TY - JOUR AU - Trofimov, Ivan D. PY - 2023/05/03 Y2 - 2024/03/29 TI - The Effects of Structural Change on Economic Growth: A Panel Data Analysis JF - Panoeconomicus JA - Panoeconomicus VL - 0 IS - 0 SE - Original scientific paper DO - 10.2298/PAN220705010T UR - http://panoeconomicus.org/index.php/jorunal/article/view/1735 SP - 1-43 AB - <p data-l-s="45730">This paper attempts to enhance empirical understanding of the effects of structural-change variables on economic outcomes. The relationships between sectoral shares and (1) the speed of structural change and (2) economic growth were examined for a large panel of 111 economies over the period of 1971–2018. Given the time series properties of the series and the absence of a long-run relationship between them, the panel OLS and VAR models were employed. The results are largely in line with previous empirical research: it was established that a lack of industrialisation effort (manifested in the persistence of agriculture as a share of GDP) and ‘servicisation’ (the expansion of the services share of GDP) negatively affect GDP growth rates. In contrast, a growth in industry and manufacturing shares positively influences economic growth, as does accelerated structural transformation (represented by the respective index of structural change). <br /><br /><strong>JEL</strong>: L16, C33, O14, O57.</p><p> </p> ER -