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  • Statistical Analysis of the Interrelation between Digital Globalization and the Economic Growth of the Countries Worldwide

Statistical Analysis of the Interrelation between Digital Globalization and the Economic Growth of the Countries Worldwide

Student: Dolgopolova Yuliya

Supervisor: Elena Kopnova

Faculty: Faculty of Economic Sciences

Educational Programme: Economics and Statistics (Bachelor)

Year of Graduation: 2020

Globalization is entering a new phase, driven by the growing flows of data and information transmitted through modern communication technology. Thus, globalization is becoming digital. This thesis provides a detailed econometric analysis of the interrelation between digital globalization and economic growth of the countries worldwide. Current trends and statistical estimates are presented with the latest data. The aim of the study is to determine how global trade, migration and financial flows, and especially the data flows that determine the digital form of globalization, affect the economic growth rates of both developed and developing countries. At the same time, it establishes to what extent countries with different economic growth indicators are involved in global digital flows. The central problem of today's economy is to ensure sustainable economic growth. The research of growth factors is the most important task of the economic growth theory. Therefore, identifying the most significant economic growth factor among global flows in the digital economy will make it possible to formulate policy recommendations to stimulate economic growth in the digital economy. This is the significance of the study. To determine the impact of global flows on economic growth, dynamic models based on panel data using Arellano-Bond and Blundell-Bond methods, panel cointegration models (FMOLS, DOLS, ECM), and time series analysis were implemented. The panel data consists of global flow indicators for 123 countries for the period 1995-2018. In addition, the Index of Countries Integration in Global Digital Flows was compiled based on data for 2018. Countries were also clustered according to the indicators of economic growth and the level of their digital development using the k-means clustering.

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