Faculty of Economics
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Item type:Publication, The Role of Institutions in Economic Growth: A Systematic Literature Review(Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business, 2024); ; Purpose: This paper gives a systematic literature review of the research field of institutions and economic growth. The goal of the paper is to provide information on predominant trends in publishing studies, prevailing sentiments on the role of institutions, and emerging themes in the field, to identify gaps in the existing literature and possible avenues for further research. Methodology: The study systematically reviews papers on institutions and economic growth from the Scopus database following the PRISMA protocol. The research uses descriptive analysis (annual distribution of articles, frequently referenced papers, central and emerging topics), sentiment analysis, and keyword co-occurrence network analysis. Results: A total number of 78 papers published between 2006 and 2023 were analysed. The results suggest a growing interest in the subject, encompassing topics such as governance, human capital, trade openness, and the resource curse. Sentiment analysis suggests that most of the literature is optimistic about the impact of institutions on fostering economic growth. Keyword analysis indicates that institutions, governance, and economic growth remain key areas of interest, with increasing emphasis on region-specific research and empirical approaches. Conclusion: The prevailing research indicates that quality institutions play a crucial role in economic growth, enhancing the impact of other factors like financial development, trade openness, and human capital. The review underscores the pivotal role of institutions in sustaining long-term economic progress and suggests further exploration of less researched areas, such as regional development and entrepreneurship, and the utilisation of additional scientific databases to deepen our comprehension of institutional dynamics. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Institutions and economic growth in European post-transition economies(University of Rijeka, Faculty of Economics and Business, 2024); ; This paper discusses the role of institutions in economic growth in selected European post transition economies. During the 1990s, Central and Eastern European countries faced challenges adapting their political and economic systems to keep up with a rapidly changing global landscape. They needed new institutions like regulations, social norms, and organisations to support a capitalist economy. These institutions provide a framework for economic activity and guide individuals to act in ways that align with economic goals. They are crucial for creating a stable environment for economic growth, promoting investment and innovation, and reducing uncertainty, which is essential for economic success. To analyse this, we conduct an econometric analysis of 16 European post-transition countries from 1998-2019 using fixed-effect, Arellano and Bond’s first difference GMM estimator, and the system GMM estimator. The results indicate that institutions significantly impact economic growth. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Remittances, Institutions, and Economic Growth: The Case of the European Union(Eurasia Business and Economics Society, 2022-07); Theoretical and empirical research on the impact of remittances on the economy has produced very different results. International remittances stimulate economic growth for many countries, mainly by increasing national disposable income. The paper empirically investigates the role of remittances and institutions in the economic growth of the 27 member states of the European Union (EU) from 1995-to 2019. The selected group of countries includes countries from different levels of economic development and countries from the former socialist system, countries that are in transition, countries that have successfully overcome that process, and traditionally capitalist countries with different quality of institutions. Using the generalized method of moments (GMM) in a data analysis panel, we found evidence that institutions play an essential role in how remittances affect economic growth. It has been found that a healthy institutional environment affects the volume and efficiency of investments; hence, in the presence of good institutions, remittances could be channeled more efficiently, which will eventually lead to greater output. The paper also proves that with better institutional quality in the country, the effect of remittances and other economic and financial activities is more pronounced. Thus, to the extent that policies that promote greater freedom of economic activity are promoted, national economies will benefit more from remittances. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Human Freedom and Economic Prosperity: Evidence from Eastern Europe(Visio Institute, 2019); Katerina Shapkova KocevskaThe main mechanism that relates human freedom to economic growth is channeled through institutional and economic factors, such as government effectiveness, investments, and trade. Therefore, institutions are an important determinant of economic prosperity in countries worldwide. Institutions shape human behavior, set the “rules of the game” in society, and reflect the prevailing norms and values. Both economic science and history have proved that economies and societies flourish in a market-supportive environment where institutions adhere to personal choice, self-ownership, and the rule of law. In this paper, we focus on exploring the fractional effects of institutional changes on economic growth (measured as GDP per capita) and on productivity (measured as GDP per person employed). We developed ordinary least squares (OLS) panel regression models for selected economies of Eastern Europe, or around 20 cross-section units (countries) in the period between 2008 and 2016. The cross-country regression models demonstrate that institutions presented with human freedom and human capital have the highest influence and are statistically significant determinants of economic growth and productivity in the selected economies of Eastern Europe. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Influence of Trade and Institutions on Economic Growth in Transitional Economies: Evidences from Countries from Central and Eastern Europe and Western Balkans(Institute of economic sciences, Belgrade, Serbia, 2017)