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EN
Existing empirical research fails to provide robust support concerning the impact of the financial development on the economic growth, in the presence of the substantial variations across different time periods and the country groups. It is suggested that the variations in question are to be accounted for by a threshold effect, in support of which, it seems to have been found the modest empirical evidence. Panel-data analysis for a set of 32 developing and developed countries for the period of 1990 - 2001 indicates a threshold level of financial development, with the implication that the positive effects fail to materialize at the relatively lower stages of financial development. Moreover, financial development has actually got a negative impact on GDP per capita, unless it exceeds the threshold level.
EN
In this study, the impacts of migration on labour costs are examined within the framework of structural approach by using nonlinear components of migration and labour cost 22 European Union member countries for the period 2000 – 2017. While labour cost is determined as dependent variable, the ratio of immigration to country population is determined as regime dependent regressor and threshold variable and panel threshold method is used in the study. The findings indicate that there is a single threshold level for the established model. In the first regime below the threshold value, it is determined that an increase in immigration reduces labour costs, and if the immigration exceeds the threshold value, it is concluded that the immigration has no effect on the labour costs.
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