Efekti konkurentnih trgovinskih režima na bilateralne tokove trgovine: slučaj Srbije

The aim of this paper is to investigate the effects of competing trade regimes on Serbian trade with its most significant (traditional) partners, like European Union and CEFTA 2006 signatories, and other untraditional trade partners with favourable trade regime, like the USA. To this end, gravity model with bilateral and time effects is estimated by Hausman-Taylor AR(1) instrumental variable estimator, using panel data on bilateral trade between Serbia and its main trade partners during the period 2001-2010. The results indicate that overall level of development and difference in factor endowments stimulate Serbia’s exports, which is in accordance with theoretical foundation that inter-industry trade is predominant in exports of less developed countries. Moreover, competing trade regimes appear as important determinant of Serbia’s trade relations, whereas additional liberalization of trade regime with the USA as untraditional trade partner, even asymmetrical to Serbia’s favour, cannot divert trade flows from traditional partners in the long-run. This could mean that distance plays more prominent role in bilateral trade than the degree of liberalization of trade regimes in case of Serbia. The result could be due to the contemporaneous effects of trade preferences granted to Serbia by the EU and other CEFTA 2006 signatories, main trading partners of Serbia.Ovaj rad ima za cilj istražiti efekte konkurentnih trgovinskih režima na primjeru trgovine Srbije s njenim najznačajnijim (tradicionalnim) vanjskotrgovinskim partnerima, kao što su Europska unija i potpisnice CEFTA 2006 sporazuma, ali i s netradicionalnim partnerima s kojima ima povoljan trgovinski režim, kao što su SAD. U ovom cilju primijenili smo gravitacijski model s panel podacima s bilateralnim i vremenskim efektima od 2001. do 2010., a ocijenili smo ga Hausman-Taylor metodom instrumentalnih varijabli. Rezultati naše analize podupiru hipotezu da opći nivo razvijenosti i razlika u faktorskoj raspoloživosti stimuliraju izvoz Srbije, što je sukladno teorijskim postavkama da interindustrijska trgovina dominira u izvozu manje razvijenih zemalja. Također, trgovinski režimi su značajna determinanta vanjskotrgovinskih odnosa Srbije, ali dodatna liberalizacija trgovinskog režima sa SAD, kao netradicionalnim partnerom Srbije, iako asimetrična u korist Srbije, ne može skrenuti trgovinske tokove od tradicionalnih vanjskotrgovinskih partnera Srbije na dugi rok. Ovo nam govori da razdaljina igra značajniju ulogu u bilateralnoj trgovini nego li stupanj liberaliziranosti trgovinskog režima, u slučaju Srbije. Najznačajniji režimi koji odvlače usmjerenost od razmjene sa SAD su trgovinski preferencijali istodobno odobreni od Europske unije i potpisnica CEFTA 2006 sporazuma

Trade regimes and bilateral trade in the EU enlargement process: Focus on the Western Balkans

This paper aims at investigating the role of different trade regimes in determining the bilateral trade of Western Balkan countries and the enlarged European Union between 2001—2010. Special focus is laid on the intra-regional trade of Western Balkan countries and complementarities of this sub-regional trade integration and the EU accession process. Using panel data, we estimated the gravity model of bilateral exports from Western Balkan and Central Eastern European countries to the core EU members in the 2001–2010 period. The results confirm the importance of EU membership for the development of acceding countries’ trade and shed light on asymmetrical trade regimes as important factors of boosting the bilateral trade flows. Additionally, CEFTA 2006 has a significant contribution to intra-regional Western Balkans trade

The effects of competing trade regimes on bilateral trade flows: case of Serbia

The aim of this paper is to investigate the effects of competing trade regimes on Serbian trade with its most significant (traditional) partners, like European Union and CEFTA 2006 signatories, and other untraditional trade partners with favourable trade regime, like the USA. To this end, gravity model with bilateral and time effects is estimated by Hausman-Taylor AR(1) instrumental variable estimator, using panel data on bilateral trade between Serbia and its main trade partners during the period 2001-2010. The results indicate that overall level of development and difference in factor endowments stimulate Serbia’s exports, which is in accordance with theoretical foundation that inter-industry trade is predominant in exports of less developed countries. Moreover, competing trade regimes appear as important determinant of Serbia’s trade relations, whereas additional liberalization of trade regime with the USA as untraditional trade partner, even asymmetrical to Serbia’s favour, cannot divert trade flows from traditional partners in the long-run. This could mean that distance plays more prominent role in bilateral trade than the degree of liberalization of trade regimes in case of Serbia. The result could be due to the contemporaneous effects of trade preferences granted to Serbia by the EU and other CEFTA 2006 signatories, main trading partners of Serbia

Efekti konkurentnih trgovinskih režima na bilateralne tokove trgovine: slučaj Srbije

