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Croatian Terms of Trade ; Historical Perspective, Movements and Welfare Effect (CROSBI ID 576794)

Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija

Tomić, Daniel Croatian Terms of Trade ; Historical Perspective, Movements and Welfare Effect // Entrepreneurship and Macroeconomic Management: Reflections on the World in Turmoil / Afrić Rakitovac, Kristina ; Šugar, Violeta ; Bevanda, Vanja (ur.). Pula: Fakultet ekonomije i turizma Dr. Mijo Mirković Sveučilišta Jurja Dobrile u Puli, 2011. str. 696-715

Podaci o odgovornosti

Tomić, Daniel

engleski

Croatian Terms of Trade ; Historical Perspective, Movements and Welfare Effect

Croatia is a small – open – import dependent economy with strong trade imbalances. Thus it implies certain effect on national welfare. The aim of this paper is to examine the impact of the trend and volatility of terms of trade on economic growth of Croatia using time series data. Moreover, the paper in an indirect way evaluates the effectiveness of the openness on economic performance of Croatian economy. In such manner we can assess the dynamics of import and export prices on economic growth. Results are consistent with the theory, however they suggest that terms of trade do not have substantial welfare effect on the economy. Estimation is based on Prais-Winsten regression of iterative procedures which eliminates the problem of serial correlation, as one of the frequent problems in these types of estimation. In addition, stationary VAR was obtained in order to present the dynamics of changes in terms of trade.

terms of trade; welfare effect; Prais-Winsten; Granger causality; Croatia

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Podaci o prilogu

696-715.

2011.

objavljeno

Podaci o matičnoj publikaciji

Entrepreneurship and Macroeconomic Management: Reflections on the World in Turmoil

Afrić Rakitovac, Kristina ; Šugar, Violeta ; Bevanda, Vanja

Pula: Fakultet ekonomije i turizma Dr. Mijo Mirković Sveučilišta Jurja Dobrile u Puli

978-953-7498-41-2

Podaci o skupu

The 5th International Scientific Conference „Entrepreneurship and Macroeconomic Management: Reflections on the World in Turmoil“

predavanje

24.03.2011-26.03.2011

Pula, Hrvatska

Povezanost rada

Ekonomija