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THE IMPACT OF OPENNESS OF ECONOMY ON ECONOMIC DEVELOPMENT OF COUNTRIES
Abstract
The degree of openness measured as the share of foreign trade to GDP is one of the factor that significantly determine the development of countries. That is why many authors are interested in openness of the economy and its impact on macroeconomic development of the country from a theoretical and empirical aspect. This paper is therefore dedicated to show different measurement of openness and analyze the relationship of openness of the economy and macroeconomic developments with the help of regression analysis. Numerous studies have shown that countries with more economic freedom grow more rapidly and achieve higher level of income per capita than less free economic. Since Slovakia ranks among the most open economies, this paper focused also on analysis of openness of Slovakia. Its macroeconomic development is largely determined by the development of external economic relations. Given the size of the country and market, lack of their own natural resources, dependence on imports and its stage of economic development, this status has logical justification.
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