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The Importance of Maritime Transport for Economic Growth in the European Union: A Panel Data Analysis

Author

Listed:
  • Alexandra Fratila (Adam)

    (Department of Economics and Economic Policies, Bucharest University of Economic Studies, 010374 Bucharest, Romania)

  • Ioana Andrada Gavril (Moldovan)

    (Department of Economics and Economic Policies, Bucharest University of Economic Studies, 010374 Bucharest, Romania)

  • Sorin Cristian Nita

    (UNESCO Department for Business Administration, Bucharest University of Economic Studies, 010731 Bucharest, Romania)

  • Andrei Hrebenciuc

    (Department of Economics and Economic Policies, Bucharest University of Economic Studies, 010374 Bucharest, Romania)

Abstract
Maritime transport is one of the main activities of the blue economy, which plays an important role in the EU. In this paper, we aim to assess the impact of maritime transport, related investment, and air pollution on economic growth within 20 countries of the European Union, using eight panel data regression models from 2007 to 2018. Our results confirm that maritime transport, air pollutants (NO x and SO 2 ) from maritime transport, and investment in maritime port infrastructure are indeed positively correlated with economic growth. In other words, an increase of 10% in these factors has generated an associated increase in economic growth rate of around 1.6%, 0.4%, 0.8%, and 0.7% respectively. Alongside the intensity of economic maritime activities, pollution is positively correlated with economic growth, and thus it is recommended that policymakers and other involved stakeholders act to diminish environmental impacts in this sector using green investment in port infrastructure and ecological ships, in accordance with the current European trends and concerns.

Suggested Citation

  • Alexandra Fratila (Adam) & Ioana Andrada Gavril (Moldovan) & Sorin Cristian Nita & Andrei Hrebenciuc, 2021. "The Importance of Maritime Transport for Economic Growth in the European Union: A Panel Data Analysis," Sustainability, MDPI, vol. 13(14), pages 1-23, July.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:14:p:7961-:d:595649
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