The aim of this paper is to investigate the effects of competing trade regimes on Serbian trade with its most significant (traditional) partners, like European Union and CEFTA 2006 signatories, and other untraditional trade partners with favourable trade regime, like the USA. To this end, gravity model with bilateral and time effects is estimated by Hausman-Taylor AR(1) instrumental variable estimator, using panel data on bilateral trade between Serbia and its main trade partners during the period 2001-2010. The results indicate that overall level of development and difference in factor endowments stimulate Serbia’s exports, which is in accordance with theoretical foundation that inter-industry trade is predominant in exports of less developed countries. Moreover, competing trade regimes appear as important determinant of Serbia’s trade relations, whereas additional liberalization of trade regime with the USA as untraditional trade partner, even asymmetrical to Serbia’s favour, cannot divert trade flows from traditional partners in the long-run. This could mean that distance plays more prominent role in bilateral trade than the degree of liberalization of trade regimes in case of Serbia. The result could be due to the contemporaneous effects of trade preferences granted to Serbia by the EU and other CEFTA 2006 signatories, main trading partners of Serbia.Ovaj rad ima za cilj istražiti efekte konkurentnih trgovinskih režima na primjeru trgovine Srbije s njenim najznačajnijim (tradicionalnim) vanjskotrgovinskim partnerima, kao što su Europska unija i potpisnice CEFTA 2006 sporazuma, ali i s netradicionalnim partnerima s kojima ima povoljan trgovinski režim, kao što su SAD. U ovom cilju primijenili smo gravitacijski model s panel podacima s bilateralnim i vremenskim efektima od 2001. do 2010., a ocijenili smo ga Hausman-Taylor metodom instrumentalnih varijabli. Rezultati naše analize podupiru hipotezu da opći nivo razvijenosti i razlika u faktorskoj raspoloživosti stimuliraju izvoz Srbije, što je sukladno teorijskim postavkama da interindustrijska trgovina dominira u izvozu manje razvijenih zemalja. Također, trgovinski režimi su značajna determinanta vanjskotrgovinskih odnosa Srbije, ali dodatna liberalizacija trgovinskog režima sa SAD, kao netradicionalnim partnerom Srbije, iako asimetrična u korist Srbije, ne može skrenuti trgovinske tokove od tradicionalnih vanjskotrgovinskih partnera Srbije na dugi rok. Ovo nam govori da razdaljina igra značajniju ulogu u bilateralnoj trgovini nego li stupanj liberaliziranosti trgovinskog režima, u slučaju Srbije. Najznačajniji režimi koji odvlače usmjerenost od razmjene sa SAD su trgovinski preferencijali istodobno odobreni od Europske unije i potpisnica CEFTA 2006 sporazuma

Functional Food Market Development in Serbia: Motivations and Barriers

<p><em>The aim of this paper is to present main findings obtained from the empirical analysis of the functional food market in Serbia. The analysis is based on the in-depth interviews with relevant processors and retailers present on the market. The following set of topics are considered: (1) motivations (driving forces) and barriers to offer products with nutrition and health (N&amp;H) claim and (2) perception of consumer demand toward N&amp;H claimed products. Differences between Serbia and other Western Balkan Countries (WBC) are explored by using nonparametric techniques based on the independent samples.</em><em> </em><em>Results support overall conclusion that this market segment in Serbia is underdeveloped and rather producer than consumer driven compared to more developed WBC markets. </em></p

Heterogeneity of growth in the west Balkans and emerging Europe: A dynamic panel data model approach

This paper explores the heterogeneity of growth in the Western Balkan and Emerging European economies. For that purpose, growth determinants are estimated in the period 1997-2009 by dynamic panel data models. The chosen period provides a comparison for the model results with those estimated for the period up to 2007 in order to analyze changes caused by the global instability. According to the main findings of the paper, macroeconomic stabilization and structural reforms still matter in determining economic growth, but foreign direct investments and economic integrations seem to have the most important role in stimulating growth in the observed countries. Moreover, significant positive effects of foreign direct investments and economic integrations produce differences in growth paths between Emerging European and Western Balkan economies. Sharp decrease of foreign inflows in 2008 determined contractions of growth rates firstly in Emerging European economies with subsequent spill-over on the Western Balkan economies during 2009. Consequently, in the period of global instability, differences between two groups of economies become even more obvious

Redistribution and transmission mechanisms of income inequality - panel analysis of the affluent OECD countries

The aim of this paper is to point out the limitations of conventional approaches, articulated via political processes, in reducing income inequality. Using the panel data methods, on the sample of 21 affluent OECD countries in the period from 1980 to 2011, it is observed that the increase in labour productivity as well as preferences of voters to parties that advocate greater redistribution, contrary to common perception, not necessarily lead to reduction in income inequality. Increasing dominance of big capital in the field of technological progress changes the conventions about contribution of workers to labour productivity. The result is a weakening of workers’ bargaining power in relation to employers as well as increase in gap between labour productivity growth and real wage growth, which both lead to increase in income inequality. In comparison with the other political parties, it seems that the right-wing parties are more efficient in using voters’ support to implement their concept of the welfare state, which contributes to maintaining the high market-generated income inequality. Such situation could be explained that de jure power of the government depends on election results, whereas de facto power depends on the support of so-called globally-oriented super elites. [Projekat Ministarstva nauke Republike Srbije, br. 47010