The external trade position and the export incentive measures of Republic of Srpska in relation to the practice of advanced economies
Journal Title: Acta Economica - Year 2013, Vol 11, Issue 19
Abstract
The importance of export for modern national economies is extremely high, because it provides a number of positive effects on the microeconomic and macroeconomic level. Therefore, countries implement a variety of export incentive programs, increasing their competitiveness internationally. This study has two objectives. The first objective is to analyze the current practices of export incentives in developed world economies, especially for the former transition countries that have successfully carried out the process of transition from centrally-planned to a market economy. The second objective is to define the current position of Republic of Srpska foreign trade, and finding an optimal solution to the problem of incentives for its exports. Tie paper also compares export financing practices of Republic of Srpska with international regulations of the region, because the future membership in the European Union and the World Trade Organization requires adjustment programs for the compliance with the regulations of these organizations. Tie conclusion is that Republic of Srpska is in many ways behind the developed economies of the world. Te lack of a clear plan is a major problem that could be addressed through the establishment of Agency for Export Promotion and Republic of Srpska Export Bank. Because these activities require signifcant time and financial resources, particular attention should be paid to attracting foreign direct investment as a driver of not only export, but the overall economic activities in developing countries.
Authors and Affiliations
Александра Крчмар
Keywords
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