Journals A-Z
All Subjects
Free Journals
sciepub.com
International Journal of Econometrics and Financial Management
ISSN (Print): 2374-2011 ISSN (Online): 2374-2038 Website: http://www.sciepub.com/journal/ijefm Editor-in-chief: Tarek Sadraoui
Open Access
Journal Browser
Go
Issue 1, Volume 4
Article Metrics
  • 8175
    Views
  • 5208
    Saves
  • 0
    Citations
  • 17
    Likes
Export Article
International Journal of Econometrics and Financial Management. 2016, 4(1), 1-10
DOI: 10.12691/ijefm-4-1-1
Open AccessArticle

A Dynamic Panel Data Analysis for Relationship between Structural Policy and Economic Growth

Wajdi Bardi1, , Tarek Sadraoui2 and Anouar Bardi1

1Higher Institute of Management of Gabes, Tunisia

2MODELIS Laboratory, University of Sfax, HIAS University of Gafsa

Pub. Date: January 22, 2016
View Full Text Full Text PDF (201 KB) Full Text ePUB(161 KB)

Cite this paper:
Wajdi Bardi, Tarek Sadraoui and Anouar Bardi. A Dynamic Panel Data Analysis for Relationship between Structural Policy and Economic Growth. International Journal of Econometrics and Financial Management. 2016; 4(1):1-10. doi: 10.12691/ijefm-4-1-1

Abstract

Governments around the world must formulate and implement policies for taxation and public spending. These policies can have major impacts on economic growth, income distribution, and poverty, and thus they tend to be at the center of economic and political debates. In this study, we estimate the dynamic relationship between structural policy and economic growth. We will try to bring some theoretical literature on the relations of structural policy emergence as a new approach of economic coordination. Our empirical study recently bases on various estimation methods developed within dynamic panel framework for a sample of 6 countries over 1975-2012. We used Generalized Moment Method, causality tests and unit root applied to panel data. Results suggest a positive and significant relation between structural policy and economic growth for all countries sample.

Keywords:
structural policy economic growth dynamic panel data technological externality cointegration unit root test

Creative CommonsThis work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/

References:

[1]  Anderson, T.W. and Hsiao, C. (1981). ‘Estimation of Dynamic Models with Error Components’, Journal of American Statistical Association, Vol. 76, pp. 598-606.
 
[2]  Anderson, T.W. and Hsiao, C. (1982). ‘Formulation and Estimation of Dynamic Models Using Panel Data’, Journal of Econometrics, Vol. 18, pp. 47-82.
 
[3]  Antonelli, M. (1994). ‘Ttechnological districts localized spillovers and productivity growth. The Italian evidence on technological externalities in the core regions’, International Review of Applied Economics, pp. 18-30.
 
[4]  Arellano, M. and Bond, S. (1991). ‘Some test of specification for panel data: Monte Carlo evidence and application to employment equations’, Review of Economic Studies, Vol. 58, pp. 277-297.
 
[5]  Arellano, M. and Bond, S. (1998) ‘Dynamic panel data Estimating using DPD98-A Guide for users’, institute for Fiscal Studies, mimeo.
 
[6]  Autant, B.C and Massard, N. (1999) ‘Econométrie des Externalités Technologiques et Géographie de l'Innovation : une analyse critique’, Economie Appliquée, Vol. 52, N. 4, pp. 35-68.
 
[7]  Autant, B.C. (2000) ‘Géographie de l'innovation et externalités locales de connaissances. Une étude sur données françaises’, Thèse pour le doctorat en sciences économiques, Université Jean Monnet St-Etienne.
 
[8]  Bach, L. and Lhillery, S. (1999) ‘Recherche et externalité: tradition économique et renouveau, in Foray, D, Mairesse. J, eds, innovations et performances: approches interdisciplinaires’, Paris, Editions de L’EHRESS : pp, 339-367.
 
[9]  Baumol, W. J. (1992) ‘Horizontal collusion and innovation’, Economic Journal, Vol.102, pp, 129-137.
 
[10]  Baumol, W. J. (1997) ‘Pareto optimal sizes of innovation spillovers’, Research Report, pp. 97-42, The C.V. Starr Centre for Applied Economics, Department of Economics, New York University.
 
[11]  Baumol. W. J. (1993) ‘The Mechanisms of Technology Transfer, II: Technology Consortia in Complementary Innovations’ In Entrepreneurship, Management, and the Structure of Payoffs. MIT Press: Cambridge MA, pp, 193-222.
 
[12]  Beath, J., Theotoky, J.P. and Ulph, D. (1998) ‘Organization, Design, and Information Sharing in a Research Joint Venture with Spillovers’, Bulletin of Economic Research, Vol. 50, pp. 47-59.
 
