NONE 20260617123318157 wseas/wseas content-registration-form@crossref.org content-registration-form Financial Engineering 2945-1140 Adebayo O. P. Department of Statistics Phoenix University Agwada Nasarawa State NIGERIA Dzaan K. S Benue State Bureau of Statistics NIGERIA This study employs comprehensive panel data econometric analysis to investigate the determinants of population growth across 10 emerging economies over 61 annual periods (N=610). Utilizing multiple estimation techniques, including fixed effects, random effects, dynamic panel models, panel VAR, and seemingly unrelated regression, the research addresses endogeneity, unobserved heterogeneity, and dynamic interdependencies. Empirical results reveal robust findings: birth rates exhibit strong positive effects on population growth (coefficients 0.789-0.805, p<0.001), while death rates show significant negative associations (-0.340 to -0.375, p<0.001). Health expenditure emerges as a consistently positive determinant (0.106-0.141, p<0.001), whereas economic growth variables demonstrate statistically insignificant direct effects, suggesting more complex mediated relationships. The Hausman test supports the random effects model as preferred (χ²=6.127, p=0.409). Panel VAR analysis reveals dynamic interdependencies and system stability, while SUR estimation distinguishes demographic and economic determinants, with birth and death rates strongly predicting population growth (R²=0.907). Diagnostic tests confirm data quality, stationarity, and absence of severe multicollinearity. These findings contribute to demographic transition theory by demonstrating the continuing importance of traditional demographic factors alongside socioeconomic determinants in shaping population growth in emerging economies, supporting integrated policy approaches for sustainable demographic outcomes. 06 17 2026 06 17 2026 120 11 https://creativecommons.org/licenses/by/4.0/deed.en_US 10.37394/232032.2026.4.11 https://wseas.com/journals/fe/2026/a22fe-011(2026).pdf Abrigo, M. R. M., & Love, I. (2016). Estimation of panel vector autoregression in Stata. Stata Journal, 16(3), 778-804. Acemoglu, D., & Restrepo, P. (2017). Secular stagnation? The effect of aging on economic growth in the age of automation. American Economic Review, 107(5), 174-179. Angrist, J. D., & Pischke, J. S. (2009). Mostly harmless econometrics: An empiricist's companion. Princeton University Press. Baltagi, B. H. (2021). Econometric analysis of panel data (7th ed.). Springer. Bloom, D. E., Canning, D., & Fink, G. (2014). Disease and development revisited. Journal of Political Economy, 122(6), 1355-1366. Bloom, D. E., McKenna, M., & Prettner, K. (2020). Demographic change and economic growth: Comparative global evidence. Journal of Economic Perspectives, 34(4), 189-210. Cervellati, M., & Sunde, U. (2015). The economic and demographic transition, mortality, and comparative development. American Economic Journal: Macroeconomics, 7(3), 189-225. Galor, O. (2011). Unified growth theory. Princeton University Press. Hsiao, C. (2022). Analysis of panel data (4th ed.). Cambridge University Press. Hsiang, S. M. (2016). Climate econometrics. Annual Review of Resource Economics, 8, 43-75. Imbens, G. W., & Wooldridge, J. M. (2019). Recent developments in the econometrics of program evaluation. Journal of Economic Literature, 47(1), 5-86. Lee, R. (2021). Population dynamics and economic growth in developing countries. Population and Development Review, 47(S1), 7-40. Notestein, F. W. (1945). Population: The long view. In T. W. Schultz (Ed.), Food for the World (pp. 36-57). University of Chicago Press. Pesaran, M. H. (2021). General diagnostic tests for cross-sectional dependence in panels. Empirical Economics, 60(1), 13-50. Roodman, D. (2020). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1), 86- 136. Strulik, H., & Vollmer, S. (2021). The fertility transition around the world: 1950- 2020. Journal of Demographic Economics, 87(3), 295-335. United Nations. (2022). The Sustainable Development Goals report 2022. United Nations Publications. Wooldridge, J. M. (2019). Introductory econometrics: A modern approach (7th ed.). Cengage Learning. World Bank. (2023). Global economic prospects: Demographic transitions in the post-pandemic era. World Bank Group