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Which Factors Are More Important In Emerging Economies: External or Internal?
Wu, Ziyi ; Semerák, Vilém (advisor) ; Svoboda, Karel (referee) ; Makarova, Svetlana (referee)
Employing Vector Error Correction Model (VECM), this dissertation aims to explore the principal influential factors of economic growth from external and internal perspectives. After extensive analysis and previous research, trade openness is the external factor considered, while financial markets and institutions are the internal ones. Based on the dataset of four typical fast-growing emerging economies-- China, India, South Africa and Russian Federation, this study found that there is a significant long-term equilibrium among GDP growth, trade openness, financial markets and institutions in China, and bidirectional causality can be observed between trade openness and GDP growth. Regarding the remaining economies, there are two sets of long-term relationships among these variables, where internal factors concerning financial development are more crucial in these countries, which also significantly affect the trade volumes in the long run. Results from this research indicate that the dominant growth-enhancing factors are closely related with a country's policy, history, and the most importantly, the focus of its development strategy.
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Economic integration in the EU : competitiveness and convergence
Novak, Elza ; Cahlík, Tomáš (advisor) ; Makarova, Svetlana (referee)
The EU's lagging economic growth and global competitiveness require the pro- motion of technological innovation, the key determinant of long term economic growth. On the other hand, increasing disparities among EU member states require the promotion of convergence as they may threaten the EU's economic feasibility and political viability. Cohesion policy has adopted the dual role for the promotion of EU global competitiveness and EU economic cohesion; concepts incompatible by nature. The objectives of Europe 2020, specifically the promotion of technological innovation through investment in R&D, are as- sessed in terms of their compatibility with the objectives of Cohesion policy, specifically the reduction of disparities within the EU. An analysis of conver- gence in the EU determines that both beta convergence and sigma convergence are taking place, although large disparities in GDP per capita persist. An em- pirical analysis of the relative effects on GDP per capita of investment in R&D and investment in human capital determines that investment in human capital plays a significant role. Thus, key policy focus areas that meet the objectives of both Europe 2020 and Cohesion policy include investment in human capital as well as purposive diffusion of technology within the EU and the distribution of the...
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