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What can eastern European countries learn from the Slovak economy? A twin deficit growth approach

Elias Soukiazis, Eva Muchova, Pedro Cerqueira () and Micaela Antunes

Journal of Economic Policy Reform, 2018, vol. 21, issue 4, 301-318

Abstract: This paper applies an extended growth model to the Slovak economy and explains the potential pitfalls that a transition economy faces on the way to converging with other advanced European countries. Our empirical analysis shows that Slovakia grew at a higher rate than that allowed by the balance-of-payments equilibrium rate and that this is consistent with the accumulation of trade deficits over time. A scenarios analysis shows that improving trade competitiveness, changing import and export shares toward a current account balance, and financing the economy at a lower cost will be the most successful ways to achieve higher growth.

Date: 2018
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DOI: 10.1080/17487870.2017.1374864

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