[13]  Branstetter, L. and Sakakibara. M. (1998) ‘Japanese Research Consortia: A micro-econometric analysis of industrial policy’, Journal of Industrial Economics, Vol. 46, N. 2, pp. 207-233.
 
[14]  Cassiman, B. and Veugelers, R. (2002) ‘R&D cooperation and spillovers: some empirical evidence from Belgium’, American Economic Review, Vol. 92, N. 4, pp. 1169-1184.
 
[15]  Combe, E. (1998) ‘Pour quoi les firmes s’allient-elles? Un Etat de l’art’, Revue d’économie Politique, Vol. 4 N. 108, pp. 433-475.
 
[16]  Cozzi, G. (1999) ‘R&D cooperation and growth’, Journal of Economic Theory, Vol. 86, pp. 17-49.
 
[17]  Crampes, C. and Encaoua, D. (2001) ‘Microéconomie de l’innovation’, Série verte, Bargaining over monetary policy and the desirability of central bank independence, V01067.
 
[18]  Crépon, B., Kramarz, F. and Trogon, A. (1996) ‘Parameters of Interest, Nuisance Parameter and Orthogonality Conditions: An Application to Error Component Models’, Discussion Paper n° 9335, Institut National de la Statistique et des Etudes Economiques.
 
[19]  D’aspremont, C. and Jacquemin, A. (1988) ‘Cooperative and non cooperative R&D in duopoly with spillovers’, American Economic Review, Vol. 5, N. 78. pp. 1133-1137.
 
[20]  D’aspremont, C. and Jacquemin, A. (1990) ‘Cooperative and Non-cooperative R&D in Duopoly with Spillovers: Erratum’, American Economic Review, Vol. 78, pp. 1133-1137.
 
[21]  Davidson, R. and MacKinnon, J.G. (1992) ‘Regression-Based Methods for Using Control and Antithetic Variates in Monte Carlo Experiments’, Journal of Econometrics, Vol. 54, pp. 203-222.
 
[22]  Debresson, C. and Amesse, F. (1991) ‘Networks of innovators: a review and introduction to the issue, Networks of innovators, Montreal workshop’, Research Policy, Vol. 20, N. 5, pp. 363-379.
 
[23]  Dogson, M. (1993) ‘Organizational learning: A review of some literature’, Organizational studies, Vol. 14, N. 3, pp. 375-394.
 
[24]  Gallie, E.P. (2003) ‘La coopération, vecteur d’externalités de connaissances’, Colloque “Economie de la firme: quelles nouveautés? Annecy, 17-18 avril.
 
[25]  Geroski, P.A. (1992). Vertical relations between firms and industrial policy’, Economic Journal, Vol. 102, N. 410, pp. 138-147.
 
[26]  Green, W.H. (1997) ‘Economic Analysis’, 3rd edition, New York: Prentice Hall.
 
[27]  Hagedoorn, J. Schakenraad, J. (1992) ‘Leading companies and networks of strategic alliances in information technologies’, Research Policy, 21, pp. 163-190.
 
[28]  Hippel, Erik. (1987) ‘Cooperation between rivals: informal know how trading’, Research Policy, 16, pp. 291-302.
 
[29]  Im, K., Pesaran, H. and Shin, Y. (2003) ‘Testing for unit roots in heterogeneous panels’, Journal of Econometrics, Vol. 115, pp. 53-74.
 
[30]  Irwin, D. and Klenow, P. (1996) ‘High-Tech R&D Subsidies: Estimating the effects of SEMATECH’, Journal of International Economics’, Vol. 40, pp. 323-344.
 
[31]  Kamien, M., Muller, I.E. and Zang, I. (1992) ‘Research Joint Ventures and R&D Cartels’, American Economic Review’, Vol. 82, N. 5, pp. 1293-1306.
 
[32]  Katz, M.L. and Ordover, J.A. (1990) ‘R&D Cooperation and competition’, in: Brookings Papers on Economic Activity: Microeconomics, pp. 137-203.
 
[33]  Katz, M.L. (1986) ‘An analysis of cooperative research and development’, RAND Journal of Economics’, Vol. 17, N. 4, pp. 527-543.
 
[34]  Levin, A., Lin, C. and Chu, C.J. (2002). ‘Unit root tests in panel data: Asymptotic and nite-sample properties’, Journal of Econometrics, Vol. 108, pp. 1-24.
 
[35]  Levin, R., Cohen, W. and Mowery, D. (1985). ‘R&D appropriability, opportunity and market structure: New evidence on some Schumpeterian hypotheses’, American Economic Review’, Vol. 75, pp. 20-24.
 
