Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Aurora Borealis Is an Inspiration to the Performance of Nordic Economies?

Version 1 : Received: 3 July 2021 / Approved: 5 July 2021 / Online: 5 July 2021 (12:09:02 CEST)

How to cite: Nogueira, M.C.; Madaleno, M. Aurora Borealis Is an Inspiration to the Performance of Nordic Economies?. Preprints 2021, 2021070095 (doi: 10.20944/preprints202107.0095.v1). Nogueira, M.C.; Madaleno, M. Aurora Borealis Is an Inspiration to the Performance of Nordic Economies?. Preprints 2021, 2021070095 (doi: 10.20944/preprints202107.0095.v1).

Abstract

The Nordic countries are practically always well positioned in the main international economic, social and sustainability indices and recommending the scientific literature that the variables that these indices intend to measure translate into sustainable economic growth, with this unprecedented empirical study we intend to verify through the ARDL methodology for space temporal 2004 -2018 if the maintenance of high scores in these indexes translates into effective economic growth. The ARDL methodology has the advantage of giving us short- and long-term coefficients. Using four of the main international indices, we conclude that for Nordic countries for economic growth, economic freedom is of no significance and business-friendly regulation is the most important variable. A fundamental discovery in our study (in which Granger's Causality complements the ARDL methodology) is that these countries have been able to adapt perfectly to the globalization process and that entrepreneurship has worked as an important contribution to the continued economic and social success of these countries, allowing them to continue to enjoy their “Nordic Welfare States” in these uncertain and troubled times. These variables have contributed to its economic and social sustainability.

Subject Areas

economic growth; globalization; sustainability; ease of doing business; entrepreneurship; economic freedom; Nordic countries.

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