Analysis of the Impact of Macroeconomic Stability on the Level of Global Competitiveness of Western Balkan Countries

Milovic, Nikola; Jocović, Mijat; Martinović, Nikola

doi:10.2478/jcbtp-2021-0012

Cited by 3 publications

(1 citation statement)

References 23 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Having in mind the complexity and multidimensional character of this term, it is expected to have numerous factors shaping the country's performances in terms of competitiveness. There is a large amount of research that focuses, which from micro (Delgado et al, 2012;Boulouta & Pitelis, 2014;Paraušić et al, 2014) or macro (Rusu & Roman, 2018;Roszko-Wójtowicz, & Grzelak, 2020;Milović et al, 2021) perspective, determines the level of national competitiveness. These studies show that micro determinants are mainly related to the analysis of the existence of a stimulating environment for business development, as well as the impact of socially responsible business of individual companies on the level of national competitiveness.…”

Section: Introductionmentioning

confidence: 99%

National Competitiveness and Foreign Direct Investment in Emerging Europe

Ranđelović

Martinović

2022

Economic Themes

Self Cite

View full text Add to dashboard Cite

The paper evaluates the relationship between the indicators of competitiveness of national economies (real unit labour costs and Global Competitiveness Index) and the flow of FDI in Central and Eastern Europe (CEE) over the last two decades. Our results show that from 2000 to 2020, CEE economies had an average annual inflow of FDI of 3.9% of GDP, with significant variation across the region. We have found out that the relationship between the net inflow of FDI and the real unit labour costs was strongly negative, while the results on the link with the Global Competitiveness Index was less conclusive. In 2020, due to pandemic global flow of FDI, shrank by around 40%, while the net inflow of FDI to CEE countries declined on average by 15%. These trends and results of survey-based analyses from other studies suggest that CEE region, and especially the Western Balkans countries, may benefit from the nearshoring process in the future. To exploit that opportunity, they may need to put focus of their policies on efficiency-enhancing tax reforms (that would reduce the unit labour costs) and other structural reforms that would result in improvement of the stock and quality of their physical and human capital.

show abstract

Section: Introductionmentioning

confidence: 99%

National Competitiveness and Foreign Direct Investment in Emerging Europe

Ranđelović

Martinović

2022

Economic Themes

Self Cite

View full text Add to dashboard Cite

show abstract

How Does International Financial Integration Really Affect Post-Transition Countries' Growth? Empirical evidence from the CEE-10 countries

Ganić

Hrnjic

2021

Journal of Central Banking Theory and Practice

View full text Add to dashboard Cite

This paper seeks to empirically explore how an international financial integration influences a country’s GDP growth. The long run relationship is tested by PMG estimator for the sample of ten EU countries from Central, Eastern and Southeastern Europe (CEE-10 countries) between 1995 and 2017. Prior to the conducting of dynamic panel analysis based on PMG estimators, several panel unit root tests were conducted, as well as panel co integration tests. The findings offer mixed impact financial integration on growth. Among the measures of financial integration, growth of the CEE-10 countries is mostly driven in the long run by FDI inflows as well as remittances and financial openness. On the contrary, the study suggests a reversal relationship between growth and financial integration measured by Gross Foreign Assets and Liabilities in percentages of GDP. It might be explained with a fact that CEE-10 countries have not yet reached a certain level of financial development in order to benefit from financial integration. The study concludes that international financial integration does not per se enhance economic growth and country’s growth in the CEE-10 countries can be reached at a higher level of financial integration, further increase their financial openness and financial development.

show abstract

Montenegro and BRI Initiative

Martinović

Milovic

2022

Opportunities and Challenges for Multinational Enterprises and Foreign Direct Investment in the Belt and Road Initiative

View full text Add to dashboard Cite

The focus of this chapter is the analysis of economic relations between Montenegro and China and the implications that the intensified economic cooperation may have on the political, regional, and global levels. Special attention is paid to the construction of the priority section of the Bar-Boljare highway and the financial arrangement concluded on those grounds between Montenegro and the Chinese Exim Bank. China's presence in the Western Balkans has gained importance recently through the Belt and Road Initiative project. Therefore, this chapter seeks to answer how Montenegro can use all the benefits of this initiative to strengthen its national economy and increase its citizens' living standards. That can be crucial as Montenegro is facing economic consequences of the COVID-19 pandemic, and FDI inflows are a precondition to reduce the infrastructure gap within the convergence criteria in the EU accession process.

show abstract

Analysis of the Impact of Macroeconomic Stability on the Level of Global Competitiveness of Western Balkan Countries

Cited by 3 publications

References 23 publications

National Competitiveness and Foreign Direct Investment in Emerging Europe

National Competitiveness and Foreign Direct Investment in Emerging Europe

How Does International Financial Integration Really Affect Post-Transition Countries' Growth? Empirical evidence from the CEE-10 countries

Montenegro and BRI Initiative

Contact Info

Product

Resources

About