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the survey of economic convergence and spillover effects between eu and mediterranean countries

نویسنده:

ISC (22 صفحه - از 63 تا 84)

کلیدواژه ها :

Economic Convergence ،Spillover Effects ،EU ،Mediterranean Countries ،Spatial Econometrics ،Contiguity ،Solow-Swan Growth Model

کلید واژه های ماشینی : Spatial Econometrics، GDP، Vaya، Therefore، Solow، Rey Montoury، GY، E U Mediterranean Countries، Recent، Barro Sala

In recent decades, economic growth and its determinants have been important issues in economics. Economists have made attempts to analyze economic relations of countries and to seek ways leading a higher rate of growth. Therefore, various models are drawn in this regard. Recent theoretical growth models have relied on the importance of externalities. Today, it is found out a new round in global economy in which the economy of different nations have been closed and linked to each other. In new conditions of global economy, joint activities and signing agreements between countries could generate opportunities for them, and their economies converge. When a country raises its investment and improves technology, it spreads out of its borders. Hence, the subject of spillovers is discussed. In the literature, there is particular emphasis on the role of contiguity, trade and economic co-operations in transferring capital and technology resulting in a higher rate of economic growth. Less developed and developing countries can benefit from spillover effects knowledge and technology of developed countries, and they can go through development way more quickly –like Newly Industrialized Asian Countries. It is clear that benefiting from these externalities is influenced by domestic situation and capacity of each economy. The objective of this study is to analyze convergence and spillover effects between EU and countries on the Southern side of the Mediterranean.

خلاصه ماشینی:

"Keywords: Economic Convergence, Spillover Effects, EU, Mediterranean Countries, Spatial Econometrics, Contiguity, Solow-Swan Growth Model. One the famous models in this regard is the Solow-Swan''''s growth model which considered the relationship between growth rate and primary level of per capita income and propose economic convergence hypothesis. Convergence is indeed conditional, because the stable levels of economic variables depend on the structural factors including the saving rates, population growth rate, and the situation of production function, while these factors are significantly different across different countries. Regarding this hypothesis, a lower level of primary real GDP per capita with respect to the long-run or its steady-state, a higher rate of growth is expected and the speed of convergence increases. Because in this paper, the focus is on contiguity spillovers, we can state that GYpit and LGDPpi,t-1 are the average of growth rates and primary incomes per capita of neighbors of country i. [1] Thus, in this section, we first examine spatial autocorrelation of considered countries'''' growth rates by Geary''''c test and then regarding to available data, we estimate the specified growth model stated in equation (4) for EU member States –with exception of Germany – and nine Mediterranean countries - Algeria, Egypt, Israel, Jordan, Malta, morocco, Syria, Tunisia and Turkey– in the period 1990- 99. 70 In this equation, the estimated coefficient of β is not significant yet, which means that the current situation of countries do not have a meaningful difference with their steady-states, and the lag period income capita variable does not have the expected positive contribution in growth rate."

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