Benacek V., Drabek Z.: Trade Reorientation and Global Integration. In: Handbook of the Economics and Political Economy of Transition
| Author(s): | doc. Ing. Vladimír Benáček CSc., dr. Ing. Zdeněk Drábek B.A., D.Phil., |
|---|---|
| Type: | Chapter in book |
| Year: | 2013 |
| Number: | 0 |
| ISSN / ISBN: | 978-0-415-59112-6 |
| Published in: | Routledge |
| Publishing place: | New York and Oxford |
| Keywords: | Transformace; restrukturalizace; efektivnost |
| JEL codes: | F10, P45 |
| Suggested Citation: | Benacek V., Drabek Z.: Trade Reorientation and Global Integration. In: Handbook of the Economics and Political Economy of Transition. New York, Routledge, 2013, pp. 167-180 |
| Grants: | GAČR č. P402/12/0982: Trade Flows in Times of Economic Boom and Slump: Modifying the Gravity Model for Country, Time and Product-Specific Decision-Making |
| Abstract: | This paper is focussed on one of the biggest challenges of Central and East European countries [in the transformation from central planning to market economy - their integration into the global economy] in early 1990s. The adjustment was subject to two profound shocks: (1) The elimination of central planning and the attempts to introduce an efficient market mechanism, and (2) external shocks originating in the collapse of their traditional foreign markets and the networks of suppliers. We identify the main problems and challenges of adjustment from the beginning of transition, assess the success with which these countries have been able to address those challenges through domestic adjustment and a more efficient integration into the world economy and evaluate the factors of success. We conclude that much of the structural changes were predictable. It was only the decline of output in individual countries that needs to be explained by factors specific to each country. |
