Institutions and the Efficiency of the European Union Product Market with an Emphasis on Croatia – Dynamic Panel Data Analysis
The positive relationship between product market efficiency (PME) and productivity has been established in the existing literature. An important component of productivity is the PME, which is significantly affected by the quality of institutions. Weaker quality of institutions, higher levels of corr...
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| Veröffentlicht in: | Zagreb International Review of Economics & Business 2021-12, Vol.24 (1), p.1-25 |
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| container_title | Zagreb International Review of Economics & Business |
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| creator | Dumančić, Lucija Rogić Bogdan, Željko Krištić, Irena Raguž |
| description | The positive relationship between product market efficiency (PME) and productivity has been established in the existing literature. An important component of productivity is the PME, which is significantly affected by the quality of institutions. Weaker quality of institutions, higher levels of corruption and lower efficiency of product markets have been confirmed in countries that share similar characteristics with Croatia. The results show a positive relationship between the quality of institutions and PME while the link between corruption control and PME is negative. Exports and taxes were also significantly correlated with PME. The text additionally comments on the direction of this connection. The link between PME, institutional quality and corruption is particularly commented on in the context of Croatia and Slovenia as these are two areas that share a common past of approximately 500 years. To improve the PME, a prerequisite for greater productivity and consequently economic growth, it is necessary to change the institutional framework. |
| doi_str_mv | 10.2478/zireb-2021-0017 |
| format | Article |
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An important component of productivity is the PME, which is significantly affected by the quality of institutions. Weaker quality of institutions, higher levels of corruption and lower efficiency of product markets have been confirmed in countries that share similar characteristics with Croatia. The results show a positive relationship between the quality of institutions and PME while the link between corruption control and PME is negative. Exports and taxes were also significantly correlated with PME. The text additionally comments on the direction of this connection. The link between PME, institutional quality and corruption is particularly commented on in the context of Croatia and Slovenia as these are two areas that share a common past of approximately 500 years. 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| source | De Gruyter Open Access Journals; Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals; Business Source Complete |
| subjects | Corruption E02 Efficiency global competitiveness index Longitudinal studies O43 panel analysis product market efficiency Productivity quality of institutions |
| title | Institutions and the Efficiency of the European Union Product Market with an Emphasis on Croatia – Dynamic Panel Data Analysis |
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