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MARKAKI, M. PAPADAKIS, S. PUTNOVÁ, A.
Original Title
A Modern Industrial Policy for the Czech Republic: Optimizing the Structure of Production
Type
journal article in Web of Science
Language
English
Original Abstract
The decreased demand for new vehicles will put pressure on the economy of the Czech Republic, a country deeply integrated into global value chains, as part of global vehicle production. The aim of this research was to define an appropriate industrial policy for the Czech Republic that will ensure that the country maintains its competitive position in the global market. A constrained optimization model was built, based on input–output analysis, to determine the optimal value-added structure and the intersectoral structure of the Czech economy for the country to retain its exporting character. The optimization problem was solved by using a particle swarm optimization algorithm. The results suggest that the optimal industrial policy plan for the country is the structural transformation of production, mainly targeting the development of technologically advanced sectors of manufacturing (such as: chemicals and chemical products; basic pharmaceutical products; computer, electronic, and optical products; electrical equipment; and machinery and equipment). The suggested restructuring process increased the domestic value-added in gross exports as a share of total exports by 6.77%, creating optimal production capabilities for the economy. The Czech Republic appears to have the potential for the implementation of an industrial policy, avoiding the increasingly vulnerable motor-vehicle sector.
Keywords
structural transformation; input–output analysis; industrial policy; particle swarm optimization; nature-inspired computing; evolutionary computation
Authors
MARKAKI, M.; PAPADAKIS, S.; PUTNOVÁ, A.
Released
30. 10. 2021
Publisher
MDPI
Location
Basel, Switzerland
ISBN
2227-7390
Periodical
Mathematics
Year of study
9
Number
23
State
Swiss Confederation
Pages from
1
Pages to
20
Pages count
URL
https://www.mdpi.com/2227-7390/9/23/3095
Full text in the Digital Library
http://hdl.handle.net/11012/203085
BibTex
@article{BUT175102, author="Maria {Markaki} and Stelios {Papadakis} and Anna {Putnová}", title="A Modern Industrial Policy for the Czech Republic: Optimizing the Structure of Production", journal="Mathematics", year="2021", volume="9", number="23", pages="1--20", doi="10.3390/math9233095", issn="2227-7390", url="https://www.mdpi.com/2227-7390/9/23/3095" }