[36]  Levin, R., Klevorick, N.R. and Winter, S. (1987). ‘Appropriating returns from industrial research and development in Baily, M. and Winston, C. redactors ‘Brooking papers on Economic activity’, Wachington, the brooking institution.
 
[37]  Mowery, D. and Rosenberg, N. (1989). ‘Technology and the pursuit of economic growth’, Cambridge University Press.
 
[38]  Mowery, D., Oxley, C. and Silverman, B. (1996). ‘Strategic Alliances and Inter-firm Knowledge Transfer’, Strategic Management Journal, Vo1. 7, pp. 77-91l.
 
[39]  Nooteboom, B. (1999) ‘Inter-firm alliances-analysis and design’, London, Routledge.
 
[40]  Pedroni, P. (1999) ‘Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors’ Oxford Bulletin of Economics and Statistics’, Vol. 61, pp. 653-670.
 
[41]  Pedroni, P. (2004) ‘Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis’, Econometric Theory, Vol. 3, pp. 579-625.
 
[42]  Teece, D. (1992) ‘Competition, cooperation and innovation: organisational arrangements for regimes of rapid technological progress’, Journal of Economic Behaviour and Organisation, Vol. 18, N. 1, pp. 1-25.
 
[43]  Agenor (2000). “The Economics of ajustment and Growth”, Academic Press, San Diego.
 
[44]  Aghion Ph et Howitt P. (2000). ‘Théorie de la croissance endogène’, Dunod.
 
[45]  Amable B et Chatelain (2001). « Can financial infrastructures fostereconomic development? », Journal of Development Economics, Vol 64, pp 481-498.
 
[46]  Amable et Guellec (1992) « Les théories de la croissance endogène », Revue d’Economie Politique, Vol 102, n°3, Mai-Juin, pp 313-377.
 
[47]  Aschauer D.A. (1989 a) ‘Does public capital crowd out private capital?’The Journal of Monetary Economics, 24, Septembre.
 
[48]  Aschauer D.A. (1989 b) ‘Is public expenditure productive?’, The Journal of Monetary Economics, 23, mars.
 
[49]  Azariadis C etDrazen A. (1990) ‘Thresholds Externalities in Economic Development’, The Quarterly Journal of Economics, 105(2), Mai, p 501-526.
 
[50]  Baldwin R.E (1992) “Measurable Dynamic Gains from Trade”, Journal of Political Economy, 100, p162-174.
 
[51]  Barro J.R. (1997) « Les facteurs de la croissance économique : une analyse transversale par pays », Economica.
 
[52]  Barro R. J. etSala-i-Martin X. (1995) ‘La CroissanceEconomique’, New York, McGraw-Hill.
 
[53]  Barro R.J. (1989) « The Ricardian Approach to Budget Deficits », Journal of Economic Perspective, Volume 3, n°2 , Spring, p 37-54.
 
[54]  Barro R.J. (1990) ‘Government Spending in a Simple Model of Endogenous Growth’, Journal of Political Economy, vol 98, n° 5, partie 2, p S103-S125.
 
[55]  Ben-David (1996), « Trade and Convergence among countries », the Journal of International Economics, 40, pp 279-298.
 
[56]  Benhabibet Spiegel (1994) « The Role of Human Capital in Economic Development: Evidence from aggregate Cross-Country Data”, Journal of Monetary Economics”, n°34, pp 143-173.
 
[57]  Berthélemy J.C et Varoudakis A. (1995) « Clubs de convergence et Croissance : le rôle du développement financier et du capital humain », Revue Economique, 46, pp 217-235.
 
[58]  Brana S. (1998), « Les sources financières de la croissance : une analyse comparative », Communication au colloque international sur l'Euro et le financement de la croissance en Méditerranée, Marseille 22-23 janvier, 28 pages.
 
[59]  Bresson (2002) “Nonstationary Panels: panel unit root tests and panel cointegration”, Document de travail présenté aux EuroLabCources, CEPEA-CEMAFI.
 
[60]  Coe et Helpman (1995), « International R&D Spillovers », EuropeanEconomicReview, Vol 39, pp 859-887.
 
[61]  D’Autume et Michel (1994) « Education et croissance », Revue d’Economie Politique, 104 (4), Juillet-août. P457-499.
 
[62]  Darreau Ph (2003) « Croissance et politique économique », Collection ouvertures économiques, édition De Boeck.
 
[63]  Diamond J. (1990) « Les dépenses publiques et la croissance », Revue Finances et Développement, Décembre, p 34-36.
 
[64]  Dinopoulos E et Thompson P. (1996) "A Contribution to the Empirics of Endogenous Growth", Eastern Economic Journal, vol 22, n°4, fall, p 389-400.
 
