Analysis of Factors Affecting Economic Growth and Productivity in Azerbaijan, Belarus, Georgia, Moldova, and Ukraine

초록

This study analyzed the national and agricultural economic growth in response to the composition of input factors such as capital, labor, and productivity. Here, we considered five post-Soviet countries, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine, located in Eastern Europe. The study analyzed panel data collected between 1992 and 2015 by the World Bank, FAO, UN Comtrade, using regression analysis with random and fixed effects. The analysis was primarily based on the Solow–Swan model with the Cobb–Douglas production function. First, the contribution of capital, labor, and total factor productivity (TFP) growth in the composition of gross domestic product (GDP) growth and the agricultural value added to the agricultural sector was examined using the Solow–Swan model. Exports, imports, foreign direct investment (FDI), research and development (R&D), and education were adopted as explanatory variables that may affect GDP and TFP. Second, regression analysis was used to examine the effect of FDI, exports, imports, and other factors on the national economy (GDP), agricultural value added, and TFP (national economy and agricultural sector).

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