OPENNESS TO TRADE AND ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIES
The purpose of this paper is to investigate the connection between countries' openness to international trade and economic development, i.e. the standard of living of итс citizens. Given that this is a frequently researched question among economists with still open conclusions, research on this...
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| Format: | Article |
| Language: | English |
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Faculty of Economics Pale University of East Sarajevo
2023-12-01
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| Series: | Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu |
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| Online Access: | http://www.zrefis.ekofis.ues.rs.ba/images/zrefis2023-27/19-34_Trivic.pdf |
| _version_ | 1797390169950650368 |
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| author | Jelena Trivić |
| author_facet | Jelena Trivić |
| author_sort | Jelena Trivić |
| collection | DOAJ |
| description | The purpose of this paper is to investigate the connection between countries' openness to international trade and economic development, i.e. the standard of living of итс citizens. Given that this is a frequently researched question among economists with still open conclusions, research on this topic always sheds some new light and contributes to new conclusions on that aspect. The methodology used in the paper is a correlation analysis, where we compared different measures of openness with economic development measured by GDP per capita expressed in purchasing power parity. The sample on which we performed the analysis is 16 countries, some of which have completed the transition process like the countries of so-called New Europe, and some are still stuck in transition, such as our countries of our region. Each of these countries continues to be subject of an analysis of transition progress in the EBRD’s Transition Report. The results clearly show a strong and positive correlation between openness to international trade flows and economic development, with this relationship being stronger if we look at export flows than import flows. The conclusion is that openness has no alternative, and that the countries of the region must strengthen their export base and export performance in order to reduce the gap in relation to the countries of New Europe, for which we can easily say that have successfully completed the transition process. |
| first_indexed | 2024-03-08T23:06:48Z |
| format | Article |
| id | doaj.art-cb185cd8344f46318c92c33d34689703 |
| institution | Directory Open Access Journal |
| issn | 1840-3557 1986-6690 |
| language | English |
| last_indexed | 2024-03-08T23:06:48Z |
| publishDate | 2023-12-01 |
| publisher | Faculty of Economics Pale University of East Sarajevo |
| record_format | Article |
| series | Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu |
| spelling | doaj.art-cb185cd8344f46318c92c33d346897032023-12-15T11:14:41ZengFaculty of Economics Pale University of East SarajevoZbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu1840-35571986-66902023-12-0127193410.7251/ZREFIS2327019TOPENNESS TO TRADE AND ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIESJelena Trivić 0Faculty of Economics, University of Banja Luka Bosnia and Herzegovina The purpose of this paper is to investigate the connection between countries' openness to international trade and economic development, i.e. the standard of living of итс citizens. Given that this is a frequently researched question among economists with still open conclusions, research on this topic always sheds some new light and contributes to new conclusions on that aspect. The methodology used in the paper is a correlation analysis, where we compared different measures of openness with economic development measured by GDP per capita expressed in purchasing power parity. The sample on which we performed the analysis is 16 countries, some of which have completed the transition process like the countries of so-called New Europe, and some are still stuck in transition, such as our countries of our region. Each of these countries continues to be subject of an analysis of transition progress in the EBRD’s Transition Report. The results clearly show a strong and positive correlation between openness to international trade flows and economic development, with this relationship being stronger if we look at export flows than import flows. The conclusion is that openness has no alternative, and that the countries of the region must strengthen their export base and export performance in order to reduce the gap in relation to the countries of New Europe, for which we can easily say that have successfully completed the transition process. http://www.zrefis.ekofis.ues.rs.ba/images/zrefis2023-27/19-34_Trivic.pdfopenness to tradetransitionimportexportcorrelationeconomic development |
| spellingShingle | Jelena Trivić OPENNESS TO TRADE AND ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIES Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu openness to trade transition import export correlation economic development |
| title | OPENNESS TO TRADE AND ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIES |
| title_full | OPENNESS TO TRADE AND ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIES |
| title_fullStr | OPENNESS TO TRADE AND ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIES |
| title_full_unstemmed | OPENNESS TO TRADE AND ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIES |
| title_short | OPENNESS TO TRADE AND ECONOMIC DEVELOPMENT OF TRANSITION ECONOMIES |
| title_sort | openness to trade and economic development of transition economies |
| topic | openness to trade transition import export correlation economic development |
| url | http://www.zrefis.ekofis.ues.rs.ba/images/zrefis2023-27/19-34_Trivic.pdf |
| work_keys_str_mv | AT jelenatrivic opennesstotradeandeconomicdevelopmentoftransitioneconomies |