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Trade Flows and Economic Growth Between Countries – Members of the European Union


  • Zavou Argyro

    (Department of Economic Studies, University of Peloponnese, Greece)

  • Anastasiou Athanasios

    (Department of Economic Studies, University of Peloponnese, Greece)

  • Liargovas Panagiotis

    (Department of Economic Studies, University of Peloponnese, Greece)

  • Dermatis Zacharias

    (Department of Economic Studies, University of Peloponnese, Greece)

  • Komninos Dimitrios

    (Department of Economic Studies, University of Peloponnese, Greece)


The causal link between trade and economic growth has attracted the researchers’ attention both theoretically and empirically. In this paper, it is investigated the causal relationship between exports and economic growth as well as the impact of other relevant macroeconomic variables such, imports and public debt. More specifically, we examine the causality between the logarithms of real GDP per capita, real exports, real imports and public debt in 28 European Union Countries from 2004 to 2014 (annual data) by using the method of panel data estimation. The results of panel data estimation indicate the presence of causality from both exports and imports to economic growth. Our empirical model provides forceful evidence in support of the export-led growth and import-led growth theory in EU-28 countries.

Suggested Citation

  • Zavou Argyro & Anastasiou Athanasios & Liargovas Panagiotis & Dermatis Zacharias & Komninos Dimitrios, 2018. "Trade Flows and Economic Growth Between Countries – Members of the European Union," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 3(7), pages 78-85, July.
  • Handle: RePEc:nap:nijefr:2018:p:78-85

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    References listed on IDEAS

    1. Hakan Çetintaş & Salih Barişik, 2009. "Export, Import and Economic Growth: The Case of Transition Economies," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 15(4), pages 636-649, February.
    2. Awokuse, Titus O., 2007. "Causality between exports, imports, and economic growth: Evidence from transition economies," Economics Letters, Elsevier, vol. 94(3), pages 389-395, March.
    3. Konya, Laszlo, 2006. "Exports and growth: Granger causality analysis on OECD countries with a panel data approach," Economic Modelling, Elsevier, vol. 23(6), pages 978-992, December.
    4. Barbara Pistoresi & Alberto Rinaldi, 2010. "Exports,growth and causality. New evidence on Italy: 1863-2004," Department of Economics 0633, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    5. P. J. Dawson & L. J. Hubbard, 2004. "Exports and economic growth in Central and East European countries during transition," Applied Economics, Taylor & Francis Journals, vol. 36(16), pages 1819-1824.
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