: Economic activities in many sub-Saharan African (SSA) countries have weakened markedly in the last few years, with deterioration in trade balances, in-creasing foreign reserve depletion, and exchange rate depreciation. This situation has led to a call by the International Monetary Fund for more flexible exchange rate adjustment and even currency devaluation to reverse the economic downturn. This call for devaluation has generated controversy among economists and policymakers in these countries and has revived the need to study the effects of devaluation on economic output in SSA countries. This study therefore examines the asymmetric effects of currency devaluation as a policy shift on economic output between 1980 and 2019 in six selected SSA countries, namely Ghana, Kenya, Tanzania, Mozambique, Nigeria, and Malawi. The study employs the smooth transition regression (STR) model to determine the relative asymmetric responses of economic output to devaluation and non-devaluation regimes. The results of STR are mixed, as devaluation asymmetrically impacts positively and significantly on economic output in Ghana, Kenya, Tanzania, and Mozambique, but is insignificant in the case of Nigeria and Malawi. This mixed result suggests that the impact of currency devaluation on economic output differs across countries depending on the structure and size of the economy, the nature of goods produced, and the supportive policies in place, among other things. The policy implication of the findings is that policymakers in various countries should understand the peculiarity of core macroeconomic variables in order to design and implement robust policies. effects of currency devaluation on economic output in selected SSA countries a switching model.
{"title":"The asymmetric effects of currency devaluation in selected sub-Saharan Africa","authors":"Joseph Odionye Chukwudi, Jude Chukwu Okechukwu","doi":"10.2298/EKA2130135O","DOIUrl":"https://doi.org/10.2298/EKA2130135O","url":null,"abstract":": Economic activities in many sub-Saharan African (SSA) countries have weakened markedly in the last few years, with deterioration in trade balances, in-creasing foreign reserve depletion, and exchange rate depreciation. This situation has led to a call by the International Monetary Fund for more flexible exchange rate adjustment and even currency devaluation to reverse the economic downturn. This call for devaluation has generated controversy among economists and policymakers in these countries and has revived the need to study the effects of devaluation on economic output in SSA countries. This study therefore examines the asymmetric effects of currency devaluation as a policy shift on economic output between 1980 and 2019 in six selected SSA countries, namely Ghana, Kenya, Tanzania, Mozambique, Nigeria, and Malawi. The study employs the smooth transition regression (STR) model to determine the relative asymmetric responses of economic output to devaluation and non-devaluation regimes. The results of STR are mixed, as devaluation asymmetrically impacts positively and significantly on economic output in Ghana, Kenya, Tanzania, and Mozambique, but is insignificant in the case of Nigeria and Malawi. This mixed result suggests that the impact of currency devaluation on economic output differs across countries depending on the structure and size of the economy, the nature of goods produced, and the supportive policies in place, among other things. The policy implication of the findings is that policymakers in various countries should understand the peculiarity of core macroeconomic variables in order to design and implement robust policies. effects of currency devaluation on economic output in selected SSA countries a switching model.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies the performance of mutual funds that specialise in equity investment. We use a sample of the top sixteen actively managed European equity funds operating in the United States between July 1990 and November 2020. Using standard factor models, we show that none of our sample funds generated a positive and significant alpha. The observed funds could not outperform a simple passive strategy that involves tradeable European benchmark portfolios in the longer run. As a rule, the funds in our sample did not exploit the known asset pricing anomalies.
