Development of System Dynamic Model of Latvia’s Economic Integration in the EU

Valerijs Skribans

MPRA Paper from University Library of Munich, Germany

Abstract: Joining the European Union big opportunities in the international markets have opened for Latvia. Paper purpose is to investigate influence of international integration processes on development of economy of Latvia. Latvia's incoming in EU increased the amount of received means from structural and cohesion funds, removed the trading barriers, increases foreign investments, reduced unemployment and increased labor migration. In the paper the system dynamics model, which describes integration of the Latvian economy into EU, is developed. In the model international financial flows connected with Latvia and EU; import, its relation to internal producing; and migration processes are considered. Model functioning is measured considering various scenarios of situation development. The developed model can be used not only in the analysis of Latvia’s economic integration in the EU, but on its basis it is possible to create models of regional cohesion in Europe.

Keywords: Europe; integration; cohesion; economic grow; migration; capital; price; inflation; consumption; output; GDP; unemployment; economic forecasting; system dynamic; simulation (search for similar items in EconPapers)
JEL-codes: C50 C53 E00 E17 E20 E21 E22 E23 E24 E27 E31 E37 E51 F00 F14 F15 F16 F17 F20 F21 F22 F40 F41 F43 F47 J61 O11 O15 O16 O19 (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-tra
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Published in Proceedings of the 29th International Conference of the System Dynamics Society (2011): pp. 1-16

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:34565

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