Description
Title: Effects of Trade on the Economic Performance of Industries: Evidence from the Czech and Slovak Wood Processing Industries
Abstract: International trade is essential to the growth process, as the classical economists Adam Smith and David Ricardo first emphasized. The goal of the essay is to examine how foreign trade affects the Czech and Slovakian wood processing industries’ (WPI) economic performance. To determine whether there is a relationship between foreign trade economic performance and indicators created to gauge the effects of foreign trade at the industry level, the multivariate regression method (MLR), assumption tests for MLR models, and Granger causality test were applied. The Granger test showed that the Slovak WPI had unidirectional causality and the Czech WPI had bidirectional causality. The findings showed that the industry’s economic performance is positively impacted by net export growth, but only when import growth is slower than export growth. The favorable trade balance showed that there was no impact of international trade on economic performance. The paper adds to the body of knowledge by providing indicators for assessing the impact of foreign trade on industry performance. The paper also contributes new empirical knowledge regarding the impact of trade balance on industry economic performance.
Keywords: contribution of foreign trade; economic performance; Granger causality; multivariate regression; net export; value added rate; wood processing industry
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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