Determinants of Total Factor Productivity in the European Union
| Authors | |
|---|---|
| Year of publication | 2015 |
| Type | Article in Proceedings |
| Conference | Conference proceedings 16th International Scientific Conference - International Relations 2015 Current issues of world economy and politics |
| MU Faculty or unit | |
| Citation | |
| Web | http://fmv.euba.sk/files/ZBORNIK_spojene_uprav_v18022016.compressed.pdf |
| Field | Economy |
| Keywords | Determinants of Total Factor Productivity; European Union; Bayesian Model Averaging; Development Theories |
| Description | As the productivity in the European Union´s member states is continuously declining, an interesting question arises. Which factors are responsible for this unfavourable development? The aim of this paper is to identify the most significant determinants of the Total Factor Productivity growth in the European Union. Applying different development theories, we consider 5 groups of possible determinants. We use Bayesian Model Averaging method to overtake a problem with model uncertainty. The analysis is executed on yearly observations for 19 member states of the European Union covering the period from 1995 to 2013. The result suggest that the most robust determinants are conditions on labour market, infrastructure investments and structural factors. |
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