Abstract
Overall, the gravity trade results above show that the CEECs had higher potential than actual in terms of trade with the developed economies of the European Union. They were not fulfilling their potential with developed Western Europe in the first phase of transition. As we shall see in later chapters, the position gets reversed by the end of transition and trade with the European Union becomes the engine of growth. The CEECs overfulfil their potential with actual trade racing ahead of what they could conceive of in the early 1990s.
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Notes
- 1.
Bernard, A. J., Branford, J., Redding, S. J., Schott, P.K., Firms in International Trade, Journal of Economic Perspectives 21(3) pp. 105–130, 2007.
- 2.
www.economist.com/sites/default/files/20141004_world_economy.pdf, www.economist.com/node/21552901
- 3.
www.imf.org/external/np/exr/ib/2000/110300.htm
- 4.
The Czech and Slovak Republics had specific problems links to the break-up of the erstwhile Czechoslovakia.
- 5.
Baldwin, European Economic Review (1995).
- 6.
- 7.
World Integrated Trade Solutions, The World Bank/Global Preferential Trade Agreemnet Database. http://wits.worldbank.org/GPTAD/PDF/archive/EC-Poland.pdf
- 8.
- 9.
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Voicu, A.M., Sen, S., Martinez-Zarzoso, I. (2018). The Fall of the “Iron Curtain”: Can the Central and East European Countries (CEECs) Face the Challenge of Trade-Restructuring and Integration?. In: Trade, Development and Structural Change. Studies in Economic Transition. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-59005-6_3
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DOI: https://doi.org/10.1057/978-1-349-59005-6_3
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