{"title":"Mutual fund performance: Some recent evidence from European equity funds","authors":"M. Božović","doi":"10.2298/eka2130007b","DOIUrl":"https://doi.org/10.2298/eka2130007b","url":null,"abstract":"This paper studies the performance of mutual funds that specialise in equity investment. We use a sample of the top sixteen actively managed European equity funds operating in the United States between July 1990 and November 2020. Using standard factor models, we show that none of our sample funds generated a positive and significant alpha. The observed funds could not outperform a simple passive strategy that involves tradeable European benchmark portfolios in the longer run. As a rule, the funds in our sample did not exploit the known asset pricing anomalies.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Given the importance of trade performance to overall economic fundamentals, the question arises as to the extent that South East European Countries (SEEC) have successfully followed the successful transition path of Central and Eastern European Countries (CEEC). To address this issue, we use similarity indicators to calculate possible convergence between the export structures of SEEC and CEEC from 2007-2008 to 2018-2019. We then compute the value of the similarity coefficients of SEEC and CEEC export structures and compare them with EU import structures, and intra-industry trade for both SEEC and CEEC. Next, we calculate the qualitative changes of both SEEC and CEEC merchandise trade through the tendency of technology-intensive products. The results of these two groups are compared to determine whether SEEC trade performance is converging to that of the CEEC. The results show structural improvements and an above-average increase in SEEC trade since 2007. However, given the simultaneous, moderate qualitative trade progress in the CEEC, the convergence between these two groups is insufficient to close the gap in the foreseeable future.
{"title":"Is there a trade convergence between South East European and Central European economies","authors":"G. Nikolić, I. Nikolić","doi":"10.2298/eka2131007n","DOIUrl":"https://doi.org/10.2298/eka2131007n","url":null,"abstract":"Given the importance of trade performance to overall economic fundamentals, the question arises as to the extent that South East European Countries (SEEC) have successfully followed the successful transition path of Central and Eastern European Countries (CEEC). To address this issue, we use similarity indicators to calculate possible convergence between the export structures of SEEC and CEEC from 2007-2008 to 2018-2019. We then compute the value of the similarity coefficients of SEEC and CEEC export structures and compare them with EU import structures, and intra-industry trade for both SEEC and CEEC. Next, we calculate the qualitative changes of both SEEC and CEEC merchandise trade through the tendency of technology-intensive products. The results of these two groups are compared to determine whether SEEC trade performance is converging to that of the CEEC. The results show structural improvements and an above-average increase in SEEC trade since 2007. However, given the simultaneous, moderate qualitative trade progress in the CEEC, the convergence between these two groups is insufficient to close the gap in the foreseeable future.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper evaluates the economic performance of the three distinct policy regimes that have been adopted in Serbia since the onset of transition in 2000. The conflict period from 1991 to 1999 deter-mined the starting point of transition and its subsequent realisation. This pre-transi-tion shock was more severe than the shock imposed by the Great Recession in 2008. Besides these shocks, the legacy of con-flict, and unresolved privatisation issues, macroeconomic policies also substantially influenced the performance of the Serbian economy. Three distinct policies were implemented between 2000 and 2018 with clearly differ-ent approaches: neoliberal, populist, and interventionist. This paper evaluates these policies using quarterly data on 20 macro-economic indicators classified in 5 groups: macroeconomic stability and domestic, foreign, financial, and labour markets. Re-garding the achievements of the three mac-roeconomic policies, the neoliberal policy is usually blamed for all the deficiencies in the economy in the period between 2000Q1 and 2006Q2. To the contrary, our data in-dicates that this policy performed the best. The populist policy in the next period from 2006Q3 to 2012Q2 performed the worst. Fi-nally, the interventionist policy, starting in 2012Q3 and evaluated up to 2018Q4, has been inferior to the neoliberal policy but superior to the populist policy. The analysis suggests that apart from macroeconomic policies the starting point of transition mat-ters for a successful economic transition.
