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Trade integration and Croatian accession to the European Union

In: Croatian Accession to the European Union: Facing the Challenges of Negotiations

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Author Info

  • Vedran Sosic

    (Croatian National Bank, Zagreb)

  • Boris Vujcic

    (Croatian National Bank, Zagreb)

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    Abstract

    This paper assesses the trade criteria for EU membership and the extent to which Croatia fulfills those criteria. The relationship between trade criteria and the economic ability to pursue EU accession is discussed and a gravity model of Croatian trade is constructed in order to measure the level of trade diversification achieved in an objective manner. Significant trade biases towards the former Yugoslav republics are found as well as an emerging bias in imports from Central and Eastern European countries (CEEC). Moreover, the process of trade liberalization that was promoted recently did in general not significantly contribute to trade diversification towards countries with which preferential trade agreements had recently been concluded, rather reinforced existing biases, although there are some differences between export and import flows. In order to mitigate the consequences of delays in the integration processes, reduce long-term costs of trade restructuring and encourage the trade integration with the EU necessary for successful accession, Croatia should seek to eliminate the remaining institutional barriers to trade with the EU. Also, the continuation and faster implementation of structural reforms are necessary preconditions for an increase of openness in trade.

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    Bibliographic Info

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    This chapter was published in:

  • Katarina Ott (ed.), 2005. "Croatian Accession to the European Union: Facing the Challenges of Negotiations," Books on Croatian accession to the European Union, Institute of Public Finance, volume 3, number 3, Diciembre.
    This item is provided by Institute of Public Finance in its series Chapters in books with number 3-03.

    Handle: RePEc:ipf:chaptr:3-03

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    Related research

    Keywords: trade integration; preferential trade agreements; gravity analysis; Croatia;

    References

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    1. Maurice Obstfeld & Kenneth Rogoff, 2000. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," NBER Working Papers 7777, National Bureau of Economic Research, Inc.
    2. World Bank, 2003. "World Development Indicators 2003," World Bank Publications, The World Bank, number 13920, October.
    3. Brenton, Paul & DiMauro, Francesca & Lücke, Matthias, 1998. "Economic integration and FDI: an empirical analysis of foreign investment in the EU and in Central and Eastern Europe," Kiel Working Papers 890, Kiel Institute for the World Economy.
    4. Havrylyshyn, Oleh & Pritchett, Lant, 1991. "European trade patterns after the transition," Policy Research Working Paper Series 748, The World Bank.
    5. Di Mauro, Francesca, 2000. "Economic Integration Between The Eu And The Ceecs: A Sectoral Study," ERSA conference papers ersa00p358, European Regional Science Association.
    6. Shang-Jin Wei, 1996. "Intra-National versus International Trade: How Stubborn are Nations in Global Integration?," NBER Working Papers 5531, National Bureau of Economic Research, Inc.
    7. Oli Havrylyshyn & Hassan Al-Atrash, 1998. "Opening Up and Geographic Diversification of Trade in Transition Economies," IMF Working Papers 98/22, International Monetary Fund.
    8. Andrew K. Rose, 2000. "One money, one market: the effect of common currencies on trade," Economic Policy, CEPR & CES & MSH, vol. 15(30), pages 7-46, 04.
    9. Nilsson, Lars, 2000. "Trade integration and the EU economic membership criteria," European Journal of Political Economy, Elsevier, vol. 16(4), pages 807-827, November.
    10. World Bank, 2004. "World Development Indicators 2004," World Bank Publications, The World Bank, number 13890, October.
    11. Peter Egger, . "A Note on the Proper Econometric Specification of the Gravity Equation," WIFO Working Papers 108, WIFO.
    12. World Bank, 2000. "World Development Indicators 2000," World Bank Publications, The World Bank, number 13828, October.
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    15. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, vol. 85(3), pages 615-23, June.
    16. Paul Brenton & Francesca Di Mauro, 1998. "Is There Any Potential in Trade in Sensitive Industrial Products Between the CEECs and the EU?," The World Economy, Wiley Blackwell, vol. 21(3), pages 285-304, 05.
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