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Direction of Serbian Trade: Gravity Model Based on Pool Data

Author

Listed:
  • Vladimir Ristanovic

    (Faculty of Business Economics and Entrepreneurship)

  • Dusan Cogoljevic

    (Faculty of Business Economics and Entrepreneurship)

  • Sinisa Barjaktarevic

    (Public Policy Secretariat)

Abstract

The objective of this paper is to evaluate the effects of bilateral trade between Serbia and EU countries in the period 2001-2015 on the basis of a gravity model. So far in research papers the gravity model has been used for the evaluation of effects of trade among different countries. The gravity model, which combines the cross-section data and the time-series data, has been estimated to the panel data. Estimated results based on a sample of 28 countries reveal that the economic size of foreign countries, the market size of trading partners (the number of inhabitants), and the geographical distance produce altogether huge effects on Serbia’s total trade and exports. Border and language factors have also been taken into account. The research leaves room for further scientific analyses and provides guidance for trade policy creators in analyses for directions of the Serbian trade. This research is based on complex econometric analyses and a recognised model, and shows that there is considerable room for the growth of bilateral trade between Serbia and EU.

Suggested Citation

  • Vladimir Ristanovic & Dusan Cogoljevic & Sinisa Barjaktarevic, 2017. "Direction of Serbian Trade: Gravity Model Based on Pool Data," EuroEconomica, Danubius University of Galati, issue 1(36), pages 21-33, May.
    • Handle: RePEc:dug:journl:y:2017:i:1:p:21-33
    as

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    File URL: http://journals.univ-danubius.ro/index.php/euroeconomica/article/view/3632/3998
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    References listed on IDEAS

    as
    1. Martinez-Zarzoso, Inmaculada & Nowak-Lehmann, Felicitas, 2003. "Augmented Gravity Model: An Empirical Application to Mercosur-European Union Trade Flows," Journal of Applied Economics, Universidad del CEMA, vol. 6(2), pages 1-26, November.
    2. Arvind Subramanian & Martin Kessler, 2013. "The Hyperglobalization of Trade and Its Future," Working Paper Series WP13-6, Peterson Institute for International Economics.
    3. Marco Montanari, 2005. "EU Trade with the Balkans : Large Room for Growth?," Eastern European Economics, Taylor & Francis Journals, vol. 43(1), pages 59-81, January.
    4. Richard Baldwin, 2011. "Trade And Industrialisation After Globalisation's 2nd Unbundling: How Building And Joining A Supply Chain Are Different And Why It Matters," NBER Working Papers 17716, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Zhijie Guan & Yue Zhang & Ip Ping Sheong Jim Kwee Fat, 2021. "Trade Relations Between Mauritius and China: A Gravity Model Approach," SAGE Open, , vol. 11(4), pages 21582440211, November.

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