Foreign direct investments (FDI) and exports play an important role in economic development worldwide. However, there is a widespread belief among economists that economic growth cannot be enhanced if unemployment rates are very high.... more
Foreign direct investments (FDI) and exports play an important role in economic development worldwide. However, there is a widespread belief among economists that economic growth cannot be enhanced if unemployment rates are very high. This paper applies panel unit root tests, panel cointegration and panel causality test to investigate the relationship between exports, FDI, unemployment and economic growth in thirteen new European Union (EU) members (Bulgaria, Czech Republic, Estonia, Croatia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Romania, Slovenia, and Slovakia) using annual data for the period 1995-2013. The FMOLS and DOLS are used to estimate the long run relationship between the examined variables. The results of the study indicate that, in the long run, there is bidirectional causality between exports and economic development and a unidirectional causality between economic development and unemployment with direction from economic development to unemployment. Also, t...
Research Interests: Economics, Macroeconomics, International Trade, Applied Econometrics, Economic Growth, and 14 moreEuropean Union, Causality, Applied Economics, Panel Data, Global Financial Crisis, Econometrics Models - Panel Data, Granger causality, Foreign Direct Investment ( FDI ), New EU members, European Debt Crisis, EU Member states, Applied Economectrics, DOLS Estimation, and FMOLS estimation
The aim of this paper is to investigate the relationship between unemployment rate, economic growth and inflation rate in Greece, using annual data covering the period 1995-2015. The unit root tests results indicated that the variables... more
The aim of this paper is to investigate the relationship between unemployment rate, economic growth and inflation rate in Greece, using annual data covering the period 1995-2015. The unit root tests results indicated that the variables have different integration order. Subsequently, the bounds testing (ARDL) approach and ECM-ARDL model are applied in order to examine the long-run and the causal relationship between the variables. The empirical results of the study revealed, both in the short and long-run, that there is a unidirectional causal relationship between unemployment and economic growth with direction from unemployment to economic growth, as well as a unidirectional causality running from inflation to economic growth.
Research Interests:
The purpose of this paper is to investigate the relationship between inflation and unemployment rate, in the case of Poland over the period 1992–2017, within the Phillips curve context. Several econometric techniques are applied,... more
The purpose of this paper is to investigate the relationship between inflation and unemployment rate, in the case of Poland over the period 1992–2017, within the Phillips curve context. Several econometric techniques are applied, including the bounds testing (ARDL) approach developed by Pesaran et al. (J Appl Econometrics 16(3):289–326, 2001) as well as Toda and Yamamoto (J Econometrics 66:225–250, 1995) modification of the Granger causality test (no-causality approach) in a two-variable vector autoregression (VAR) model. The results of the study confirm a long run relationship among the examined variables for the aforementioned period. Finally, the findings of Toda and Yamamoto (J Econometrics 66:225–250, 1995) analysis indicate a unidirectional causality between unemployment rate and inflation with direction from unemployment rate to inflation. Policy implications are then explored in the conclusions.
Research Interests:
Foreign direct investments and exports play an important role in economic growth worldwide. Particularly, foreign direct investments have been considered as one of the best alternatives to fuel economic growth mainly for developing... more
Foreign direct investments and exports play an important role in economic growth worldwide. Particularly, foreign direct investments have been considered as one of the best alternatives to fuel economic growth mainly for developing countries. Policy, macroeconomic stability of each country as well as the labor market of an economy are some of the main aspects analyzed by foreign investors before investing in a country. In this paper we study the interdependencies among foreign direct investment, exports, unemployment and economic growth for thirteen new member countries of European Union (EU) for the period 1995-2013. The econometric methodology, based on error correction model is used to analyze the short and long term causal relationship between the examined variables. The main finding of the study is that there is bidirectional long term causal relationship between exports and economic growth and unidirectional long term causal relationship between economic growth and unemploymen...
