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Scientific paper - Original scientific paper
New insights into Lucas paradox
In: RED 2021: 10th International Scientific Symposium Region, Entrepreneurship, Development: Proceedings. / Leko Šimić, Mirna; Crnković, Boris (Ed.). Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku, 2021. pp. 1096-1104. urn:nbn:hr:124:237189
Visković, Josip; Burnać, Paško; Tolj, Ante

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Visković, J., Burnać, P. & Tolj, A. (2021). New insights into Lucas paradox. In M. Leko Šimić, (Ed.), B. Crnković, (Ed.), RED 2021: 10th International Scientific Symposium Region, Entrepreneurship, Development: Proceedings (pp. 1096-1104). Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku. Retrieved from https://urn.nsk.hr/urn:nbn:hr:124:237189

Visković, Josip, et al. "New insights into Lucas paradox." RED 2021: 10th International Scientific Symposium Region, Entrepreneurship, Development: Proceedings, edited by Mirna Leko Šimić, edited by Boris Crnković, Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku, 2021, pp. 1096-1104. https://urn.nsk.hr/urn:nbn:hr:124:237189

Visković, Josip, Paško Burnać and Ante Tolj. "New insights into Lucas paradox." In RED 2021: 10th International Scientific Symposium Region, Entrepreneurship, Development: Proceedings, 1096-1104. Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku, 2021. Accessed 2024 July 20. https://urn.nsk.hr/urn:nbn:hr:124:237189

Visković, J., Burnać, P. and Tolj, A. (2021) 'New insights into Lucas paradox', in Leko Šimić, M. (ed.), Crnković, B. (ed.), RED 2021: 10th International Scientific Symposium Region, Entrepreneurship, Development: Proceedings, Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku, pp. 1096-1104. Available at: https://urn.nsk.hr/urn:nbn:hr:124:237189 (Accessed 20 July 2024)

Visković J, Burnać P, Tolj A. New insights into Lucas paradox. In: M. Leko Šimić, ed., B. Crnković, ed. RED 2021: 10th International Scientific Symposium Region, Entrepreneurship, Development: Proceedings. Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku; 2021. Pp. 1096-1104. [cited 2024 July 20] Available at: https://urn.nsk.hr/urn:nbn:hr:124:237189

J. Visković, P. Burnać and A. Tolj, "New insights into Lucas paradox", RED 2021: 10th International Scientific Symposium Region, Entrepreneurship, Development: Proceedings, M. Leko Šimić and B. Crnković, Eds. Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku, 2021. [Online] Available at: https://urn.nsk.hr/urn:nbn:hr:124:237189 [Accessed: 20 July 2024]

Metadata
Title (english)New insights into Lucas paradox
AuthorJosip Visković
AuthorPaško Burnać
AuthorAnte Tolj
EditorMirna Leko Šimić
EditorBoris Crnković
Author's institutionUniversity of Split
Faculty of economics Split
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Abstract (english)
Contrary to neoclassical theory, which states that capital should flow from rich to poor countries, the Lucas paradox shows that capital does not flow from developed to developing countries. More specifically, little capital flows from rich to poor countries. The Lucas paradox is theoretically explained by both differences in fundamentals and capital market imperfections. Among differences in fundamentals, the role of institutions is often defined as crucial, but the papers do not explain which element of the quality of institutions ultimately matters. Moreover, recent studies have not included the post-financial crisis period. Therefore, this paper examines the elements of institutional quality: voice and accountability, Political Stability and non- violence ; Government Effectiveness ; Regulatory Quality ; Rule of Law and Corruption Control as determinants of capital flows. More specifically, this paper analyses the impact of institutional quality and selected macroeconomic variables on foreign direct investment. Indeed, foreign direct investment has a positive impact on capital accumulation and enables the transfer of technology and knowledge, which supports economic growth and development. Data for 149 countries for the period 2012 - 2019 are obtained from the World Government Indicators and the World Bank. Using dynamic panel data analysis, we find that the quality of institutions is still the leading variable in explaining the Lucas Paradox, with all elements being important. This result should be of great importance to policy makers in developing countries as they should strive to improve the quality of nstitutions in order to attract foreign direct investment as an important factor for economic growth and development.
Languageenglish
Publication typeScientific paper - Original scientific paper
Publication statusPublished
Peer reviewPeer review - international
Publication versionPublished version
Publication titleRED 2021: 10th International Scientific Symposium Region, Entrepreneurship, Development: Proceedings
Edition2021
Series title10th International Scientific Symposium Region, Entrepreneurship, Development (RED 2021)
Numberingpp. 1096-1104
p-ISSN1848-9559
URN:NBNurn:nbn:hr:124:237189
Publication2021
ConferenceTitle: 10th International Scientific Symposium Region, Entrepreneurship, Development (RED 2021)
Location: Osijek, Croatia
Start date: 2021-06-17
End date: 2021-06-17
Assembly type: Lecture
Type of resourceText
PublisherSveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku
Access conditionsOpen access
Terms of useLicence In copyright icon
Created on2024-07-18 12:28:36