{"title":"Transition and post-conflict macroeconomic policies in Serbia","authors":"Miroljub Labus","doi":"10.2298/eka2026073l","DOIUrl":"https://doi.org/10.2298/eka2026073l","url":null,"abstract":"This paper evaluates the economic performance of the three distinct policy regimes that have been adopted in Serbia since the onset of transition in 2000. The conflict period from 1991 to 1999 deter-mined the starting point of transition and its subsequent realisation. This pre-transi-tion shock was more severe than the shock imposed by the Great Recession in 2008. Besides these shocks, the legacy of con-flict, and unresolved privatisation issues, macroeconomic policies also substantially influenced the performance of the Serbian economy. Three distinct policies were implemented between 2000 and 2018 with clearly differ-ent approaches: neoliberal, populist, and interventionist. This paper evaluates these policies using quarterly data on 20 macro-economic indicators classified in 5 groups: macroeconomic stability and domestic, foreign, financial, and labour markets. Re-garding the achievements of the three mac-roeconomic policies, the neoliberal policy is usually blamed for all the deficiencies in the economy in the period between 2000Q1 and 2006Q2. To the contrary, our data in-dicates that this policy performed the best. The populist policy in the next period from 2006Q3 to 2012Q2 performed the worst. Fi-nally, the interventionist policy, starting in 2012Q3 and evaluated up to 2018Q4, has been inferior to the neoliberal policy but superior to the populist policy. The analysis suggests that apart from macroeconomic policies the starting point of transition mat-ters for a successful economic transition.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476081","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ana Aleksić-Mirić, Biljana Bogićević-Milikić, Nebojša Janićijević
* University of Belgrade, Faculty of Economics, Serbia, ana.aleksic@ekof.bg.ac.rs ** University of Belgrade, Faculty of Economics, Serbia, biljana.bogicevic@ekof.bg.ac.rs *** University of Belgrade, Faculty of Economics, Serbianebojsa.janicijevic@ekof.bg.ac.rs JEL CLASSIFICATION: P31, P21, M10 ABSTRACT: In this paper we address the issue of organisational learning in Serbia during the transition, based extensively on the research work of Božidar Cerović that was published in his conference papers, academic journals, books, and edited volumes from the 1990s onwards, as well as in our joint research. We delineate three generations of organisational learning in the post-1989 transformation, which correspond to the transition periods comprehensively analysed in Cerović’s work. We discuss each of these generations of organisational learning as characterised by the specific learning context, shaded by macro-level determinants and distinctive learning antecedents, nature, practices, and outcomes, and provide a theoretical framework using institutional organisation theory to highlight the specific issue of organisational learning in Serbia during the transition of South-Eastern Europe.
{"title":"Organisational learning in Serbia during the transition: The legacy of Bozidar Cerovic and his contribution to transition research","authors":"Ana Aleksić-Mirić, Biljana Bogićević-Milikić, Nebojša Janićijević","doi":"10.2298/eka2025073a","DOIUrl":"https://doi.org/10.2298/eka2025073a","url":null,"abstract":"* University of Belgrade, Faculty of Economics, Serbia, ana.aleksic@ekof.bg.ac.rs ** University of Belgrade, Faculty of Economics, Serbia, biljana.bogicevic@ekof.bg.ac.rs *** University of Belgrade, Faculty of Economics, Serbianebojsa.janicijevic@ekof.bg.ac.rs JEL CLASSIFICATION: P31, P21, M10 ABSTRACT: In this paper we address the issue of organisational learning in Serbia during the transition, based extensively on the research work of Božidar Cerović that was published in his conference papers, academic journals, books, and edited volumes from the 1990s onwards, as well as in our joint research. We delineate three generations of organisational learning in the post-1989 transformation, which correspond to the transition periods comprehensively analysed in Cerović’s work. We discuss each of these generations of organisational learning as characterised by the specific learning context, shaded by macro-level determinants and distinctive learning antecedents, nature, practices, and outcomes, and provide a theoretical framework using institutional organisation theory to highlight the specific issue of organisational learning in Serbia during the transition of South-Eastern Europe.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The effectiveness of capital controls has still not been established, and if they are indefinite they create distortions. This study uses quarterly data on capital controls in 25 Asian and Latin American countries from 2000 to 2019. We present further evidence on the internal and multilateral impacts of capital controls using a Panel VAR model with variance decomposition and impulse-response function analysis. The results show that domestically, capital controls, became more effective after the global financial crisis, with more monetary policy autonomy and exchange rate policy stability. Contrarily, these controls do not affect international reserve accumulation, and a combination of policies, capital controls, and reserves is required to assist governments? decisions. Internationally, capital controls cause negative spillovers that require policy coordination between the countries setting controls and those consequently receiving massive inflows.