Research Interests: Economics, Econometrics, International Trade, Economic Growth, Unemployment, and 15 moreEuropean Union, Causality, Applied Economics, Panel Data, Growth, Econometrics Models - Panel Data, Foreign Direct Investment ( FDI ), Panel Data Cointegration, Panel Data Unit Roots, Exports, Cointegration, Unit Root and Cointegration Analysis, Aplied Econometric, Vector Error Correction Mechanism (VECM), and panel FMOLS
The objective of this study is to explore the relationship between energy consumption, carbon dioxide (CO2) emissions, urbanization, trade and economic growth for Greece, in the environmental Kuznets curve (EKC) model, for the period... more
The objective of this study is to explore the relationship between energy consumption, carbon dioxide (CO2) emissions, urbanization, trade and economic growth for Greece, in the environmental Kuznets curve (EKC) model, for the period 2000-2017. We investigate this relationship using the vector error correction model (VECM) and we employ Granger causality technique in order to explore the presence of causality among the examined variables. The long run results confirm bidirectional causal relationships between economic growth and CO2 emissions, as well as between CO2 emissions and trade openness. In addition, there exist unidirectional Granger causalities that run from energy consumption to trade, and from urbanization to CO2 emissions. In the short run, the results reveal that there is a causal relationship between economic growth and urbanization, with direction from economic growth to urbanization. The Greek government is advised to emphasize on the use of renewable energy and clean technologies of renewable energy in order to achieve lower levels of emissions.
Research Interests:
The purpose of this paper is to investigate the relationship between inflation and unemployment rate, in the case of Poland over the period 1992-2017, within the Phillips curve context. For the long-term equilibrium relationship and the... more
The purpose of this paper is to investigate the relationship between inflation and unemployment rate, in the case of Poland over the period 1992-2017, within the Phillips curve context. For the long-term equilibrium relationship and the causal relationship of the examined variables, the Autoregressive Distributed Lag (ARDL) technique developed by Pesaran et al. (2001) and the causality approach of Toda and Yamamoto (1995) are applied, as the most appropriate for the sample size and the integration of the variables. The results of the study revealed that there is a long run relation between unemployment rate and the inflation rate for Poland, for the aforementioned period. In addition, the causality results indicated a unidirectional relationship between unemployment rate and inflation rate, with direction from unemployment to inflation. Finally, to forecast the model variables, the impulse response functions and the variance decomposition method are applied. The results for a 10-yea...
Research Interests:
This paper explores the relationship between trade openness and economic growth using data for the thirteen newest European Union members. The study covers the period of 1995–2013. We have applied panel cointegration and causality... more
This paper explores the relationship between trade openness and economic growth using data for the thirteen newest European Union members. The study covers the period of 1995–2013. We have applied panel cointegration and causality approaches to examine the long-run and the causal relationship between the variables. Empirical results confirm the presence of a cointegrating vector between trade openness and economic growth, in this group of the thirteen countries. An error correction model (ECM), followed by the two steps of Engle and Granger was used to capture the short and long-run dynamics. The impact of economic growth and trade openness is found to be positive. Finally, the panel Granger causality analysis reveals a unidirectional causal relationship running from trade openness to economic growth, both in the short and in the long-run.
Research Interests: Economics, Macroeconomics, European integration, International Trade, Applied Econometrics, and 14 moreEconomic Growth, European Union, Causality, Applied Economics, Panel Data, Trade Openness, Cointegration, New EU members, VECM, EU Member states, Unit Root and Cointegration Analysis, DOLS Estimation, Fmols, and FMOLS estimation
The purpose of this paper is to analyze the long run equilibrium relationship of electricity consumption in Italy from a unique perspective, taking tourism expansion as a proxy for exogenous growth. The sample used is annual data covering... more
The purpose of this paper is to analyze the long run equilibrium relationship of electricity consumption in Italy from a unique perspective, taking tourism expansion as a proxy for exogenous growth. The sample used is annual data covering the period 1990-2018. The Autoregressive Distributed Lag (ARDL) bounds testing approach and the causality method of Toda and Yamamoto (1995) are applied, as the most appropriate for the integration of the variables and the sample size. The ARDL results, as well as additional cross checking test, reveal a long run relation between electricity consumption, foreign tourist arrivals and economic growth in the country. Foreign tourist arrivals and economic growth have significant impact on electricity consumption, both in the short and in the long run. Τhe causality results support unidirectional causalities running from foreign tourist arrivals and economic growth to electricity consumption. In addition, foreign tourist arrivals influence electricity c...
Research Interests:
The aim of this paper is to investigate the relationship between CO2 emissions (carbon dioxide emissions), energy consumption and economic growth in Italy, using annual data covering the period 1960-2011. The unit root tests results... more
The aim of this paper is to investigate the relationship between CO2 emissions (carbon dioxide emissions), energy consumption and economic growth in Italy, using annual data covering the period 1960-2011. The unit root tests results indicated that the variables are not stationary in levels but in their first differences. Subsequently, the Johansen cointegration test showed that there is a cointegrated vector between the examined variables. The vector error correction model (VECM) is used in order to find the causality relations among the variables. The empirical results of the study revealed that both in the short and long run there is a strong unidirectional causality relation between economic growth and CO2emissions with direction from economic growth to CO2 emissions. Finally, the impulse response functions indicated that a reduction in CO2 emissions has a positive effect on energy consumption, while it causes a decrease in economic growth.
