Poslovna izvrsnost, Vol. 16 No. 1, 2022.
Prethodno priopćenje
https://doi.org/10.22598/pi-be/2022.16.1.59
DETERMINANTS OF CROATIAN MERCHANDISE TRADE: BAYESIAN MODEL AVERAGING
Mile Bošnjak
orcid.org/0000-0002-7663-198X
; Ekonomski fakultet Zagreb, Sveučilište u Zagrebu, Hrvatska
Ivan Novak
orcid.org/0000-0003-1473-7049
; konomski fakultet Zagreb, Sveučilište u Zagrebu, Hrvatska
Maja Bašić
orcid.org/0000-0002-1842-7091
; Ekonomski fakultet Zagreb, Sveučilište u Zagrebu, Hrvatska
Sažetak
This paper aims to evaluate competing theoretical approaches to
explain merchandise trade of the Republic of Croatia. Following analytical
framework derived from competing theories of international trade Croatian
merchandise trade pattern was examined. Paper considers the influence of
geographical distance between major cities, number of citizens older than 15
years, investment in research and development, level of gross domestic product,
production factor abundance and financial index development to export and
import of Republic of Croatia. Regarding the number of potential independent
variables and the sample size this paper applies Bayesian model averaging.
Using data sample of international merchandise trade between the Republic of
Croatia and 26 trading partners in 2019, empirical results pointed towards
geographical distance and number of citizens older than 15 years as main
drivers of international merchandise trade. Empirical findings were in line with
theoretical assumption suggesting transport costs are relevant drivers of both
Croatian merchandise imports and exports. Number of citizens can be
interpreted ambiguously. Number of citizens can be seen as market size or labor
supply. Economies of scales might potentially be a relevant theory to explain
Republic of Croatia’s merchandise trade, while further research should be
directed toward its empirical evaluation in case of the Republic of Croatia.
Ključne riječi
international merchandise trade; Bayesian model averaging; the Republic of Croatia.
Hrčak ID:
278861
URI
Datum izdavanja:
7.6.2022.
Posjeta: 664 *