Uticaj trgovinske otvorenosti na rast u zemljama Centralne i Jugoistočne Evrope: rezultati panel-analize
Effects of trade openness on economic growth in Central and Southeastern European Countries: panel data analysis results
Author(s): Hamid Alibašić, Snježana ZarićSubject(s): Economic history, International relations/trade, Economic development, Transformation Period (1990 - 2010), Present Times (2010 - today)
Published by: Finrar d.o.o Banja Luka
Keywords: trade openness; economic growth; endogenous growth theories; determinants of economic growth;
Summary/Abstract: The paper examines the effects of trade openness on growth in eleven countries of Central and Southeastern Europe during the period 2000-2019. For that purpose, a dynamic panel model was created in which economic growth is modeled as dependent on the volume of trade and a set of control variables. In order to overcome the endogeneity problem, the aforementioned dynamic specification was estimated with Anderson-Hsiao instrumental variables method. The obtained results indicate that openness to trade generally has a positive impact on growth in the Central and Southeastern European countries, which is consistent with endogenous growth theories. However, in order for trade to contribute more significantly to economic growth, it is necessary to develop trade-related infrastructure and institutions in these countries.
Journal: Financing - naučni časopis za ekonomiju
- Issue Year: 14/2023
- Issue No: 3
- Page Range: 3-17
- Page Count: 15
- Language: Bosnian, English