{"title":"The domestic impacts and spillovers of capital controls","authors":"Chokri Zehri","doi":"10.2298/eka2027031z","DOIUrl":"https://doi.org/10.2298/eka2027031z","url":null,"abstract":"The effectiveness of capital controls has still not been established, and if they are indefinite they create distortions. This study uses quarterly data on capital controls in 25 Asian and Latin American countries from 2000 to 2019. We present further evidence on the internal and multilateral impacts of capital controls using a Panel VAR model with variance decomposition and impulse-response function analysis. The results show that domestically, capital controls, became more effective after the global financial crisis, with more monetary policy autonomy and exchange rate policy stability. Contrarily, these controls do not affect international reserve accumulation, and a combination of policies, capital controls, and reserves is required to assist governments? decisions. Internationally, capital controls cause negative spillovers that require policy coordination between the countries setting controls and those consequently receiving massive inflows.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A correction has been made to the article ?Towards a political economy of social welfare in Croatia? by Paul Stubbs in Economic Annals, 2019, LXIV(223): 105-136 (https://doi.org/10.2298/EKA1923105S). On page 117 line 9, there was an error: ?? the crisis of shipbuilding in Croatia - dating back to the civil war or even before?? should read: ??the crisis of shipbuilding in Croatia - dating back to wartime or even before??. The latter formulation appeared in the final revised version of the submitted paper and was inadvertently changed during the editing process.
{"title":"Erratum: Correction to Stubbs (2019)","authors":"E. Editorial","doi":"10.2298/eka2024131e","DOIUrl":"https://doi.org/10.2298/eka2024131e","url":null,"abstract":"A correction has been made to the article ?Towards a political economy of social welfare in Croatia? by Paul Stubbs in Economic Annals, 2019, LXIV(223): 105-136 (https://doi.org/10.2298/EKA1923105S). On page 117 line 9, there was an error: ?? the crisis of shipbuilding in Croatia - dating back to the civil war or even before?? should read: ??the crisis of shipbuilding in Croatia - dating back to wartime or even before??. The latter formulation appeared in the final revised version of the submitted paper and was inadvertently changed during the editing process. <br><br><font color=\"red\"><b> Link to the corrected article <u><a href=\"http://dx.doi.org/10.2298/EKA1923105S\">10.2298/EKA1923105S</a></b></u>","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The global financial crisis hit the Serbian economy severely in late 2008. The subsequent decade has been characterized by negative or very modest economic growth and Serbia is now just slightly above the development level of ten years ago. This paper analyses the most important economic milestones during this decade and investigates why only modest progress has been made, despite various measures implemented by the Serbian government. It examines the background to Serbia?s delayed transition and analyses the effects of the global economic crisis on the Serbian economy. It outlines the policy responses and their results, focusing on public finance, foreign trade, reindustrialisation, FDI, the labour market, and sources of growth. The paper sets out the key challenges to accelerating Serbia?s economic growth and identifies the main elements of a new long-term development strategy.
{"title":"The Serbian economy ten years after the global economic crisis","authors":"M. Uvalić, B. Cerović, J. Atanasijević","doi":"10.2298/eka2025033u","DOIUrl":"https://doi.org/10.2298/eka2025033u","url":null,"abstract":"The global financial crisis hit the Serbian economy severely in late 2008. The subsequent decade has been characterized by negative or very modest economic growth and Serbia is now just slightly above the development level of ten years ago. This paper analyses the most important economic milestones during this decade and investigates why only modest progress has been made, despite various measures implemented by the Serbian government. It examines the background to Serbia?s delayed transition and analyses the effects of the global economic crisis on the Serbian economy. It outlines the policy responses and their results, focusing on public finance, foreign trade, reindustrialisation, FDI, the labour market, and sources of growth. The paper sets out the key challenges to accelerating Serbia?s economic growth and identifies the main elements of a new long-term development strategy.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The pension system in Serbia was set up as Bismarckian earnings related system almost one hundred years ago. At the outset of the transition process at the beginning of 21st Century, the pension system underwent bold reforms. Despite suggestions from the World Bank to adopt a three-pillar system that would involve a break with the Bismarckian heritage, reforms concentrated on parametric adjustments that strengthened the link between previous earnings and pension benefits. However, as this paper shows, the Bismarckian earnings-related system has subsequently been silently challenged. On the basis of an analysis of the current and perspective replacement rates for various earning levels and pension variation indicators, we show how the contributions/ benefit link has been undermined. These policy changes have not been defined or understood as a new strategic course of action, nor have the strategic options been debated and analysed. These silent reforms have seemed to be a ?quick and easy? solution to tackle high public expenditures and deficits without understanding their implications, and that breaking up with Bismarck implies significant transition costs.
