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External and Domestic Growth Forces in the Performance of European Union Economies

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Abstract

The interaction of the export ratio and the investment ratio, including foreign direct investment ratio, with income per capita was examined for all members in the EU using Granger-causality tests. Best results were obtained when the investigated variables were expressed in levels. These results bring to light a significant number of causality relations. From bidirectional causalities between (a) the export ratio and GDP per capita and (b) the investment ratio and GDP per capita there is prima facie evidence in support of Myrdal’s hypothesis of cumulative circular causation, and of small countries being primary beneficiaries from EU participation. Evidence for the importance of foreign direct investment was generally lacking, suggesting that the new EU members will be disappointed if they wrongly expect stimulation of their economies from foreign capital inflows.

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  • Serletis, Apostolos & Afxentiou, Panos & Yavari, Kazem, 2004. "External and Domestic Growth Forces in the Performance of European Union Economies," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 57(1), pages 41-57.
    • Handle: RePEc:ris:ecoint:0142
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    Cited by:

    1. Antonios Adamopoulos & Athanasios Vazakidis, 2019. "A System Equation Model A Comparative Study for G-7 Countries," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 69(4), pages 74-109, October-D.

    More about this item

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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