Research Interests:
The aim of this paper is to analyze the relationship between international trade and economic and financial development for Poland for the period 1990-2016. For this long run relationship we apply the autoregressive distributed lag – ARDL... more
The aim of this paper is to analyze the relationship between international trade and economic and financial development for Poland for the period 1990-2016. For this long run relationship we apply the autoregressive distributed lag – ARDL technique as it was formed by Pesaran and Shin (1999) and Pesaran et al (2001) as well as the augmented Cobb-Douglas production function formed by Mankiw et al (1992). The results of ARDL test confirm the existence of long run relationship between examined variables. Capital seems to be an impetus of economic development both in the short and long run, while labor has a negative impact in Poland’s economic growth. However, trade openness and financial development found to be insignificant on economic development both in the short and long run. Finally, causality results showed that there is a unilateral causal relationship between financial development and labor towards economic development and also a bilateral causal relationship between capital and trade openness with economic development.
Research Interests:
The aim of this paper is to investigate the relationship between financial development and economic growth, within a panel framework that also accounts for trade openness, for the case of Eurozone using data covering the period 1990-2018.... more
The aim of this paper is to investigate the relationship between financial development and economic growth, within a panel framework that also accounts for trade openness, for the case of Eurozone using data covering the period 1990-2018. We explore this relationship using panel analysis techniques, robust to cross sectional dependence, in order to investigate the presence of causality between the variables. The cointegration results suggested that there is one cointegrated vector between the functions of economic growth, financial development and trade openness. In addition, the causality results of the study revealed, both in the short and long-run, that there is a unidirectional causal relationship between financial development and economic growth with direction from economic growth to financial development, as well as a unidirectional causality running from trade openness to financial development.
The aim of this paper is to investigate the relationship between CO2 emissions (carbon dioxide emissions), energy consumption, and economic growth in Italy, using annual data covering the period 1960–2011. The unit root tests results... more
The aim of this paper is to investigate the relationship between CO2 emissions (carbon dioxide emissions), energy consumption, and economic growth in Italy, using annual data covering the period 1960–2011. The unit root tests results indicated that the variables are not stationary in levels but in their first differences. Subsequently, Johansen’s cointegration test showed that there is a cointegrated vector between the examined variables. The vector error correction model (VECM) is used in order to find the causality relations among the variables. The empirical results of the study revealed that, in the short run, there is a unidirectional causality relation between economic growth and CO2 emissions with direction from economic growth to CO2 emissions, as well as a unidirectional causality relation running from economic growth to energy consumption. Moreover, the results showed that there is short-run bidirectional causality relation between energy consumption and CO2 emissions.
Research Interests: Economics, Macroeconomics, Climate Change, Applied Econometrics, Economic Growth, and 12 moreCarbon Dioxide, Causality, Applied Economics, Trade, Italy, Trade Openness, Granger causality, Greenhouse Effect, Applied Economic, CO Emissions, Vector Error Correction Mechanism (VECM), and Paris Agreement
Από το καλοκαίρι του 2008 η παγκόσμια οικονομία αντιμετωπίζει μια βαθιά κρίση. Η οικονομική αυτή κρίση, η οποία εκδηλώθηκε αρχικά στην αγορά των ενυπόθηκων στεγαστικών δανείων των Ηνωμένων Πολιτειών Αμερικής (ΗΠΑ) εξελίχθηκε ταχύτατα σε... more
Από το καλοκαίρι του 2008 η παγκόσμια οικονομία αντιμετωπίζει μια βαθιά κρίση. Η οικονομική αυτή κρίση, η οποία εκδηλώθηκε αρχικά στην αγορά των ενυπόθηκων στεγαστικών δανείων των Ηνωμένων Πολιτειών Αμερικής (ΗΠΑ) εξελίχθηκε ταχύτατα σε μια μεγάλη απειλή για το παγκόσμιο τραπεζικό σύστημα. Το γεγονός αυτό συνέβη διότι οι επισφάλειες των ενυπόθηκων δανείων υψηλού κινδύνου αποτελέσαν αντικείμενο συναλλαγής μεταξύ των χρηματοπιστωτικών ιδρυμάτων. Η διασύνδεση των χρηματοπιστωτικών αγορών καθώς και η αλληλεξάρτηση των αγορών αγαθών και υπηρεσιών αποτέλεσαν διαύλους μετάδοσης της κρίσης στις χώρες της Ευρώπης. Η ανάπτυξη κοινών στρατηγικών με σκοπό την αύξηση των επενδύσεων, την προώθηση των εξαγωγών και την ενίσχυση της ανταγωνιστικότητας ήταν ο μακροπρόθεσμος στόχος της Ευρωπαϊκής Ένωσης (ΕΕ).Στην εργασία αυτή, εξετάζονται οι σχέσεις ανάμεσα στις μεταβλητές των άμεσων ξένων επενδύσεων, των εξαγωγών αγαθών και υπηρεσιών, της ανεργίας και της οικονομικής ανάπτυξης για όλες τις χώρες μέλη...
