Analyzing Macroeconomic Indicators of Economic Growth using Panel Data

During last 10 years some EU countries had economical instability. They have short and long term challenges such as unemployment, population ageing, globalization etc. In this study it is aimed to analyze macroeconomic indicators of EU countries’ economic growth using panel data approach. Static lin...

Full description

Saved in:
Bibliographic Details
Published inJournal of Finance and Investment Analysis Vol. 2; no. 3
Main Authors Taș, Nihat, Hepșen, Ali, Önder, Emrah
Format Journal Article
LanguageEnglish
Published Christchurch Scientific Press International Limited 01.01.2013
Subjects
Economic growth
GDP
Gross Domestic Product
Longitudinal studies
Macroeconomics
Unemployment
Turkey
Serbia
Iceland
Online AccessGet full text

Cover

More Information
Summary:During last 10 years some EU countries had economical instability. They have short and long term challenges such as unemployment, population ageing, globalization etc. In this study it is aimed to analyze macroeconomic indicators of EU countries’ economic growth using panel data approach. Static linear panel data models were used for determining the effects of independent macro economic variables on gross domestic product (GDP) of EU member countries including Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom; acceding country: Croatia; and candidate countries: Iceland, Serbia and Turkey. While dependent variable of analyze is gross domestic product (volume), the independent variables are current account balance, general government gross debt, general government revenue, general government total expenditure, gross national savings, inflation (average consumer prices), population, total investment, unemployment rate, volume of exports of goods and services, volume of imports of goods and services. The analysis proposed is based on a panel data (cross sectional time series data) approach. The dataset of this research involves 31 EU member and EU candidate countries (cross sectional units). The effects of 11 macroeconomic indicators on gross domestic product volume were examined. The findings of this research are especially useful for EU candidate countries such as Iceland, Serbia and Turkey for developing convenient economical strategies.
ISSN:2241-0988
2241-0996