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Total exports of the Western Balkan economies during the global economic crisis (quarterly data in million EUR)
Source publication
This economic downturn has largely influenced the
domestic economic stability of the Western Balkan economies. This
paper will focus on impact of the world economic crisis on the
Western Balkan economies and especially on their international
trade and investment flows. Since this region is closely
economically tied with the European Union, the cris...
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Citations
... En la presente investigación se analizó como una política comercial enfocada en el libre mercado puede afectar el desempeño económico de los países latinoamericanos, para lo cual, se plantearon tres hipótesis para entender cómo diferentes variables como son: derechos de Propiedad, gasto de gobierno, libertad de negocios, libertad laboral, libertad de comercial, libertad de inversión, libertad financiera, afecta el crecimiento económico medido por el Producto Interno Bruto (PIB), La Inversión Extranjera directa (IED) y la tasa de desempleo. Se logró comprobar la primera hipótesis donde se logra tener resultados similares a estudios como el de Praščević (2013), Haller (2016), Jacimovic, et al. (2013, Egu y Aregbeshola (2017) y Haller (2016). Sin embargo no se logró comprobar las hipótesis dos y tres, esto puede deberse a que no sólo es necesario tener una política de libertad económica en un país para mejorar el empleo y ser atractivo para atraer inversión extranjera directa, existen variables como la estabilidad financiera, la corrupción, el desarrollo de infraestructura y del mercado interno (Bose, 2012;Assunção et al. 2013), que se ha visto que afecta a la IED y a su vez tener fuerza laboral especializada y calificada para que sean atractivos a las empresas multinacionales (Barzotto, et al. 2016). ...
En la presente investigación se analizó como una política comercial enfocada en el libre mercado puede afectar el desempeño económico de los países latinoamericanos, para lo cual, se plantearon tres hipótesis para entender cómo diferentes variables como son: derechos de Propiedad, gasto de gobierno, libertad de negocios, libertad laboral, libertad comercial, libertad de inversión, libertad financiera, afecta el crecimiento económico (medido por el Producto Interno Bruto (PIB), La Inversión Extranjera directa (IED) y la tasa de desempleo(
... Research shows that the opportunities of Serbian economy and countries in the region for increasing exports are underutilized. The main reason is insufficient competitiveness (Jefferson Institute, 2003;Jaćimović et al., 2013;Boljanović, 2013;Božić and Nikolić, 2017). ...
Foreign trade of commodities of total economy of Serbia and countries in the region is characterized by a huge deficit. Small economies, such as these, are marked with significant trade openness that is result of their high import dependence. Agrarian sector has a high share in foreign trade of Serbia and neighbouring countries. Surplus in foreign trade exists only in Serbian agrarian sector, while the biggest trade deficit is recorded in Bosnia and Herzegovina, and the lowest level of foreign trade coverage (9%) in agrarian sector of Montenegro. Comparative analysis of competitiveness was conducted on the basis of the revealed comparative advantage index. Comparative advantage in the exchange of agro-food products of Serbia with the world is achieved in ten commodity divisions, and the most significant are: cereals; vegetables and fruits; sugar and honey, and in recent years, tobacco and tobacco products. In countries of the region, there is significantly less number of divisions of agro-food products that are competitive on global market.
U ovom istraživanju analiziran je uticaj krize prouzrokovane pandemijom COVID-19 na ekonomska kretanja, kao i protok stranih direktnih investicija. COVID-19 recesija se može smatrati jedinstvenom, jer je jedina koja je od 1870. godine pokrenuta isključivo pandemijom. Uticaj novonastale pandemije posedovao je sliku sveobuhvatne stagnacije kao i usporavanja svetske ekonomije, čije se glavne vizualizacije ogledaju u sistematskom gašenju ekonomskih aktivnosti širom sveta, gde se gašenje aktivnosti dešava u različitim sektorima istovremeno. Ovo istraživanje se fokusira na uticaj svetske ekonomske krize prouzrokovanom pandemijom COVID-19 na ekonomska kretanja u svetu i u Republici Srbiji. U fokusu ovog istraživanja je utvrđivanje uticaja pandemije na strane direktne investicije u Srbiji, kao i odnosa SDI sa izvozom i uvozom. Generalna kretanja SDI pre pandemije odlikuje pad od 2019. godine, pri čemu je svetska kriza prouzrokovana pandemijom doprinela izrazitom padu SDI u 2020. godini. Protok SDI na globalnom nivou je u 2021. godini posedovao tendenciju rasta nasuprot prethodne godine, pri čemu s normalizacija protoka SDI očekuje tek u 2022. godini. Autori su koristeći tri modela utvrdili da je u Srbiji COVID-19 imao statistički značajan i negativan uticaj na BDP po glavi stanovnika na nivou pouzdanosti od 90%. Sa druge strane, uticaj COVID-19 na izvoz nije statistički značajan. Rezultati ukazuju da jedinični rast stranih direktnih investicija dovodi posledično do većeg rasta uvoza u odnosu na izvoz.
One of the basic conditions for the European Union (EU) membership is a candidate country’s ability to cope with competitive pressures of the single European market. Given that the Western Balkans economies are in the bottom tier of global competitiveness rankings, joining the EU represents a monumental task. Western Balkan economies lack dedicated institutions tasked with the creation and coordination of trade policy so that within this void, informal actors, such as foreign companies and special interests exert considerable influence. This paper explores the role of government and the private sector (e.g., chambers, individuals, oligarchs) in developing the trade framework, specifically focusing on the role of policy makers, formal and informal networks, and regional bodies in shaping the regional and national trade policy. It pays a particular attention to the regional trade integration as a framework conducive to improving competitiveness in the Western Balkans, against a broader context of compliance with the WTO multilateral trade regime. The paper highlights the challenges facing policy makers in the region in creating a stable and predictable framework for the locally operating companies, and ensuring a level playing field.
The world economic crisis that paralyzed the world economy in 2008 and 2009 had a profound impact on all countries in the world. Due to the interconnectedness of national economies the crisis spread rapidly from its centre in the United States to the world. There were two main transmission channels for the spread of the crisis between countries - international trade and the exchange of private capital between states in the form of foreign direct investment (FDI). This economic downturn has greatly influenced the domestic economic stability of the Western Balkan economies. The Western Balkan countries have shaped their economic policy towards European Union (EU) membership, resulting in a high degree of liberalization in international economic relations accompanied by a commitment to free international capital movement. Since this region has close economic ties with the EU the crisis spread to the region very quickly, manifesting itself in decreasing regional exports to the EU market and a downward trend of FDI inflow to the region. This paper will focus on the impact of the world economic crisis on the Western Balkan economies and especially on their exports and FDI inflow. Our empirical analysis, based on panel data, uses a wider sample of Central and Eastern European Countries (CEEC) which includes the Western Balkans, since we wanted to analyze if the effects of the economic crisis in the Western Balkans are specific or are common to most countries in transition. The analysis shows that Western Balkan exports have suffered due to the crisis, but reveals some interesting results on the different dynamics of export flows which depend on regional trade integration for their destination.
