Determinants of GDP Growth and Debt-to-GDP: A Comparative Study of Finland and Greece after Joining the European Monetary Union
Radoslav YovchevPetros GolitsisBusiness Administration and Economics Department, CITY College, University of York Europe Campus, Thessaloniki, GreeceKhurshid KhudoykulovDepartment of Finance, Tashkent State University of Economics, Tashkent, Uzbekistan
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This paper analyzes Finland and Greece's GDP growth and debt-to-GDP ratio post-European Monetary Union (EMU) accession. Using a robust ARDL with cointegration bounds model (2002–2021), and Johansen approach for cointegration, we find a positive impact of favorable trade balance on GDP growth and a negative impact on debt-to-GDP ratio in both nations long-term. Finland's GDP growth is negatively affected by the country to EU average inflation ratio, while Greece sees increased debt-to-GDP due to it. Greece's elevated government spending hampers its economic growth short- and long-term, and Finland's debt rises in the long run with higher country to EU average unemployment.
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