Competitiveness in Central-Europe : What Has Happened Since EU Accession? / Céline Allard.

Format:

Book

Government document

Author/Creator:

Allard, Céline.

Series:

IMF Working Papers; Working Paper ; No. 2009/121

IMF Working Papers

Language:

English

Subjects (All):

Finance--European Union countries.

Finance.

Competition, International.

Physical Description:

1 online resource (24 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2009.

Language Note:

English

Summary:

Since EU accession, trade flows have exhibited strong dynamics in Central-Eastern Europe (CEE). During the period leading to the current global turmoil, the region has also experienced continuous exchange rate appreciation and rapid FDI inflows, both likely to have affected these countries' competitiveness. This paper describes how the determinants of exports and imports have evolved in CEE countries over 2002-07 and econometrically derives their contribution to trade, with a view to assessing competitiveness developments. The analysis reveals that the global and domestic upswings, along with rising trade market shares, go a long way toward accounting for trade developments in CEE countries until 2007, pointing to continuous nonprice competitiveness gains. It also finds that exchange rate appreciation did not unduly weigh on export and import growth, suggesting that most of it reflected an upward movement in its equilibrium value. While the region entered the current period of global slowdown from a strong competitiveness position, the crisis also exposed the vulnerability of its heavy reliance on global demand to a trade shock.

Contents:

Contents; I. Introduction; II. Developments in Key Determinants of Trade; Tables; 1. Contribution of Net Exports to GDP Growth, 2002-07; 2. Trade Balance, 2002-07; 3. Real Effective Exchange Rate Based on ULCs, 2002-07; Figures; 1. Export Competitiveness Indicators, 1995-2007; 2. Foreign Direct Investment Stock, 2002-07; 3. Growth Rate of World Demand, 2002-07; III. Econometric Analysis; 4. Geographic Orientation of Exports, 2002-07; 4. Growth Rate of Domestic Demand, 2002-07; 5. Accounting for Export and Import Growth, 2002-07; 5. Long-Term Elasticities Related to Nonprice Competitiveness

6. Long-Term Elasticities to Price Competitiveness Indicators7. Cumulative Growth and Contribution of Trade Determinants, 2002-07; IV. Conclusion; 6. Dynamic Contributions to Export and Imports, 2002-07; Appendices; I. Data Sources; II. Error-Correction Model for Trade Equations and Cointegration Tests; III. Principle of Dynamic Contributions; References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9786612843358

9781462350728

1462350720

9781452779331

1452779333

9781451872682

1451872682

9781282843356

1282843354

OCLC:

680613558