Montenegrin Trade Specialization Index
Montenegro, newly independent since 2006, saw its commodity exports collapse in the worldwide financial crisis of 2008. It took three years for the volume of its exports to recover. Using one to four-digit Standard Industrial Trade Classification (SITC) commodity trade data, this paper analyzes trade patterns as they evolve, both globally, and within individual product sectors, since independence to the year 2012. The Kellman – Shachmurove Trade Specialization Index (TSI) is employed to study the degree of the Montenegrin specialization. The paper warns about high degree of specialization with overreliance on commodity exports of aluminum alloys.
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- Irving B. Kravis & Robert E. Lipsey, 1971. "Price Competitiveness in World Trade," NBER Books, National Bureau of Economic Research, Inc, number krav71-1, April.
- Goran Buturac & Ivan Teodorovic, 2012. "The Impacts of the Global Recession on Southeast European Countries," Eastern European Economics, M.E. Sharpe, Inc., vol. 50(1), pages 78-97, January.
- Kravis, Irving B & Lipsey, Robert E, 1982.
"Prices and Market Shares in the International Machinery Trade,"
The Review of Economics and Statistics,
MIT Press, vol. 64(1), pages 110-116, February.
- Irving B. Kravis & Robert E. Lipsey & Dennis M. Bushe, 1980. "Prices and Market Shares in the International Machinery Trade," NBER Working Papers 0521, National Bureau of Economic Research, Inc.
- Mitchell Kellman & Yochanan Shachmurove, 2011. "Diversification and Specialization Paradox in Developing Country Trade," Review of Development Economics, Wiley Blackwell, vol. 15(2), pages 212-222, 05.
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