Research Interests:
Research Interests:
This paper investigates the effect of Foreign Direct Investment (FDI) on economic growth in Greece, within a framework that also accounts unemployment rate, using annual data covering the period 1970 to 2017. Several econometric models... more
This paper investigates the effect of Foreign Direct Investment (FDI) on economic growth in Greece, within a framework that also accounts unemployment rate, using annual data covering the period 1970 to 2017. Several econometric models are applied including the ARDL bound test approach for cointegration as well as ECM-ARDL model for causality. The results of the study confirm the existence of a long run relationship among the examined variables. The Granger causality results indicated a strong unidirectional causality between economic development and foreign direct investments with direction from economic development to foreign direct investments. Finally, the variance decomposition method and the impulse response functions are used to test the strength of causality between the variables. The results of the study offer new perspectives and insight for new policies for sustainable economic development, increasing investments and reducing unemployment.
Research Interests:
The aim of this paper is to investigate the relationship between CO2 emissions (carbon dioxide emissions), energy consumption and economic growth in Italy, using annual data covering the period 1960-2011. The unit root tests results... more
The aim of this paper is to investigate the relationship between CO2 emissions (carbon dioxide emissions), energy consumption and economic growth in Italy, using annual data covering the period 1960-2011. The unit root tests results indicated that the variables are not stationary in levels but in their first differences. Subsequently, the Johansen cointegration test showed that there is a cointegrated vector between the examined variables. The Vector Error Correction Model (VECM) is used in order to find the causality relations among the variables. The empirical results of the study revealed that both in the short and long run there is a strong unidirectional causality relation between economic growth and CO2 emissions with direction from economic growth to CO2 emissions. Finally, the impulse response functions indicated that a reduction in CO2 emissions has a positive effect on energy consumption, while it causes a decrease in economic growth.
Research Interests:
Research Interests:
Research Interests:
This study investigates the relationship between exports, foreign direct investments (FDI) and economic growth in five Eurozone countries (Greece, Portugal, Ireland, Spain, and Italy) using panel data for the period 1970 to 2011. The... more
This study investigates the relationship between exports, foreign direct investments (FDI) and economic growth in five Eurozone countries (Greece, Portugal, Ireland, Spain, and Italy) using panel data for the period 1970 to 2011. The panel data causality results revealed that there is bidirectional causality between exports and economic development, while there is no causality between economic growth and FDI nor between FDI and exports.
Research Interests: Economics, Macroeconomics, International Trade, Applied Econometrics, Economic Growth, and 11 moreCausality, Applied Economics, Panel Data, Global Financial Crisis, Econometrics Models - Panel Data, Fixed-Effects Models, Granger causality, Foreign Direct Investment ( FDI ), Exports, Random-Effects Models, and Economical Growth
This study investigates the relationship between exports, foreign direct investments (FDI) and economic growth in five Eurozone countries (Greece, Portugal, Ireland, Spain, and Italy) using panel data for the period 1970 to 2011. The... more
This study investigates the relationship between exports, foreign direct investments (FDI) and economic growth in five Eurozone countries (Greece, Portugal, Ireland, Spain, and Italy) using panel data for the period 1970 to 2011. The panel data causality results revealed that there is bidirectional causality between exports and economic development, while there is no causality between economic growth and FDI nor between FDI and exports.
Research Interests:
This paper studies the relationship between unemployment rate, foreign direct investments and economic growth in Greece using annual time series data for the period 1970 to 2012. Several econometric models are applied including the bounds... more
This paper studies the relationship between unemployment rate, foreign direct investments and economic growth in Greece using annual time series data for the period 1970 to 2012. Several econometric models are applied including the bounds testing (ARDL) approach and ECM-ARDL model. The results confirm a long run relationship among the examined variables. The VECM Granger causality results indicated both in the short run and in the long run a strong unidirectional causality between economic development and foreign direct investments with direction from economic development to foreign direct investments. These results offer new perspectives and insight for new policies for sustainable economic development, increasing investments and reducing unemployment.