Academia de Studii Economice Bucuresti

Amfiteatru Economic
AN ECONOMIC AND BUSINESS RESEARCH PERIODICAL
Facultatea de Business si Turism

Econometric Estimations of the Services and Financial Sector Impact on Economic Growth Variations in Times of Crisis

Author:Cristian Dragos and Simona Laura Dragos

JEL:C21, E32, O11, O47

DOI:

Keywords:global financial crisis, services, financial services, economic growth, unemployment, cross-sectional econometric models

Abstract:
The world economy has been recently upside–downed by the Global Financial Crisis. However, the effects have been extremely different from one country to another and from one economic sector to another. Starting from the economic assumptions formulated in the field’s literature, the article analyzes the hypotheses of the disadvantageous influences of the services and financial sector upon the volatility of the economic growth rate and the unemployment rate in times of crisis. Econometric estimations using cross-sectional OLS Robust (White) Regressions on a sample of worldwide data taken from the World Bank confirm the theoretical hypotheses. The consequences of the highlighted mechanisms can be significant through the repositioning of the role of the different economic sectors
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