EXPORT-BIASED GROWTH AND PROBLEMS OF DOMESTIC MARKET IN POST-SOCIALIST COUNTRIES OF THE BLACK SEA ECONOMIC COOPERATION
Keywords:
Black Sea Economic Co-operation (BSEC), export-biased growth, domestic market stimulation, expansionary expenditure-changing policy, high-quality growth.Abstract
This paper analyses the dynamics of foreign trade, real GNI and relative purchasing power parity in the Black Sea Economic Co-operation countries. The stable growth and sustainable economic development of post-socialist BSEC countries requires rejection of export-biased growth pattern and transition to expansionary expenditure-changing policy for domestic market enlargement, local currency appreciation and international public labour cost-based industrial relationships. Relative purchasing power parity may be used as additional indicator in application to expansionary expenditure-changing policies for price and monetary policy amendment.
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