Determinants of Economic Growth in Central and Eastern Europe: A panel analysis

Abstract

This paper provides an analysis of the determinants of economic growth in Central and Eastern Europe on the basis of a comparison with developments in the region that have undergone a process of transition economy . Are analyzed 18 countries in central and eastern : Armenia , Azerbaijan , Belarus , Bosnia & Herzegovina, Bulgaria, Georgia , Hungary, Kyrgyzstan , Croatia , Latvia , Lithuania , Macedonia , Moldova , Poland , Romania, Slovakia Slovenia and Albania for the period 1998-2011. The data on GDP, number of employees and physical capital stock are taken from the database of the International Monetary Fund to 18 countries. While the total productivity of factors of production is taken from the database of the "Total Economy Database". The data were obtained for the period 1998-2011 for 18 CEE countries, which means that we are dealing with 18 individual units and 14 time periods, thus forming 252 observations in total. Panel analysis will be used to construct the model of economic growth.