The Impact of Globalisation on Economic Growth: the Case of Visegrad Countries

Czasopismo

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• Autorzy: Daniel Francois Meyer
• Języki publikacji: EN

Abstrakty

EN

The process of globalisation has been accelerating over the last few decades. The majority of scholars opine that globalisation and the opening of the global economy have more benefits than drawbacks. The objective of this paper was to assess the situation for the Visegrad group of countries, based on the fact that these countries have a history of closed economies due to their past, and to analyse the relationship between economic globalisation and economic growth in those countries from 1990 to 2019. The methodology utilised is quantitative in nature, and various econometric methods were used to assess the long and short-run relationships between the two variables with economic growth as the dependent variable. Two control variables were also included in the study, namely domestic investment and consumer price index (CPI). The results from the analysis confirmed the long-run relationship between all the variables, with economic globalisation being a significant and positive predictor of economic growth, while domestic investment also drives economic growth with both variables having similar coefficients of between 0.43 to 0.79. The short-run results via Granger causality tests indicated that economic globalisation causes economic growth while investment and economic growth have a bi-directional causality. From the results, it is clear that the economies of the four countries have been substantially opened over the last three decades, which has led to relatively high levels of growth. The countries have excellent locations within the European Union and have benefitted as a result. (original abstract)

Słowa kluczowe

EN

Globalization; Economic growth; Investment; Consumer price index (CPI)

PL

Globalizacja; Wzrost gospodarczy; Inwestycje; Indeks cen konsumpcyjnych

• Czasopismo: ---
• Strony: 25--36

Twórcy

autor

Daniel Francois Meyer

• North-West University, South Africa

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Identyfikatory

DOI

10.23762/FSO _VOL 8_NO2_2