This paper examines the role of export diversification for economic growth in CEE transition economies. The results prove that before the outbreak of 2008 financial crisis export specialization rather than diversification was an important growth factor, especially in those countries which followed more specialized export patterns. However, after the outbreak of the crisis the direction of this causal link changed essentially. All three main aspects of export diversification turned out to play a significant role in reducing the growth slowdown effects of the 2008 financial crisis.
This paper addresses the mechanisms by which trade openness and export concentration affect economic growth in the years 1995–2011. The effect of openness on growth volatility varies according to the extent of export concentration. Export diversification plays an important role in shielding an economy against the impact of economic shocks.
PL
Artykuł nie zawiera abstraktu w języku polskim
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