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stationary time series data. The present study attempts to investigate the relationship among tourism receipts with GDP for Greece during the period of 1963–2016 by using the Autoregressive Distributed Lag (ARDL) method. The ARDL method was introduced by
lag (ARDL) approach by taking into account the two-gap model of Chenery and Strout (1966) and Bacha's (1990) extended fiscal gap. To our knowledge, there is only a single study in the literature ( Adane et al. 2018 ) examining the determinants of
Exports play a significant role in the economic catching-up transition in Central and Eastern Europe (CEE). The East Asian market has emerged for CEE’s exports not only because of its dynamic economy, but also because of the European debt crisis, the political tension between Ukraine and Russia, and the recent threat of terrorism. This study utilises panel ARDL models to estimate the long-run and short-run relationships between export instability and commodity concentration and geographic concentration. The datasets cover the 2004–2014 period for the trade of all the CEE countries with 10 East Asian marketplaces. The results of the causal relationships show significance in the long-run, but not in the short-run. This study suggests that the CEE export policy toward East Asia is likely to consider the impact of trade concentrations on export instability.
This paper empirically explores the validity of the Kaldorian insights into economic growth and development. In doing so, we examine the three laws outlined in Kaldor’s analysis and test their relevance to the Greek economy for the period 1970–2006. We employ the ARDL method to analyse the long-run and short-run relationships among the variables. The empirical results confirm Kaldor’s proposition about the importance of the demand side of the economy and thus provide the necessary theoretical and empirical ground for innovative economic policies in these difficult times for Greece.
The purpose of this paper is the empirical testing of the relationship between economic growth and government spending and, at the same time, to determine the extent to which economic growth causes growth in government expenditures (Wagner’s law) or the other way around (Keynesian hypothesis). The econometric analysis, using data for the Greek economy covering the period 1958–2004 and based on recent developments in the theory of cointegrated processes, reveals a long-run equilibrium relationship between government expenditures and economic output. Furthermore, the analysis detects causal effects in both the short-run and long-run horizon running from government expenditures to the level of economic activity and vice versa.
.g., Maddala – In-Moo 1999 ). This is the unbalanced equation problem and one consequence is that the critical values for hypothesis testing might not be reliable. One way to handle the situation is to use Autoregressive Distributed Lags (ARDL) models as
This paper empirically investigates the short and the long run impact of public debt on economic growth. We use annual data from both the central and the peripheral countries of the euro area (EA) for the 1961–2013 period and estimate a production function augmented with a debt stock term by applying the Autoregressive Distributed Lag (ARDL) bounds testing approach. Our results suggest different patterns across the EA countries and tend to support the view that public debt always has a negative impact on the long-run performance of EA member states, whilst its short-run effect may be positive depending on the country.
issue, we used linear and non-linear ARDL (autoregressive distributed lag) approaches to the cointegration. These two methods have well-known advantages and enable us to answer some critical questions as follows. Does a change in the global oil price
growth in Greece. By deploying the ARDL approach the paper investigated the relevancy of the TLGH in the light of the Kaladorian theory. The analysis was conducted to check the short-run as well as the long-run impact from 1963 to 2016. Tourism receipts
