Econometric analysis of macroeconomic efficiency development in the EU15 and EU12 countries
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Date
2013-08
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Technická Univerzita v Liberci
Technical university of Liberec, Czech Republic
Technical university of Liberec, Czech Republic
Abstract
The paper evaluates the macroeconomic efficiency development in the countries of the European Union by the Data Development Analysis (DEA). The aim of the paper is to measure and assess the efficiency potential of the “old” (EU15) and “new” EU countries (EU12) in 2000-2011. The DEA method is convenient because it is based on the ratio between input- and output-indicators thus measuring the efficiency with which the EU countries transform their inputs into outputs. DEA conveniently analyses effective/ineffective positions of each country providing numerical values describing the efficiency of economic processes in these countries. Efficiency can be thus considered as a “source” of competitiveness. When applying the DEA method, the indicators of the Country Competitiveness Index (CCI) are used. The following econometric development analysis of the macroeconomic efficiency is undertaken with the help of the dynamic panel model with fixed effects estimated by the pooled least squares method.
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CCI approach, DEA method, dynamic panel data models, EU12, EU15, macroeconomic efficiency
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978-80-7372-953-0