Suchergebnisse

For all the economies in the global world the question of trade is becoming more important by the day. But the possibility to export on the global market meets many impediments in the form of non-tariff barriers, rather than tariff these days. CEFTA 2006 regional trade integration is not an exception with more than 100 NTBs introduced during its existence. Our research found that Serbia and Albania are CEFTA 2006 signatories with the most NTBs introduced in the observed period. CEFTA has a very efficient institutional mechanism, Subcommittee on Technical Barriers to Trade (TBT) and Non-Tariff Barriers (NTBs), for the removal of NTBs between signatories. We have researched three case studies of bilateral NTBs in Serbia's intra-CEFTA 2006 which demonstrate that our trade partner uses policy oriented NTBs. The removal of NTBs at the global, as well as regional levels is crucial for the development of trade flows after the world economic crisis.

This paper examines the relationship between the real exchange rate and the foreign trade imbalance in both the Western Balkan (WB) and Central and Eastern European (CEE) countries. During the most recent global economic crisis, examining the impact of the exchange rate on the balance of trade took on a particular importance. Countries used a variety of monetary policy regimes and, depending on their choice, they had different economic instruments available to deal with the crisis. The aim of the research was whether exchange rate devaluation and/or depreciation are capable of effectively and fully eliminating the negative effects of the global economic crisis, as well as the consequent poor export performance and contracted economic activity. Our findings show that during an economic crisis those countries that use their own currency cannot substantially adjust their trade deficit by depreciating their currency. Moreover, it is suggested that during the global economic crisis, the balance of payments deficit is not impacted significantly by the exchange rate, any more. In such cases, other factors play a more significant role, like as government spending, followed by foreign demand and direct investments.