The Effects of Foreign Trade, Energy Consumption and Human Capital on GDP in Several Candidate Developed Countries and Developing Countries

Abstract T his paper attempted to examine the effects of foreign trade, energy consumption, human capital and physical capital on GDP in 8 candidate developing countries and 8 candidate developed countries during 2002-2014.In this study, the effects of variables were estimated through panel cointegration technique and dynamic ordinary least squares (DOLS).The results of regression test indicated that all variables had significantly positive effects on the production process. Further details about the results were obtained by evaluating foreign trade in general (exports and imports combined), in addition to separately evaluating export and import, where there were significantly positive correlations evident over the period. In the candidate developed countries, the role of exports was more prominent than imports and total trade. In the candidate developing countries, the role of imports was more prominent than exports and total trade.