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REGIONAL VALUE CHAINS IN THE CROATIA'S NEIGHBOURING COUNTRIES AS ECONOMIC DRIVERS

Davor Mance (), Borna Debelic () and Sinisa Vilke ()
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Davor Mance: University of Rijeka Faculty of Economics, Croatia
Borna Debelic: University of Rijeka Faculty of Maritime Studiesm, Croatia
Sinisa Vilke: University of Rijeka Faculty of Maritime Studiesm, Croatia

Business Logistics in Modern Management, 2021, vol. 21, 233-244

Abstract: Regional value chains (RVCs) are an important indicator of regional trade, economic integration and development. Due to regionalization of production, instead of globalisation of production, more and more production is taking place in RVCs. We used the UNCTAD-Eora database to obtain the values of the basic RVC indicator: domestic value added (DVA) included in a country's exports. We analyse the regional value chains in Croatia and its neighbouring countries: Bosnia and Herzegovina, Hungary, Montenegro, Serbia and Slovenia. We performed a Panel Estimated Generalised Least Squares analysis with weights for cross-sectional fixed effects, weights for cross-sectional EGLS, covariance method for white cross-sectional coefficients and correction for degrees of freedom to obtain a more efficient estimation of coefficients and to correct for heteroscedasticity or autocorrelation in the residuals. The results of the panel EGLS show a statistically significant relationship between the change in value added (VA) of neighbouring Croatian countries and the change in Croatian VA (R2=0.73, p 0.0001). The results suggest that Croatia's linkages with neighbouring countries in RVCs are statistically significant, even though the extent of these linkages is of very small magnitude.

Keywords: regional value chain; economic development; economic integration; regional trade; value added. (search for similar items in EconPapers)
Date: 2021
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