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Integration, Globalisation, Technology and Trade Patterns in the EU8

Author

Listed:
  • Ray Barrell

    (National Institute of Economic and Social Research)

  • Tatiana Fic

    (National Bank of Poland)

Abstract

This paper discusses trade developments in EU8 economies: the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. The objective of the study, based on a panel model estimated with modern techniques of pooled mean group estimation with common correlated effects (Pesaran, 2006), is to identify determinants of new members’ exports and imports and assess commonalities (and idiosyncrasies) across countries. Having provided the empirical diagnosis, the paper discusses policy implications of the findings. The effectiveness of Single Market policies at stimulating new member states’ trade is assessed as high. The analysis suggests strengthening of EU8 competitiveness policies, with particular focus on technology advancement whose role increases as the globalisation process intensifies. We show that an adequate policy environment – privatisation, restructuring of enterprises, reform of the banking sector, and improving the quality of infrastructure – helps maximise trade gains from liberalisation and technology advancement.

Suggested Citation

  • Ray Barrell & Tatiana Fic, 2010. "Integration, Globalisation, Technology and Trade Patterns in the EU8," Research in Economics and Business: Central and Eastern Europe, Tallinn School of Economics and Business Administration, Tallinn University of Technology, vol. 2(1).
  • Handle: RePEc:ttu:rebcee:23
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    References listed on IDEAS

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    1. Binder, Michael & Hsiao, Cheng & Pesaran, M. Hashem, 2005. "Estimation And Inference In Short Panel Vector Autoregressions With Unit Roots And Cointegration," Econometric Theory, Cambridge University Press, vol. 21(04), pages 795-837, August.
    2. M. Hashem Pesaran, 2006. "Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure," Econometrica, Econometric Society, vol. 74(4), pages 967-1012, July.
    3. Guglielmo Caporale & Christophe Rault & Robert Sova & Anamaria Sova, 2009. "On the bilateral trade effects of free trade agreements between the EU-15 and the CEEC-4 countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 145(2), pages 189-206, July.
    4. Matthieu Bussière & Jarko Fidrmuc & Bernd Schnatz, 2005. "Trade Integration of Central and Eastern European Countries: Lessons from a Gravity Model," Working Papers 105, Oesterreichische Nationalbank (Austrian Central Bank).
    5. Hashem Pesaran, M. & Yamagata, Takashi, 2008. "Testing slope homogeneity in large panels," Journal of Econometrics, Elsevier, vol. 142(1), pages 50-93, January.
    6. Iana Liadze & Ray Barrell, 2007. "Import Growth, Globalisation and the Impact of Trade Liberalisation," National Institute of Economic and Social Research (NIESR) Discussion Papers 294, National Institute of Economic and Social Research.
    7. Pesaran, M. Hashem & Smith, Ron, 1995. "Estimating long-run relationships from dynamic heterogeneous panels," Journal of Econometrics, Elsevier, vol. 68(1), pages 79-113, July.
    8. Barrell, Ray & Dées, Stéphane, 2005. "World trade and global integration in production processes: a re-assessment of import demand equations," Working Paper Series 503, European Central Bank.
    9. Kaminski, Bartlomiej & Ng, Francis, 2005. "Production disintegration and integration of Central Europe into global markets," International Review of Economics & Finance, Elsevier, vol. 14(3), pages 377-390.
    10. Fic, Tatiana & Barrell, Ray & Holland, Dawn, 2008. "Entry rates and the risks of misalignment in the EU8," Journal of Policy Modeling, Elsevier, vol. 30(5), pages 761-774.
    11. Filippo di Mauro & Robert Anderton & Ekkehard Ernst & Laurent Maurin & Sonia Pokutova & Wim Melyn & Axel Jochem & N. M. Pakinezou & Javier Torres & Remy Lecat & Mark Cassidy & Roberto Tedeschi & Erik , 2005. "Competitiveness and the export performance of the euro area," Occasional Paper Series 30, European Central Bank.
    12. Harald Badinger & Fritz Breuss, 2009. "Country size and the trade effects of the euro," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 145(2), pages 207-223, July.
    13. Anderton, Robert & Melyn, Wim & Jochem, Alex & Pakinezou, N M & Torres, Javier & Lecat, Remy & Tedeschi, Roberto & Eggelte, Jurriann & Abreu, Ildeberta & Kinnunen, Helvi & Oliveira-Soares, Rodrigo & N, 2005. "Competitiveness and the export performance of the euro area," Occasional Paper Series 30, European Central Bank.
    14. repec:nsr:niesrd:294 is not listed on IDEAS
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