TRADE LIBERALISATION AND ECONOMIC GROWTH IN MACEDONIA

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    Abstract

    The objective of this paper is to explore the effects of trade on Macedonian economic growth. The autoregressive distributed lag (ARDL) model is applied to yearly data over the period of 1993-2014. Empirical investigation reveals that an increase of population and openness demonstrate a positive and significant effect on Macedonian economic growth. Given other diverging findings, this suggests that the relationship between trade reforms and growth through the productivity function may vary across transition economies. Nevertheless, the findings of this paper indicate that policies focusing on market liberalisation and opening the economy to trade have a positive effect on Macedonian economic growth, both in the short run and the long run.
    Original languageEnglish
    Pages (from-to)48-60
    Number of pages13
    JournalSouth East European Journal of Economics and Business
    Volume11
    Issue number2
    DOIs
    Publication statusPublished - 25 Dec 2016

    Keywords

    • ARDL
    • Growth
    • Reforms
    • Macedonia
    • Transition

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