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The Effects of Economic Integration on Croatian Merchandise Trade: A Gravity Model Study

Author

Listed:
  • Nina Ranilović

    (The Croatian National Bank, Croatia)

Abstract

The paper shows that Croatia trades more with higher income and closer countries, which is in line with the standard gravity model assumption, and that a strong bias exists towards trade with countries of the former Yugoslavia. In addition, Croatian accession to the European Union proved to affect trade positively. On the other hand, free trade agreements signed with non-EU countries do not have a statistically significant and positive effect on Croatian trade. Although the positive impact of Croatia's membership in Central European Free Trade Agreement (CEFTA) did not prove to be robust, this could be explained by its strong overlap with the group of countries from former Yugoslavia. Additionally, it was found that the crisis affected the determinants of Croatian exports and imports in different ways and that some disparities exist between trade in goods and trade in goods and services.

Suggested Citation

  • Nina Ranilović, 2017. "The Effects of Economic Integration on Croatian Merchandise Trade: A Gravity Model Study," Working Papers 50, The Croatian National Bank, Croatia.
    • Handle: RePEc:hnb:wpaper:50
    as

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    File URL: http://www.hnb.hr/repec/hnb/wpaper/pdf/w-050.pdf
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    Citations

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    Cited by:

    1. Srdelić, Leonarda & Dávila-Fernández, Marwil J., 2024. "International trade and economic growth in Croatia," Structural Change and Economic Dynamics, Elsevier, vol. 68(C), pages 240-258.
    2. Diana María Cortázar-Gómez & Juan F. Pineda-Guarín, 2019. "Red de comercio departamental en Colombia: Enfoque gravitacional y análisis topológico de redes," Documentos de trabajo sobre Economía Regional y Urbana 285, Banco de la Republica de Colombia.
    3. Kristian Orsini & Arian Perić, 2021. "Understanding the Croatian Export Boom," European Economy - Economic Briefs 065, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    4. Mile Bošnjak & Vlatka Bilas & Domagoj Raèiæ, 2019. "Time-varying parameters of Croatian import demand," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 37(2), pages 853-872.

    More about this item

    Keywords

    merchandise trade; Croatia; gravity model; EU accession; free trade agreements; CEFTA membership;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration

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