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Industrial Economics, Innovation and International Competition

Books, journals and papers (824 hits)

German Economic Review, 2021, https://doi.org/10.1515/ger-2021-0025
Commissioned by: European Commission
Study by: Austrian Institute of Economic Research – Computing Centre for Economics and Social Sciences
We present an uncertainty measure that is based on a business survey in which uncertainty is captured directly by a qualitative question on subjective uncertainty regarding expectations. Uncertainty perceptions display persistence at the firm level and changes are associated with past business assessments and expectations. While our uncertainty measure correlates with commonly used alternatives, it is superior in forecasting and suggests a larger role of uncertainty shocks for aggregate fluctuations. Its informational content is highest when considering smaller firms or firms with a low growth rate. Our results confirm the feasibility of constructing uncertainty measures from business survey questions that elicit information on uncertainty of respondents directly.
This paper examines broad patterns of structural change for a large number of countries on a global scale and for a smaller set of advanced industrialised countries over time. The findings show that structural change over the past decades followed the three-sector hypothesis. The past decades were characterised by the rise of the service sector, driven especially by business services and non-market service. At the same time as manufacturing sectors are declining in terms of shares, they remain the sectors with the highest contributions to aggregate productivity growth. An analysis of determinants of structural change confirms that country competencies related to institutional quality, knowledge generation and industrial application of the new knowledge are an important driving force of structural changes towards services, but that they have a heterogeneous impact on manufacturing subsectors. High technology manufacturing share seems not to be characterised by a tendency to decline with the development of country competencies. Broad policy implications are discussed.
This paper examines the association between participation in global value chains and financial globalisation measured by international net and capital flows. The results show that financial globalisation and the rise of global value chains are related but not two sides of the same coin. In fact, we find that GVC participation is positively associated with equity capital flows but negatively associated with debt capital flows. We also study the association of GVC participation and capital flows with aggregate economic outcomes. The findings show that both GVC participation and equity flows affect the share of mortgage and business credit. But we uncover also important differences in the impact of capital flows between advanced and emerging countries. Regarding changes in the economic structure our results suggest a positive association of both GVC participation and equity inflows on the manufacturing share, while debt inflows are primarily associated with a growth of the service sector in advanced economies, but not in emerging and developing countries. The finding that there is no strong association between the globalisation indicators and innovation suggests that the fragmentation of value chains leads to functional specialisation in tasks and tends to weaken the link between innovation and production at country level. We find in addition that a higher GVC participation is weakly associated with a higher growth of government revenue, as are debt flows but only in advances countries. This finding suggests also that debt flows were redirected primarily into safe countries in advanced countries.
This paper examines structural change in global trade and its impact in the development of manufacturing shares across countries over time. It focuses on the dynamics of variety creation and destruction in exports and links the observed outcomes to the development of manufacturing shares across countries. The results show that while there is an inverse-U-shaped relationship with income per capita levels across countries of manufacturing shares, a specialisation in product lines with a high likelihood of displacing other exports and a high propensity to induce a clustering in the uptake of exports in related product lines is positively associated with manufacturing shares. Controlling for income levels more complex export portfolios are weakly associated with smaller manufacturing shares. These effects are mitigated when these parameters combine at the extreme ends of their values range.
GROWINPRO Working Papers, 2021, 2021(54), 37 pages, http://www.growinpro.eu/wp-content/uploads/2021/06/working_paper_2021_54.pdf
54/2021
Commissioned by: European Commission-Framework Programme
Study by: Austrian Institute of Economic Research – Statistics Netherlands – Istituto Nazionale di Statistica – Lunaria Associazione di Promozione Sociale e Impresa Sociale – United Nations University – Maastricht Economic and Social Research Institute on Innovation and Technology – Fondation Nationale des Sciences Politiques – Scuola superiore Sant'Anna – Statistics Austria – University College London – University of Bielefeld – University of Ljubljana – University of Tartu – Centre for European Economic Research – Katholieke Universiteit Leuven (Belgium)
This paper uses the supply tables underlying WIOT data to explore the provision of services by manufacturing. The service shares differ substantially across countries and sectors, while they remain largely stable over time. Findings from a latent class analysis reveal that servitization in-crease with labour productivity. The service intensities in the sectoral production mix of broadly defined manufacturing sectors are lower in countries with higher manufacturing shares. This holds for both catching-up and developed economies. Yet, servitization is largely unrelated to productivity and employment growth. We therefore argue that the degree of servitization is contingent on and an attribute of the respective economic model in which a sector operates.
Books, Oxford University Press, Oxford, February 2021, 416 pages, https://doi.org/DOI:10.1093/oso/9780198804383.001.0001
Schumpeter's venture money examines the role of financial innovation and monetary thought throughout economic history, following the unique perspective of the leading scholar of a monetary theory of economic development. It proceeds with the analysis along three threads. The first thread is the history of money, or more precisely the continuous stream of innovations that has improved and expanded the scope of financing new ventures. The second thread is the complementary stream of ideas in the history of monetary thought. Finally, Josef Schumpeter himself, his theoretical vision and personal vita of failed financial ventures, is the third thread that ties everything together.
We draw on trade theory to empirically explore the effects of value chain integration on producer price dynamics. Using the EU as an example of an integrated area, we construct measures of backward and forward linkages with intra‐ and extra‐EU trading partners at the country‐sector level. We find that especially upstream integration and EU accession dampen inflation. The results for downstream integration indicate a price‐increasing relationship. We propose novel EU integration indicators and offer insights to both theory and applied research. We also add to the policy debate on the price effects of (dis‐)integration of EU countries.
Commissioned by: European Commission-Framework Programme
Study by: Austrian Institute of Economic Research – Statistics Netherlands – Istituto Nazionale di Statistica – Lunaria Associazione di Promozione Sociale e Impresa Sociale – United Nations University – Maastricht Economic and Social Research Institute on Innovation and Technology – Fondation Nationale des Sciences Politiques – Scuola superiore Sant'Anna – Statistics Austria – University College London – University of Bielefeld – University of Ljubljana – University of Tartu – Centre for European Economic Research – Katholieke Universiteit Leuven (Belgium)
This paper studies how the integration into a deep Regional Trade Agreement affects sector level productivity. Using the EU as an example, we construct an integration indicator that measures integration into the Single Market relative to global value chains. The results of a simultaneous equation model show an overall positive effect of integration on labour productivity, which is driven by upstream integration. Market distortions in regional value chains accumulate downstream and negatively affect productivity. Better domestic institutions facilitate the integration process at the industry level for both Member States and Non-Member States. Then again, better institutions seem to be more favourable to the integration of industries with less complex product portfolios and lower levels of knowledge cumulativeness.
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