DETERMINANTS OF EXPORT AND IMPORT FUNCTIONS IN THE EU MEMBER COUNTRIES

• Authors: Mirdala Rajmund , Semančíková Jozefína , Ruščáková Anna
• Languages of publication: EN

Abstracts

EN

Current account imbalances and their sustainability in the EU member countries has been examined in the recent empirical literature since the establishment of the Euro Area. Deeper trade integration within the EU is generally beneficial. However, international fragmentation of production resulting from emergence of global value chains deepens external imbalances due to persisting differences in macroeconomic performance among member countries. The main objective of the paper is to examine effects of price and non-price determinants of exports and imports in 21 EU member countries. We have estimated the determinants of export and import demand functions in the 21 EU member countries. Our results indicate the high role of imports in aggregate export functions, while aggregate functions indicated a high contribution of domestic demand to the imports dynamics. Disaggregated analysis revealed the importance of intermediates in the external trade within and outside the EU from territorial and commodity aspects.

Keywords

EN

CURRENT ACCOUNT; EXTERNAL BALANCE; EXPORT; IMPORT; GLOBAL VALUE CHAINS; EU

• Publisher: Institute of Slovak and World Economics and Institute for Forecasting, Slovak Academy of Sciences
• Journal: Ekonomický časopis (Journal of Economics)
• Year: 2019
• Volume: 67
• Issue: 9
• Pages: 901 – 930

Contributors

author

Mirdala Rajmund

• Technical University of Košice, Faculty of Economics, Němcovej 32, 040 01 Košice, Slovak Republic

author

Semančíková Jozefína

author

Ruščáková Anna