| Popis: |
This paper examines the long-run relationships of the growth model in 21 emerging countries and their alteration when countries in the considered panel vary. Panel estimations using quarterly data for the period 1995-2013 are made for different groups of emerging countries, such as the Full, F-10, Advanced, and Secondary. Additionally, the paper analyzes the changes in the relationships between growth, financial development, and trade openness in groups of emerging countries by taking the presence of structural shifts into account where they exist. Recent panel techniques are employed in this study. The empirical findings reveal that economic growth is highly related to financial development and trade openness only in emerging countries which are not exposed to structural shifts. However, the estimation results illustrated that economic growth is not related to financial development and trade openness in countries exposed to structural shifts. Division of the sample into more narrow groups does not change the estimation results for unstable countries. |
