Authors: B. Gavurová, A. Behúnová, A. Tkáčová, I. Peržeľová, S.A. Zhironkin

Title of the article: Influence of the innovative development of the mineral and raw materials sector on the cyclical nature of the macroeconomic dynamics of the countries of the European Union

Year: 2020, Issue: 3, Pages: 34-46

Branch of knowledge: 08.00.01 Economic Theory

Index UDK: 330.33

DOI: 10.26730/2587-5574-2020-3-34-46

Abstract: Over the past three years, the European Union has taken a number of active measures that are necessary for European industry. Despite this, there are major differences between countries in certain segments of the economy. The purpose of this article is to identify the relationship between the sectors involved in the extraction of minerals and the economic cycle of the countries of the European Union. The mining industries are a special type of muscular environment in the individual countries of the European Union and depend on the available reserves of mineral resources. For the analysis, we used the time series of individual indicators as a whole, the mining industry and GDP from the Eurostat database. A temporary analysis period was carried out from 22 countries of the European Union. As a result of the analysis done, mining industries with high influence on cyclic dynamic were identified, on the one hand, and industries that develop independently of the cyclical development of the economy on the other hand. As a result, it was concluded that it is necessary to strengthen regulation of the industries, which has a strong impact on the economic cycle of the European Union, because negative changes in these industries will automatically aggravate the recession phase of the economic cycle.

Key words: mining industry economic cycle macroeconomic indicators countercyclical regulation of the economy

Receiving date: 05.09.2020

Publication date: 15.10.2020

CITE DOWNLOAD