{"title":"The Serbian pension system in transition: A silent break with Bismarck","authors":"G. Matković, Katarina Stanić","doi":"10.2298/eka2025105m","DOIUrl":"https://doi.org/10.2298/eka2025105m","url":null,"abstract":"The pension system in Serbia was set up as Bismarckian earnings related system almost one hundred years ago. At the outset of the transition process at the beginning of 21st Century, the pension system underwent bold reforms. Despite suggestions from the World Bank to adopt a three-pillar system that would involve a break with the Bismarckian heritage, reforms concentrated on parametric adjustments that strengthened the link between previous earnings and pension benefits. However, as this paper shows, the Bismarckian earnings-related system has subsequently been silently challenged. On the basis of an analysis of the current and perspective replacement rates for various earning levels and pension variation indicators, we show how the contributions/ benefit link has been undermined. These policy changes have not been defined or understood as a new strategic course of action, nor have the strategic options been debated and analysed. These silent reforms have seemed to be a ?quick and easy? solution to tackle high public expenditures and deficits without understanding their implications, and that breaking up with Bismarck implies significant transition costs.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476386","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The quality of institutions and its impact on economic growth has become more important in recent years, especially in transition countries that must reform their institutions to create a market economy and meet the preconditions for joining the EU. This is the case with the countries of Southeastern Europe, some of which are already EU members, while others are in the process of joining the EU. This paper examines the effects of institutional quality on the economic growth of South- East Europe and compares these effects in EU and non-EU countries for the period 1996-2017, using Worldwide Governance Indicators (WGI) to measure the quality of institutions and the GDP growth rate. The panel autoregressive distributed lag (ARDL) approach is used to analyse the relationship between institutional quality and economic growth. The results show that in EU countries there is a long-run relationship between institutional quality and economic growth for all significant variables, while in the non-EU countries only government effectiveness, political stability and absence of violence, regulatory quality, and voice and accountability are statistically significant. Furthermore, in EU countries there is no short-run relationship between institutional quality and economic growth, while in the non-EU countries of SEE, regulatory quality and voice and accountability are significant.
{"title":"The impact of institutional quality on economic growth: A comparative analysis of the EU and non-EU countries of Southeast Europe","authors":"Marija Radulović","doi":"10.2298/eka2025163r","DOIUrl":"https://doi.org/10.2298/eka2025163r","url":null,"abstract":"The quality of institutions and its impact on economic growth has become more important in recent years, especially in transition countries that must reform their institutions to create a market economy and meet the preconditions for joining the EU. This is the case with the countries of Southeastern Europe, some of which are already EU members, while others are in the process of joining the EU. This paper examines the effects of institutional quality on the economic growth of South- East Europe and compares these effects in EU and non-EU countries for the period 1996-2017, using Worldwide Governance Indicators (WGI) to measure the quality of institutions and the GDP growth rate. The panel autoregressive distributed lag (ARDL) approach is used to analyse the relationship between institutional quality and economic growth. The results show that in EU countries there is a long-run relationship between institutional quality and economic growth for all significant variables, while in the non-EU countries only government effectiveness, political stability and absence of violence, regulatory quality, and voice and accountability are statistically significant. Furthermore, in EU countries there is no short-run relationship between institutional quality and economic growth, while in the non-EU countries of SEE, regulatory quality and voice and accountability are significant.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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