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The purpose of this article is to analyse the state and the dynamics of developmental and other aspects of investments in research and development (R&D) in the group of countries in Southeast Europe. The analysis is performed for several countries in Southeast Europe together and by individual countries. The period from 1996 to 2020 is observed in the analysis. In most countries of Southeast Europe, the allocation for R&D is relatively small. Applied research is the most represented. Significant differences can be noticed regarding the sources of financing and to the implementation of allocations for R&D. A particularly important part of this work is devoted to the analysis of the impact of the gross expenditures on R&D on economic growth. This analysis was performed on the basis of regression analysis. Several regression models were formed in which the dependent variable was gross domestic product per capita It can be concluded that the parameters of the financial condition of the observed economy have the greatest influence on the economic growth of the observed group of countries. Allocations for research and development still do not have a significant enough impact on economic growth in observed countries in Southeast Europe. [ABSTRACT FROM AUTHOR]

We employ the conceptual framework of "N-tuple helices" and devise a composite indicator, namely SFIGA (Society-Finance-Industry-Government-Academia), that aims at measuring the innovation performance of 24 OECD European countries from 2008 to 2017. We also investigate the effects of actors-helices on GDP per capita. The preliminary results from panel data regressions (OLS, quantile, and GMM) indicate their decisive economic importance as key actors of national innovation systems. However, the negative impact of academia on economic growth may explain a highly required resource allocation for basic research in the "knowledge economy" era. Its potential positive economic effects probably require time and patience. [ABSTRACT FROM AUTHOR]

In this paper we investigate house price misalignments and how they affect the real economy. We estimate the long-term relationship between house prices and the fundamentals that determine long-term house prices for a panel of European countries with dynamic OLS, using data from 2005–2018. We find that income has been the main driver of fundamental house prices in all countries, while the supply of dwellings has calmed the rise in house prices in some of them. We calculate house price misalignments, which are deviations of house prices from the fundamental value, and we employ them in the growth model. The results of the growth regression indicate that house price imbalances amplify business cycles in the short term, but in the long term house price overvaluations slow economic growth down. The findings imply that it is crucial to take measures to stabilize housing cycles. [ABSTRACT FROM AUTHOR]

Several scholars have suggested that political dividedness has harmful effects on economic performance. Interestingly, empirical tests tackling this argument are almost entirely absent. The paper aims to fill this gap by testing the above hypothesis using data from the European Social Survey, including 27 countries between 2002 and 2015. Controlling for a range of well-known explanatory variables, the results of the panel regression analysis suggest that partisan polarisation is adversely related to economic growth, while ideological polarisation is not. The finding is congruent with the hypothesis of polarisation having a notable negative effect on growth, yet future works are necessary to test both the direction and the possible channels of causality. As scholars increasingly describe contemporary politics as an era of growing polarisation, the results imply that partisan polarisation should deserve more attention from political scientists and economists as a factor that might influence economic growth. [ABSTRACT FROM AUTHOR]

The relationship between international trade and economic growth has been an area of interest to many researchers in recent years. Although the literature is broad with respect to this topic, few studies have focused on the particular effect of cultural exports and imports on economic growth. This study addresses the relationship between trade in cultural goods and economic growth for 31 countries in Europe for the period 2004–2017, through a vector error correction model (VECM). A panel Granger causality test and a system generalized method of moments (GMM) are also utilized in this study. Cultural trade is characterized by exports and imports of cultural goods. The results indicate there is a long-run equilibrium relationship between gross domestic product, total exports, capital formation and labour force. Cultural exports and imports have a positive effect on GDP in the long run. In the short run, there is Granger causality of cultural imports on economic growth, total exports, total imports and capital formation. [ABSTRACT FROM AUTHOR]

This study aims to shed light on the capital buffer and risk adjustments in the banking sector of South-Eastern European countries following the financial crisis of 2008 that triggered a series of bank reforms and new regulations. Using Bankscope data for the period 2009–2014, we investigate the effect of economic growth and institutional quality on banks' voluntary capital buffers and risk. Our main findings suggest first that changes in risk positively affect capital buffers. Second, we find that risk adjustments are negatively affected by economic growth, but no significant effect of economic growth on the capital buffer was noted. Finally, our results show that a rise in institutional quality reduces the need for banks to extend their capital buffers. [ABSTRACT FROM AUTHOR]

Using a unique data set of annual nighttime satellite images from the Defense Meteorological Satellite Program's Operational Linescan System, this article, under the assumption that the density of sum of lights is a proxy for the concentration of populations and economic activities, provides empirically based evidence on the extent of concentration, growth and convergence in Europe between 1992 and 2012. We find that the concentration of populations and economic activities was associated with the level, density and growth of economic factors. Decomposing these economic factors, the agricultural sector, which was a sector resilient to economic recession, seems to have been the key determinant of concentration. Finally, there is strong evidence of divergence in concentration, implying that socioeconomic activities will continue to be concentrated in European urban areas. [ABSTRACT FROM AUTHOR]

In this paper the author uses the methodology of futurologists to paint a picture of Europe 20 years after the Single Market comes into force. The paper sets out to demonstrate that there is a paradigm shift under way in Europe which will lead to major changes for both marketers and educators during the first part of the 21st century. [ABSTRACT FROM AUTHOR]

Africa was for a long time considered to be Europe's backyard. This situation since the turn of the century has changed considerably. With new actors pursuing their own economic interests, mainly representing the growing influence of so-called emerging economies, new multipolar realities have arrived on the continent. Access to and control over natural resources has entered a new stage of competition among external actors and in their interaction with local elites. Africa has changed as an arena, and realities are increasingly shaped by Chinese influence too. This overview on recent contributions to the debate summarises the current assessments of the degree, impact and effects of the Chinese economic expansion. It then reflects on the potential new scope for cooperation and development and ends with some conclusions on the possible options and opportunities this might offer. [ABSTRACT FROM PUBLISHER]

This paper attempts to reconcile the often inconclusive evidence on the role of FDI in the process of economic development by taking into account the heterogeneity both among industries and among countries. Using a comparable database at the industry level for 35 countries in the OECD, Asia and Eastern Europe from 1987 to 2002, we test for the influence of both stage of development and sectoral FDI patterns in the relationship between FDI and productivity growth. In certain industries and for the catching-up countries, a significant and positive relationship emerges when FDI coincides with high investment or export orientation. [ABSTRACT FROM AUTHOR]

The article focuses on the development of rural peripheral areas in Europe. Rural areas can be defined in terms of a number of socio-spatial characteristics. The economic development of rural areas is closely associated with the interaction between the external environment and entrepreneurial agents. The key economic challenge for rural areas is how can a small number of entrepreneurial individuals adjust to and exploit the characteristics of their external environment.

The objective of this article is to assess whether the recent economic evolution of EU accession countries and their expected developments for the coming years put them in a better or a worse position to join the euro. Using structural vector autoregression models, the results show that shocks are more asymmetric in candidate countries than in current euro-zone members and that the situation has worsened in the most recent years. However it seems that monetary policies in accession countries are closely influenced by monetary conditions in the euro zone. If this is the case, then the costs of losing monetary independence when joining the euro would be reduced. In any case, and considering that, on average, correlations are still far from the values of the euro-zone countries, the flexibility of real sector and labor markets will be essential for the sustainability of joining the euro. [ABSTRACT FROM AUTHOR]