By Anastasios Karasavvoglou, Persefoni Polychronidou
The realm is altering speedily. the worldwide financial predicament has known as into query the political judgements which were made by way of all nations for many years and has resulted in a re-formulation of instruments and goals. alterations to the hot scenario are worthwhile and entail substantial fiscal and social expenses. The Balkan and Black Sea sector is a vital reference element for the ecu and worldwide economic system. therefore, the examine of the industrial improvement within the zone is of serious curiosity, enticing politicians and scientists alike. less than this framework, the problem of the relation among the area’s nations and the E.U., the function of the banking procedure and the significance of the first area of the financial system as an incredible developmental issue for the international locations’ economies are of serious importance.
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Extra resources for Balkan and Eastern European Countries in the Midst of the Global Economic Crisis
Whenever available, data of the IMF have been used (IMF Direction of Trade Statistics Quarterly, September 1999). Given that for Bosnia and Herzegovina and FR Yugoslavia IMF statistics were rather incomplete, they have been integrated with national sources: for Bosnia, unpublished data on foreign trade of both entities obtained directly from the Central Bank of Bosnia and Herzegovina in mid-January 2000; and for FR Yugoslavia, Index no. 1, 1999, Federal Statistical Office of Bosnia). This is noteworthy as it demonstrates the trade relations between the two entities which make up the country and which were formed through the Dayton agreement (Cristie 2001; Damijan and Masten 2002).
The analysis is performed for eight countries of the Balkan area and the dataset covers the period 1989–2009. First of all, we create the variable dit and we determine a model for every country based on the relation (7). We estimate several models including dummy variables in order to reach the appropriate number of time trends t variables by means of AIC. Next, we calculate the rk index and in conjunction with the estimated coefficients of the time trends we perform a Wald test to conclude over the existence of convergence.
Since 2009, Croatia has the biggest biogas plant in Europe. Over the period 2000–2007 Croatia showed signals of improvement holding a steady rate of growth. Croatia has participated in international organizations and is going to be a member of the EU on July the 1st 2013. FYROM. FYROM became an independent nation in 1991 and since 2005 has applied for joining the EU. The majority of its trade relations are among the other Balkan Area and EU-15: An Empirical Investigation of Income Convergence 27 countries of the former Yugoslavia.