Naslov
Segmenting Terms of Trade ; The Case of Croatia

Autori
Tomić, Daniel ; Pičuljan, Marija

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Sustainable Organization / Doucek, Petr ; Novak, Aleš ; Paape Bjorn - Kranj : Moderna organizacija, 2016, 1207-1220

ISBN
978-961-232-285-4

Skup
35th International Conference on Organizational Science Development: Sustainable Organization

Mjesto i datum
Portorož, Slovenija, 16.03.2016. - 18.03.2016

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
terms of trade; output developments; business cycle; HP-filter; cross-correlations; Croatia

Sažetak
Favourable terms of trade developments present opportunities for countries to enhance economy- wide productivity growth, facilitate efficient resource allocation, reduce inflationary pressures and improve capability for serving debts. In that manner small, open, indebted and import dependent economy such as Croatia is much exposed to varying types of shocks, terms of trade being among variables to consider due to their feasibly wider cyclical and short-run instabilities. The aim of this paper is to consider different aspects of terms of trade changes within business cycle framework by segregating them into two variables (barter terms of trade, income terms of trade) and three parts (aggregate, goods, services) and relating them to output movements in Croatia. By using HP filter for extracting cyclical movements from selected variables and analyzing disproportion in its lags/leads, this paper gives a reflection on the dynamics of terms of trade and its (in)significant effect on the Croatian growth perspective. Results suggest general improvement in terms of trade as well as positive correlation with leading characteristics to output changes.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

Napomena
This work has been fully supported by the Croatian Science Foundation under the project number 9481 Modelling Economic Growth - Advanced Sequencing and Forecasting Algorithm. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of Croatian Science Foundation.

POVEZANOST RADA