ECONOMIC DIPLOMACY AND ITS RELEVANCE IN COUNTRIES WITH DIFFERENT INCOME LEVELS: A PERSPECTIVE FOR TRANSITION ECONOMIES

Mykhaylo Kunychka (), Leonid Raneta () and Diana Steblak ()
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Mykhaylo Kunychka: University of Economics in Bratislava, The Republic of Slovakia
Leonid Raneta: University of Economics in Bratislava, The Republic of Slovakia
Diana Steblak: Uzhhorod National University, Ukraine

Baltic Journal of Economic Studies, 2023, vol. 9, issue 2

Abstract: The study of the effectiveness of economic diplomacy has become a popular topic in the field of international economic relations. Recent trends are confirmed by a large number of academic studies focusing on the evaluation of the performance of diplomatic and consular offices abroad. This paper represents a new attempt to empirically examine the effectiveness of economic diplomacy using the example of a transition country, based on the activities of Ukrainian foreign representations. Over the last decade, this Eastern European state has experienced significant economic turbulence, political instability and a shift in the vector of foreign economic policy, which is the main impetus for the re-evaluation of its economic diplomacy. Using recent data on export flows, the authors apply a gravity model of trade to assess the impact of economic diplomacy on export activity. The results suggest that embassies are a more relevant means of promoting export flows to low- and middle-income countries.

Keywords: economic diplomacy; income level; export promotion; transitive state (search for similar items in EconPapers)
JEL-codes: D31 M51 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bal:journl:2256-0742:2023:9:2:2

DOI: 10.30525/2256-0742/2023-9-2-19-33

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