Globalization and economic growth of Eurozone economies

Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu

Milan Kostić¹  Marija Radulović² 

[1] microeconomics,industrialorganization,competitionpolicyandconsumerethnocentrism.;nationalcompetitiveness,competitionpolicy,marketconcentration,andforeigndirect investment;

关键词: economic;    political and social globalization;    economic growth;    monetary union;    case by case approach;   

DOI  :  10.18045/zbefri.2020.1.183

来源: DOAJ

【 摘 要 】

Globalization is a process of world economic integration which leads to the global economywithoutborders.Thepaperestimatestheimpactofglobalizationon economicgrowthinthecaseofEuropeanMonetaryUnioncountries(EMU). Authors used three components of globalization – economic, social, and political globalization. Pooled MeanGroupestimator(PMG)wasusedtoestimate the long-run and short-run relationship between globalization and economic growth. The results showed that in the short-run, economic and social globalization has a positive impact on economic growth, while political globalization has a negative effectontheeconomicgrowthofEMUcountries.Inthelong-run,economic globalization has a statistically significant positive impact on the economic growth of EMU countries, while social and political globalization has a negative effect on the economic growth of EMU countries. Authors recommend, for each country, casebycaseapproachinacceptingtheglobalizationprocess.Theapproach depends on the country’s development stage, social, and political background. Thus,the approach for developing and least developed countries could be an evolutionary way, while for the developed ones a faster way of acceptances of globalization, for developed countries.

【 授权许可】

Unknown