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An Analysis of Trade Relations between the European Union and the Transition Economies of Central and Eastern Europe

Author

Listed:
  • Liargovas, Panagiotis

    (Athens University)

  • Papazoglou, Christos

    (University of Crete)

Abstract

This paper empirically determines the main factors influencing trade flows between the European Union and the transition economies of Central and Eastern Europe. The analysis relies on the estimation of gravity-type equations for both exports and imports. Besides the basic variables that are normally included in a gravity equation, such as the size of the market, population and distance, two additional variables are included capturing the process of liberal - ization and privatization. Our results indicate that the two transition variables constitute important factors responsible for the moderate level of trade integra - tion between the transition economies of the Black Sea region (BSEC) and the European Union (EU) member-states. This outcome is in direct conflict with the corresponding results for the more advanced transition economies of Cen - tral European Countries (CECs) where the particular variables appear insignificant. This is a reflection of the fact that, contrary to the experience of the BSEC countries, transition policies in the CECs have been proceeded much more vigorously.

Suggested Citation

  • Liargovas, Panagiotis & Papazoglou, Christos, 1999. "An Analysis of Trade Relations between the European Union and the Transition Economies of Central and Eastern Europe," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 14, pages 651-664.
    • Handle: RePEc:ris:integr:0121
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    Citations

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    Cited by:

    1. Panagiotis Liargovas & Dionysios Chionis, 2001. "Economic Integration between the European Union and the Transition Economies of Central European Initiative Countries," Post-Communist Economies, Taylor & Francis Journals, vol. 13(1), pages 57-70.
    2. Jianhong Zhang & Arjen Witteloostuijn, 2004. "Economic openness and trade linkages of China: An empirical study of the determinants of chinese trade intensities from 1993 to 1999," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 140(2), pages 254-281, June.

    More about this item

    Keywords

    transition economies; BSEC; CECs; EU; trade relations; gravity model;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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