Trade Openness, Institutions and Economic Growth of the Western Balkans Countries

Goran Popovic, Ognjen Eric and Stanko Stanic

Montenegrin Journal of Economics, 2020, vol. 16, issue 3, 173-184

Abstract: The Western Balkans Countries (WBC) represent a specific geoeco-nomic region. In the last three decades their economies have been affected by transition processes and opening. Progress of institu-tions implementing deep social reforms followed market reforms. The basic hypothesis is: independent variables Trade openness and Quality of institutions impact GDP growth. Dummy variables are also included in the paper (signing SAA and Candidate status), and so is the control variable (FDI inflow). The research covers 2005-2017. Panel analysis and Impulse response function in VAR model were applied. The results indicate statistically significant impact of the most variables on WBC economic growth.

Date: 2020
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