[65]  Dollar D (1992) “Outward Oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDCs, 1976-1985”, Economic Development and Cultural Change, 41, p 523-544.
 
[66]  DurlaufetQuah (1998) « The New Empirics Of Economic Growth », Center for Economic Performance, Discussion Paper n° 384, Univercity of Wisconsin, Madison and LES.
 
[67]  Edwards (1998) « Openness, productivity and growth : what do we really know? », Economic Journal, 108, pp 383-398.
 
[68]  Edwards S (1993) “Openness, Trade Liberalization, and Growth in Developing Countries”, Journal of Economic Literature, Semtembre, vol XXXI, p 1358-1393.
 
[69]  Fontagné et Guérin (1997) « L’ouverture, Catalyseur de la croissance », Economie Internationale, n°71, troisième trimestre, pp 135-163.
 
[70]  Frankel et Romer (1999) « Does Trade Cause Growth? », American Economic Review, 89 (3), pp 379-399.
 
[71]  Glomme G etRavikumar B. (1997) “Productive government expenditures and long-run growth”, Journal of Economics Dynamics and Control, vol 21, p 183-204.
 
[72]  Guellec D et De la Potterie B.V.P. (1997) “Le soutien des pouvoirs publics stimule-t-il la R&D privée?”, Révue économique de l’OCDE, n° 29, vol 2, p 103-131.
 
[73]  Guellec D. (1996). ‘Croissance mondiale : les nouvelles perspectives’, Problèmes économiques, n°2.467, 10 Avril, p 1-3.
 
[74]  Guellec et Van pottelsberghe de la Potterie (1997) « Le soutien des pouvoirs publics stimule-t-il la R&D privée? » ; Revue économique de l’OCDE, Vol II, n°29, pp 103-131.
 
[75]  Islam (1995) «Growth Empirics: A Panel Data Approach », TheQuaterly Journal of Economics, Nouvembre, pp 1127-1170.
 
[76]  King etRebelo (1990) « Public Policy and Economic Growth: Developing Neoclassical Implication », Journal of Economic Review, 83, S126-S150.
 
[77]  Kuznets S (1973) “Modern Economic Growth: Findings and Reflections”, American Economic Review, 63, 3, juin, p 247-258.
 
[78]  Kuznets S (1981) “Modern Economic Growth and the Less Developed Countries”, Conference on Experiences and Lessons of Economic Development in Taiwan, Taipei, TheInstitute of Economics.
 
[79]  Levine et Renelt (1992), « A Sensitivity Analysis of Cross-Country Growth Regressions », the American Economic Review, Vol 82, N 4, septembre.
 
[80]  Levine, Loayzaet Beck (2000) « Financial Intermediation and Growth: Causality and Causes », Journal of Monetary Economics, Vo 46, n°1, Aout, pp 31-77.
 
[81]  Lucas R. (1988) “On the Mechanisms of Economic Development “, Journal of Monetary Economics, Vol 22, N 1, Juillet.
 
[82]  Pagano (1993) « Financial Markets and Growth : An Overview », European Economic Review, n 37, p 613-622.
 
[83]  Pedroni P (1995) "Panel cointegration, asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis", Working Paper in Economics, 92-013, Indiana University.
 
[84]  Rivera-BatizetRomer (1991a), « Economic Integration and Endogenous Growth », Quarterly Journal of Economic, Vol 106, Issue 2, pp 531-555.
 
[85]  Rivera-BatizetRomer (1991b), « International trade with endogenous technological change », European Economic Review, 35 Mai, pp 97-1001.
 
[86]  Rodriguez et Rodrick (2000) « Trade Policy and Economic Growth : A Skeptic’s Guide to the Cross-National Evidence », Working Paper, HavardUniversity.
 
[87]  Rodrik D (2001), « L’intégration dans l’économie mondiale peut-elle se substituer à une stratégie de développement? », Revue d’économie du développement, 1-2, pp 233-243.
 
[88]  Rodrik D. (1998) “Why Do More Open Economies Have Bigger Governments?”, Journal of Political Economy, vol 106, n° 5, p 997-1031.
 
[89]  Romer (1990) « Endogenous Technological Change », Journal of Political Economy, Vol 98, n°2, pp 337-367.
 
[90]  Romer P.M. (1994) ‘The Origines of Endogenous Growth’, Journal of Economic Perspectives, vol 8, n°1, Hiver, p 3-22.
 
[91]  TempleJ. (1999) ‘The New Growth Evidence’, Journal of Economic Literature, vol XXXVII, mars, p 112-156.
 
Manuscript template