DETERMINING FACTORS OF BUSINESS ENVIRONMENT REFORMS: DO THEY DIFFER BETWEEN OLD AND NEW EU MEMBER STATES?

Abstract

The paper brings an empirical research of various elements as explanatory factors of business environment reforms. Using the panel data model, the paper investigates the effects of macroeconomic conditions, political institutions and international factors on business environment reforms. The econometric analysis is performed on a panel dataset of European Union member states for the period between 1995 and 2017. Additionally, by clustering countries into new and old EU member states, analysis was also conducted for these two sub-panels. The obtained results confirm that business environment reforms depend on a number of factors, and that these differ between old and new EU member states.

Keywords

• business environment
• product market reforms
• European Union
• NMS, EU15