Is Slow Economic Growth the ‘New Normal’ for Europe?

Crafts, Nicholas

doi:10.1007/s11293-017-9551-9

Cited by 3 publications

(2 citation statements)

References 41 publications

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“…In this paper, we tackle the issue of secular stagnation in the eurozone through a core-periphery perspective . This is a novel contribution of our work with respect to previous contributions on this topic (Anderton et al., 2014; Belke and Klose, 2017; Crafts, 2017; Jimeno et al., 2014). Several papers have already documented the existence of considerable heterogeneity in the development process of eurozone countries.…”

Section: Introductionmentioning

confidence: 56%

“…Following Jimeno et al. (2014), Gordon (2015), Storm (2017) and Crafts (2017), we take the dynamics of potential GDP as the main indicator of secular stagnation. Second, we focus on the components of potential GDP that have changed the most in the wake of the crisis and that may represent relevant sources of deepening core-periphery divergence.…”

Section: Introductionmentioning

confidence: 99%

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Secular stagnation and core-periphery uneven development in post-crisis eurozone

Botta

Tippet

2021

Competition & Change

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In this paper, we analyse secular stagnation in the eurozone. We adopt a core-periphery perspective and analyse whether the 2007–2008 financial crisis triggered off diverging dynamics in the growth potential of core and peripheral eurozone countries. We find that secular stagnation affects the whole eurozone but is a much more serious concern in the periphery. Among the components of potential GDP, the NAIRU in particular has diverged since 2008. We find that the increase in the NAIRU is strongly related to demand-side factors such as investment demand and the fiscal policy stance, as well as to the technological level of the economy. Labour market institutions seem to play a relatively minor role, which may also change depending on the level of technological development of an economy. In line with these findings, we argue that reforms in the eurozone should focus on levelling out the core-periphery technological gap via industrial policy, and on the creation of homogenous financial and macroeconomic conditions among member countries, rather than on the generalized deregulation of labour markets.

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Section: Introductionmentioning

confidence: 56%

Section: Introductionmentioning

confidence: 99%

Secular stagnation and core-periphery uneven development in post-crisis eurozone

Botta

Tippet

2021

Competition & Change

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Digitalization, Industry Concentration, and Productivity in Germany

Ferschli

Rehm

Schnetzer

et al. 2021

Jahrbücher Für Nationalökonomie Und Statistik

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This paper investigates the links of digitalization and industry concentration with labor productivity at the sectoral level in Germany. Combining data for digitalization and labor productivity from the EU KLEMS database with firm-level data from the CompNet and Orbis Bureau Van Dijk databases to construct industry concentration measures between 2000 and 2015, we show that (1) the German economy appears to have digitized since 2000, and (2) there is no clear-cut relationship between digitalization and market concentration at the industry level. Using a time and sector fixed effects model and controlling for capital intensity, however, we find evidence for (3) a positive effect of both lagged industry concentration and lagged digitalization on productivity at the sectoral level in Germany. This finding is robust to alternative measures of digitalization and industry concentration as well as to their interaction but sensitive to the sector sample and to scale effects from the capital intensity. We, therefore, cautiously conclude that recent technological change appears to have been labor-saving and that productivity-enhancing aspect of a partial “superstar firm” effect may be identified in the German economy, in particular in its manufacturing sector.

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Impact of Global Economic Challenges on the Development of Future Markets

Lavrikova

Andreeva

Tarasov

et al. 2019

Èkonomika i upravlenie

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The topic of the study is relevant due to the fact that the world economy and international economic relations are influenced by global challenges. In this context, the formation of a new technological paradigm based on digitalization is an important trend.Aim. The presented study aims to determine the effects of global economic challenges on the development of future markets.Tasks. The authors determine the essence of global challenges at the current stage of development of the world economy and specific aspects of international economic relations; substantiate the emergence and nature of future markets and analyze the impact of global challenges on their development.Methods. The major modern global challenges are systematized with allowance for their current and potential impact on the development of future markets. The essence and nature of the current development of future markets are analyzed. This study uses the methods of comparative analysis and economic-statistical (including correlation) analysis to examine and compare the dynamics of the indicators of future markets and indicators of world economy development.Results. The analysis shows that future technology markets have their own features, such as customization of production, after-sales service, development of cross-sectoral ecosystems, etc. The identified global challenges include global economic recession, growth of trade barriers, and increased global competition, which can be both limiting and stimulating for future markets.Conclusions. On the global economic scale, future markets can be identified as a competitive path towards solving environmental, technological, socio-economic, and other global problems. The corresponding markets can ensure significant potential for economic growth.

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Is Slow Economic Growth the ‘New Normal’ for Europe?

Cited by 3 publications

References 41 publications

Secular stagnation and core-periphery uneven development in post-crisis eurozone

Secular stagnation and core-periphery uneven development in post-crisis eurozone

Digitalization, Industry Concentration, and Productivity in Germany

Impact of Global Economic Challenges on the Development of Future Markets

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