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Evaluation Of The Effect Of Globalization On The Euro Area Countries’ Economic Growth With Panel Data Analysis

Author

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  • Eylul Kabakçı Gunay

    (İZMİR DEMOKRASİ UNIVERSITESI)

  • Dilara Sulun

    (IZMIR DEMOCRACY UNIVERSITY)

Abstract

This study aims to determine whether globalization affects economic growth in Euro Area countries or not and the direction of the affect. The data used are annually and cover the period from 2000 to 2017. In the study, economic growth which is the dependent variable represents the annual GDP growth rate, and globalization which is the independent variable represents KOF globalization. Variables other than globalization that affect economic growth are included in the model as instrumental variables. These instrumental variables are labour force participation rate, foreign direct investments, external balance of goods and services and gross fixed capital formation. Eberhardt and Teal’s (2012) Augmented Mean Group Estimator (AMG) was conducted to foresee long-term coefficients. Consequently, globalization has not same effects on economic growth in each euro area country. Globalization has increasing effects on the economic growth in Italy, Portugal, Slovenia, and Spain but decreasing effect in Ireland, Lithuania and Luxembourg.

Suggested Citation

  • Eylul Kabakçı Gunay & Dilara Sulun, 2022. "Evaluation Of The Effect Of Globalization On The Euro Area Countries’ Economic Growth With Panel Data Analysis," Ekonomi Maliye Isletme Dergisi, Adil AKINCI, vol. 5(1), pages 118-129, June.
    • Handle: RePEc:gnx:emid43:2022-5-1-1111894
    DOI: 10.46737/emid.1111894
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    JEL classification:

    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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