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Interlinkage Between Economic, Financial, and Political Risks in the Balkan Countries: Evidence from a Panel Cointegration

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  • Dervis Kirikkaleli

Abstract

This article explores the long-run and causal linkages among economic, financial, and political country risk indicators for seven Balkan countries. Panel cointegration, FMOLS, DOLS, and the Granger and Dumitrescu-Hurlin causality tests are implemented. The empirical findings reveal that (1) there is a positive linkage between financial stability and economic stability in the seven countries in the long run, while financial stability has significant and positive impacts on political stability; and (2) vulnerability in economic and financial stability significantly leads to changes in political stability.

Suggested Citation

  • Dervis Kirikkaleli, 2016. "Interlinkage Between Economic, Financial, and Political Risks in the Balkan Countries: Evidence from a Panel Cointegration," Eastern European Economics, Taylor & Francis Journals, vol. 54(3), pages 208-227, May.
    • Handle: RePEc:mes:eaeuec:v:54:y:2016:i:3:p:208-227
    DOI: 10.1080/00128775.2016.1168704
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    Cited by:

    1. Faheem Ur Rehman & Abul Ala Noman & Yibing Ding, 2020. "Does infrastructure increase exports and reduce trade deficit? Evidence from selected South Asian countries using a new Global Infrastructure Index," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 9(1), pages 1-23, December.
    2. Ewert Kleynhans & Clive Coetzee, 2021. "Regional Business Confidence as Early Indicator of Regional Economic Growth," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 19(1 (Spring), pages 27-48.
    3. Milena М. Kovachevich, 2021. "Economic Growth In The Eurozone And On The Balkans: A Cointegration Analysis," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 3 Year 20, pages 59-70.
    4. Kondoz, Mehmet & Kirikkaleli, Dervis & Athari, Seyed Alireza, 2021. "Time-frequency dependencies of financial and economic risks in South American countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 79(C), pages 170-181.
    5. Xiaojuan He & Dervis Kirikkaleli & Melike Torun & Zecheng Li, 2021. "Modeling Economic Risk in the QISMUT Countries: Evidence From Nonlinear Cointegration Tests," SAGE Open, , vol. 11(4), pages 21582440211, October.
    6. Mansour-Ichrakieh, Layal, 2020. "The impact of Israeli Geopolitical Risks on the Lebanese Financial Market: A Destabilizer Multiplier," MPRA Paper 99376, University Library of Munich, Germany.
    7. Filipos RUXHO & Christos Ap. LADIAS, 2022. "Increasing Funding For The Regional Industry Of Kosovo And The Impact On Economic Growth," Regional Science Inquiry, Hellenic Association of Regional Scientists, vol. 0(1), pages 117-126, June.
    8. Dervis Kirikkaleli, 2019. "Time–frequency dependency of financial risk and economic risk: evidence from Greece," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 8(1), pages 1-10, December.
    9. Chen, Huangxin & Shi, Yi & Zhao, Xin, 2022. "Investment in renewable energy resources, sustainable financial inclusion and energy efficiency: A case of US economy," Resources Policy, Elsevier, vol. 77(C).
    10. Babatunde Akinmade & Festus Fatai Adedoyin & Festus Victor Bekun, 2020. "The impact of stock market manipulation on Nigeria’s economic performance," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 9(1), pages 1-28, December.
    11. Meng, Bing & Xue, Kunkun & Han, Miaoyi, 2022. "Digitalization, natural resources rents, and financial market risk: Evidence from G7 countries," Resources Policy, Elsevier, vol. 79(C).
    12. Kirikkaleli, Dervis & Sokri, Abderrahmane & Candemir, Mehmet & Ertugrul, Hasan Murat, 2017. "Panel cointegration: Long-run relationship between internet, electricity consumption and economic growth. Evidence from OECD countries," MPRA Paper 114709, University Library of Munich, Germany.
    13. Li, Yumei & Naqvi, Bushra & Caglar, Ersin & Chu, Chien-Chi, 2020. "N-11 countries: Are the new victims of resource-curse?," Resources Policy, Elsevier, vol. 67(C).
    14. Abroon Qazi & Mecit Can Emre Simsekler, 2022. "Prioritizing interdependent drivers of financial, economic, and political risks using a data-driven probabilistic approach," Risk Management, Palgrave Macmillan, vol. 24(2), pages 164-185, June.
    15. Dalina-Maria ANDREI, 2021. "New Companies’ Formation In Romania. A Pvar Model Approach," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 62(2), pages 30-45, June.
    16. Dervis Kirikkaleli & Kelvin Onyibor, 2020. "The Effects of Financial and Political Risks on Economic Risk in Southern European Countries: A Dynamic Panel Analysis," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(1), pages 381-393, January.
    17. Ayhan Orhan & Dervis Kirikkaleli & Fatih Ayhan, 2019. "Analysis of Wavelet Coherence: Service Sector Index and Economic Growth in an Emerging Market," Sustainability, MDPI, vol. 11(23), pages 1-12, November.
    18. DerviÅŸ Kirikkaleli & Mustafa Tevfik Kartal & Tomiwa Sunday Adebayo, 2022. "Time And Frequency Dependency Of Foreign Exchange Rates And Country Risk:Evidence From Turkey," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 25(1), pages 37-54.
    19. Kaodui Li & Easmond Baah Nketia & Yusheng Kong & Michael Appiah, 2023. "An Introspective Analysis of Inclusive Growth in Africa, With an Eminence on the Influence of Governance and Financial Development Interaction," SAGE Open, , vol. 13(2), pages 21582440231, April.
    20. Dervis Kirikkaleli & Andrew Adewale Alola, 2023. "The regime switching evidence of financial-economic-political risk in Turkey," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(4), pages 3747-3762, August.

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