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The resistance of the greater Baltic region states to market cycle changes
Устойчивость экономик стран Большого Балтийского региона к циклам конъюнктуры
[journal article]
Abstract A non-linear change process is a specific feature of a poorly regulated market economy. However, many researchers have shown that different economic sectors do not respond to market cycles in a similar way. Regional economic systems are a combination of many sectors, therefore a hypothesis about the... view more
A non-linear change process is a specific feature of a poorly regulated market economy. However, many researchers have shown that different economic sectors do not respond to market cycles in a similar way. Regional economic systems are a combination of many sectors, therefore a hypothesis about the correlation between the stability of regional economies and market cycles is examined. The study is conducted using the Baltic countries (hereinafter referred to as Greater Baltic Region, GBR) as an example. GBR countries have been classified into highly stable, relatively stable, unstable, and highly unstable based on the study of the stability of national economies to global cycle processes. The GDP dynamics of the countries were compared to GDP cycles of the US and the EU, which are the main financial centres. To understand the reasons, the sectoral structure of GDP is additionally considered. The results allow the author to classify of GBR countries according to the structure of economic sectors and the stability of the regional economy.... view less
Keywords
market economy; stability; economic sector; economic system; national economy; Baltic States
Classification
National Economy
Free Keywords
market cycles, GDP dynamics, sectoral structure, stability, sensitivity
Document language
English
Publication Year
2019
Page/Pages
p. 4-13
Journal
Baltic Region, 11 (2019) 1
DOI
https://doi.org/10.5922/2079-8555-2019-1-1
ISSN
2079-8555
Status
Published Version; peer reviewed