(3), pages 507-515, March.
  9. repec:lan:wpaper:898 is not listed on IDEAS
  10. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc.
  11. V. N. Balasubramanyam & M. Salisu & David Sapsford, 1999. "Foreign direct investment as an engine of growth," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 8(1), pages 27-40.
  12. Milner, Chris & Westaway, Tony, 1993. "Country size and the medium-term growth process: Some cross-country evidence," World Development, Elsevier, vol. 21(2), pages 203-211, February.
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