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Economic Dynamics and Sustainable Development – Resources, Factors, Structures and Policies

Proceedings ESPERA 2015 – Part 1 and Part 2

Edited By Luminita Chivu, Constantin Ciutacu, Valeriu Ioan-Franc and Jean-Vasile Andrei

The book is dedicated to the 150th anniversary of the Romanian Academy. It contains the most valuable 100 papers presented at the International Conference «Economic Scientific Research – Theoretical, Empirical and Practical Approaches» (ESPERA 2015). The event is initiated annually by the National Institute for Economic Research «Costin C. Kirițescu» of the Romanian Academy. ESPERA aim to present and evaluate the economic scientific research portfolio as well as to argue and substantiate development strategies, including European and global best practices. ESPERA intend to become a scientific support for the conceptualization and the establishment of policies and strategies and to provide a systematic, permanent, wide and challenging dialogue within the European area of economic and social research.

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Economic Integration of the Central and Eastern European Countries at the Regional and Global Level: An Analysis of International Trade Flows (Vilma Deltuvaitė)

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Vilma Deltuvaitė1

Economic Integration of the Central and Eastern European Countries at the Regional and Global Level: An Analysis of International Trade Flows

Abstract: The Central and Eastern European countries (CEECs) are one of the most open economies worldwide. Due to the high degree of economic openness the CEECs’ are vulnerable to the external shocks that can be transmitted through international trade channels. The CEECs have undergone different types of shocks and structural changes during the last two decades. There is a question of: how these external shocks and structural changes affected international trading relationships of the CEECs and economic integration of this group of countries at the regional and global level? The objective of this study is to assess the economic integration of the CEECs at the regional and global level focusing on the international trade flows. The following research methods were used in this paper: a systemic, logical and comparative analysis of the scientific literature, analysis of the statistical data and the Johansen cointegration test. The main findings of this study are 1) the shocks from the EU countries can be directly transmitted to the CEECs due the intense international trade relations; 2) the shocks originated in the United States, China (except Hong Kong), Switzerland, Russia, and Turkey could be indirectly transmitted to the CEECs through international trade relations with EU; 3) the results of the Johansen cointegration test suggest that a long-running relationship among the CEECs countries and EU...

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