УЯЗВИМОСТ НА МАЛКИТЕ ОТВОРЕНИ ИКОНОМИКИ ОТ ВЪНШНИ ШОКОВЕ
VULNERABILITY OF SMALL OPEN ECONOMIES TO EXTERNAL ECONOMIC SHOCKS

Summary/Abstract: This paper aims to study the international propagation of economic shocks by adopting the thesis for a causality between the economic growth in a country and the dynamics of the respective indicator in the foreign trade partners of that country. The main tasks of this research are: to develop an econometric model for testing the causal relationship between the economic growth of national economies; to study the influence of a national economy’s openness on its vulnerability to external economic shocks; to study the influence of the national economy’s size on the vulnerability to external economic shocks. A multiplicative regression model is used to establish the specified causality on which the relative size of partners’ economies has a moderating influence. There is a statistically significant relationship between the openness of the national economy and its susceptibility to external economic shocks.

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