Despite marked fall in production since 1980, metals and electronics industry plays an important role in Serbia’s economy, reflected in its share in employment, export, and gross domestic product. Export in the sector has a sound basis for future growth, where vicinity of EU markets coupled...

Much empirical research has highlighted the importance of institutions and initial conditions in the transition to a market economy. However, relatively little is still know about how these factors directly affect growth paths. This paper explores how institutional factors and initial conditions...