Integrating into the Global Economy through Services. The Case of Romania

Agnes Ghibutiu () and Andra Ghibutiu ()
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Agnes Ghibutiu: Institute for World Economy, Romanian Academy, ROMANIA
Andra Ghibutiu: Academy of Economic Studies, ROMANIA

Global Economic Observer, 2014, vol. 2, issue 1, 181-191

Abstract: Services represent a most important and dynamic frontier of international trade and investment. The steady expansion of trade in services and its relative resilience in the recent crisis, coupled with its key role in global production networks and its increasing potential in attracting investment provides new opportunities for countries to grow their economies and integrate into the global economy. Drawing on insights from current literature and relying on balance of payments and trade in value-added statistics, this paper examines the main developments shaping Romania’s services trade over the post-crisis years. Its aim is to assess whether the country is seizing the new opportunities arising from services globalization. It finds that following the dramatic crisis-induced decline in the value and performance of Romania’s services trade, the outlook is now radically improving as evidenced by strongly rebounding services flows and net exports. Nonetheless, the country’s integration into the global economy through services flows continues to remain below its potential.

Keywords: Romania; trade in services; global economy; European Union; services outsourcing; trade in value-added; global value chains; transnational corporations (search for similar items in EconPapers)
JEL-codes: F14 F15 L24 L80 L86 (search for similar items in EconPapers)
Date: 2014-05
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Persistent link: https://EconPapers.repec.org/RePEc:ntu:ntugeo:vol2-iss1-14-181

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