ASSESSMENT OF CYCLICAL FLUCTUATIONS IN THE SHARE OF HIGH-TECH PRODUCTS IN THE U.K. FOREIGN TRADE

Authors

DOI:

https://doi.org/10.35774/jee2023.04.533

Keywords:

high-tech; high-tech products; export; mathematical modelling; dynamic indicators; cyclicality.

Abstract

The paper presents an original approach to assessing cyclical fluctuations in the share of high-tech products in the foreign trade of the United Kingdom of Great Britain and the Northern Ireland. This approach can serve as a foundation for decision-making at a state level regarding issues of regulating Ukrainian development in innovation, science, and technology. It also reveals the economic content and distinguishes the influence of separate structural components (linear, accelerated, and cyclical growth) on the changes in the share of high-tech products in the foreign trade. Further, the analysis also determines two important relative indicators: share of high-tech exports in total U.K. manufactured exports and share of high-tech exports in the country’s GDP. The dynamics cycles of hightech exports in the United Kingdom with periods of 4.2 and 4.3 years are determined and the extent of the cyclical component’s influence on the overall trend is calculated. This paper is part of a research project that uses the same original approach to analyze various countries with significant high-tech exports on the global scale.

JEL: C51, E32, O33.

Author Biographies

Petro MAKARENKO, Poltava State Agrarian University

DSc (Econ), professor, head of the Department of Economics and International Economics Relations

Oleksandr BIELOV, Poltava State Agrarian University

Cand.Sc (Econ), doctoral student of the Department of Economics and International Economics Relations

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Received: September 1, 2023.

Reviewed: September 28, 2023.

Accepted: November 6, 2023.

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Published

08.02.2024

How to Cite

MAKARENKO, Petro, and Oleksandr BIELOV. “ASSESSMENT OF CYCLICAL FLUCTUATIONS IN THE SHARE OF HIGH-TECH PRODUCTS IN THE U.K. FOREIGN TRADE”. Journal of European Economy, vol. 22, no. 4, Feb. 2024, pp. 533-55, doi:10.35774/jee2023.04.533.

Issue

Vol. 22 No. 4 (2023): JOURNAL OF EUROPEAN ECONOMY

Section

ECONOMY OF EUROPEAN COUNTRIES

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