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Theory and practice suggest that entrepreneurship is the engine of economic growth. The speed with which a nation moves from economic growth to economic development depends on the performance of entrepreneurial initiatives. Given the role played by entrepreneurship for the development of an economy, increasing its performance can help the development of national markets and the increase in national competitiveness. The main objective of our paper is to investigate the link between entrepreneurial performance and economic development of countries. The research was carried out on a sample of 27 European Union countries in a period of twelve years. We used panel data regression models. As dependent variables for expressing the economic development, we considered the global competitiveness index and the gross domestic product per capita growth. As independent variables, we used a set of indicators measuring entrepreneurial performance. Our findings highlight the significant role played by increased entrepreneurial performance for enhancing the economic development of EU countries. We also find that some indicators expressing entrepreneurial performance might have different effects on the economy depending on the stage of economic development of countries. Our research provides empirical evidence regarding the need for performant entrepreneurial activities for enhancing economic development. [ABSTRACT FROM AUTHOR]

The objective of this paper is to analyze the governments spending - economic growth nexus and examine the asymmetries in the adjustment process between the two in the Croatian and Slovenian economy. The baseline relationship model between the variables of interest is grounded on the assumption of Wagner's Law and Keynesian hypothesis. A possible nonlinear asymmetric effect of governments spending and GDP toward their long-run equilibrium is tested for each case. The test results indicate the presence of nonlienarity in the relationship between public spending and GDP in Croatia and Slovenia as well. Eventually, country specific threshold cointegrating relationship between the considered variables are estimated and tested. The results reveal well suited threshold vector error correction model with significantly different error correction adjustments in normal and stress regimes for each of the two sample country. [ABSTRACT FROM AUTHOR]

Any economy goes through a cyclical evolution, the analysis of which makes the object of study of many specialists in the field, be they part of the macroeconomic decision organisms or simple researchers. Given both the existence of atypical economic cyclicities and the difficulties in correctly forecasting the impact force or even the influence direction, at macroeconomic level, of some key internal and external factors, the questions related to the expected evolution, from a macroeconomic perspective, are a continuous source of thorough analysis. The trend of the gross domestic product, the identification of the main elements determining such pattern, the trade balance, the budgetary deficit or the public debt are just some of the most important topics of research approached in order to anticipate the way an economy might evolve in the near or far future. This is also the intention of the authors of the current paper, who, based on the well-grounded pieces of information provided by the National Bank of Romania, via its financial stability reports, observed in the last five years, undertake to reveal the evolution registered in Romania during this period, as well as to forecast the direction in which the target country is going. [ABSTRACT FROM AUTHOR]

This paper presents models of economic growth for all states of the European Union (EU), since either 1970 or the year of accession to the EU. Both integer and fractional order models are obtained, where the gross domestic product (GDP) is a function of the country's land area, gross capital formation (GCF), exports of goods and services, and average years of school attendance. [ABSTRACT FROM AUTHOR]

The EU integration has had a strong impact on the degree of attractiveness for the countries situated in the Central and Eastern Europe (CEE). Foreign direct investments (FDI) are widely recognized as major catalysts of economic growth. This paper aims to emphasize the favorable impact of EU integration the former transition economies (Romania, Bulgaria, Czech Republic, Hungary and Poland) through the dynamic analysis of the macroeconomic indicators. Using a Granger causality test, the article will highlight, in the case of Romania, the existence of a strong a pozitive correlation between FDI, trade and GDP growth. Further analysis will be expanded by including in the sample both developing and developed countries. The results will allow us to draw important conclusions regarding the role of foreign investments. [ABSTRACT FROM AUTHOR]

This paper proposes to determine the weight of industry in the economic growth of the ECOWAS region. The study is based on the zone approach and entirely uses the statistical tool. Thus, in the context of improving the economic performance of the ECOWAS region in terms of economic growth, the low overall rate of change in real GDP per capita (1,95%) obtained during 1991 and 2014 certifies that enormous efforts are still to be conducted in this community. On the other hand, the small but still appreciable contributions of the value added of the industry to the real GDP of ECOWAS (0,9% in 2012, 0,8% in 2013 and 1,5% in 2014) show that an improvement in the region's industrial structure is enough for the region to see its growth rate increase. In addition, the low evolution of real GDP per capita, which is often short-term, also suggests that economic growth in the ECOWAS region is unstable and heterogeneous. Improved economic performance via growth rate of ECOWAS requires a better valuation of the secondary sector by the authorities. The latter must make this sector a fast growing and diversified growth engine, especially through good industrial policies. In fact, it is mainly about a better valuation of the natural resources of the region, for example of agricultural productions. This could contribute to the endogenous transformation of these products and develop the intra-regional trade, which in turn will lead to regional integration that is also one of the main objectives of the community. [ABSTRACT FROM AUTHOR]

This paper investigates the path effects of systematic government investment on national growth. We build a theory where government investment practices, along with other institutional variables, affect the quality of a country's core public infrastructure system. This, in turn, positively affects national productivity. Using the path analysis method, we test our theoretical framework on a sample of data drawn from 25 developing economies during the period from 1990 to 2000. The results suggest that a unit increase in systematic public investment practices indirectly enhances national productivity with an increase of about $10-$15 in a country's real per capita GDP through the better condition and service capacity of a country's core public infrastructure. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Latin American Studies is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper, we have explored the relationship between three key indicators of the health of any economy, namely, human development index (HDI), foreign direct investment (FDI) and gross domestic product (GDP). Three alternative models were assessed in the study to investigate the dynamics of the cause and effect relationship between the three variables. Thirty countries were selected for the purpose of the study on the basis of a positive change in their HDI ranks from 2012 to 2017. Further, the countries were categorized into countries with very high, high, medium and low HDI ranks. Annual FDI, HDI and GDP data for the period from 1990 through 2016 were used to investigate the nature of the relationship among the selected variables. The proposed models testing the outcome-explanatory variable relationship between FDI, HDI, and GDP were tested using cointegrating regression with panel dynamic least square model (DOLS) and panel fully modified least square model (FMOLS). The findings of the study show that HDI and FDI are the statistically significant variables that positively impact the changes in GDP. Further, the impact of HDI is of larger magnitude than FDI. However, GDP and FDI were not found to exert any statistically significant impact on HDI for the period under the study. Similarly, HDI and GDP were also not found to exert any significant impact on FDI. Before applying DOLS and FMOLS, stationarity was confirmed using five panel unit root tests, namely, LLC, IPS, Fisher-type tests using ADF and PP and Hadri. Thereafter, Pedroni residual cointegration test and Kao residual cointegration test were used to confirm the existence of cointegration among the variables, which is a necessary condition for applying DOLS and FMOLS. The study has key implications for the policymakers in search of models and plans to boost GDPs of their respective countries. Since HDI exerts more than proportionate positive impact on GDP, governments can focus on improving the three components of HDI, namely, life expectancy, adult literacy and education enrolment to promote economic growth. Further, since FDI exerts a positive impact on GDP, policymakers can strategize to make more friendly policies to attract foreign investors. [ABSTRACT FROM AUTHOR]

Purpose — Successive governments in Pakistan have been pursuing pro-growth trickle-down approach with the proclaimed intent that benefits of growth will ultimately reach all. The purpose of this paper is to challenge this intent with a systemic model and suggest alternative policy. Design/methodology/approach — This paper develops a model of system structure of public expenditure and human development (HD) using System Dynamics method. The theoretical and empirical literature provides the conceptual framework to model the paradoxical case of Pakistan. Findings — The simulation results show that high economic growth may not result into better HD indicators. This is in conflict with the trickle-down approach of economic growth which advocates the economically disadvantaged segments of the society ultimately reap the long-term benefits of economic growth. On the contrary, high spending on education and health will yield better results even if the economy grows at a relatively lower rate. This paper suggests that the demographic and human development of Pakistan has strong linkages with the public expenditure on HD and weak linkages with the economic growth. Practical implications — The paper suggests a threshold of 3 percent of sustained economic growth rate as a pre-requisite to plan for HD in Pakistan. With that in place the government should adhere to high public spending on education and health for HD which is not only an end in itself but is also a must for sustainable development. Research limitations/implications — This paper assumes exogenous gross domestic product (GDP). The future research requires relaxing of exogenous assumption for GDP to make it endogenous to reflect two-way feedback relationship of HD and GDP in the long run. Moreover, it will be useful to model the role of HD to promote equitable income distribution in this context where asymmetric income distribution is especially pronounced and may have causal links with HD. Originality/value — A detailed and robust population cohorts' structure that provides demographic development over time is a unique feature of the model developed for this paper. This is a conscious effort to reflect the causal links of economic growth and HI) that involve nonlinearity and delays. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Ciencias Sociales (13159518) is the property of Revista de Ciencias Sociales de la Universidad del Zulia Venezuela and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The comparative analysis of Romania's Development Regions emphasizes the process of increasing disparities of economic and social development between regions during the post-crisis period. Development differences between the most developed region (Bucharest - Ilfov) and the least developed (North-East Region) in terms of GDP per capita grew nearly three times. Meanwhile, the disparities are increasing between regions situated in the western half of the country (North-West, Centre and West), all these regions recording positive economic developments as marry economic and social development indicators ' show consistent growth, and the ones situated in the eastern half of the country (North-East, South-East, South andSouth-West), which are less development. The paper presents a concise analysis of the labour for each of Romania's development regions. [ABSTRACT FROM AUTHOR]

Despite plausible theoretical grounds for presuming a positive relationship between foreign direct investment inflows (FDI) and economic growth, existing empirical evidence on this nexus is inconclusive. In an effort to add to the empirical literature, this paper estimates the relationship between FDI and the rate of growth of GDP using a stochastic frontier model and employing panel data covering 45 countries over the period 1997 to 2004. We find that FDI inflows exert a positive impact on economic growth only in the presence of a highly skilled labour; corruption has a negative impact on economic growth; and trade openness increases economic growth by means of efficiency gains. [ABSTRACT FROM AUTHOR]

This paper examines the causal links between foreign direct investment and economic growth in Nigeria during the period 1970-2008. The authors employed the Granger causality and Johansen co-integration techniques to analyze the relationship and direction of causality between the variables. The Johansen co-integration statistic indicates that the variables are co-integrated, and the granger causality statistic reveals a unidirectional causality running from foreign direct investment to economic growth. [ABSTRACT FROM AUTHOR]

Capital account liberalization and economic growth: evidences from data in Latin-American panel. The aim of this paper is to carry out an empirical analysis about the relation between Capital Account Liberalization and Economic Growth having as object of study the experience of 16 countries of Latin America with annual data for the period 1986-2000. The econometrical calculations do not corroborate the hypothesis that the liberalization of Capital Account would stimulate the economic growth. The results suggest an adverse effect of the liberalization of the Capital Account on the real growth gross domestic product per capita of the countries. [ABSTRACT FROM AUTHOR]

The GDP concept has historically been used to measure human wellbeing and progress. This analytical purview is now coming into question. The GDP concept limits analysis to the economic factor and ignores the social and cultural. Analysis should focus on how well the people are doing. An avalanche of studies is now being directed toward dethroning the GDP as the sole indicator of human well-being and progress. This has been manifest in the derivation of many social indexes which indicate that while the global economy as well as the American economy are experiencing GDP growth, basic needs are not being fulfilled. [ABSTRACT FROM AUTHOR]