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Empirica

Empirica – Journal of European Economics

Sponsored by the Austrian Economic Association and the Austrian Institute of Economic Research

Empirica publishes empirical and theoretical work on all economic aspects of European Integration. The topics may range from all challenges concerning the deepening of the European Union (Single Market, Lisbon Agenda, EMU) to enlargement and the external relations of the EU (globalisation).

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Recent issues(782 Treffer)

Michael Böheim, Harald Oberhofer, Editorial, in: Special Issue: Challenges for Europe 2050 – Selected Papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

Empirica, 2016, 43(4), S.657-660, http://www.springer.com/10663
 

Friedrich Heinemann, Theocharis Grigoriadis, Origins of reform resistance and the Southern European regime, in: Special Issue: Challenges for Europe 2050 – Selected Papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

Empirica, 2016, 43(4), S.661-691, http://www.springer.com/10663
With a particular interest for Southern Europe, this contribution develops a classification of obstacles to economic policy reforms. This classification covers approaches ranging from classical economics and political-economic explanations to more innovative explanations linked to behavioural economics. The subsequent part analyses qualitatively and quantitatively to which extent the "Southern European regime" may imply a particular relevance of some of the potential reform obstacles classified before. We derive "reform ability profiles" which quantify several of the reform obstacles (or reform drivers) to compare EU countries in their likely reform predisposition. These profiles confirm particular Southern European weaknesses which tend to reduce the political-economic feasibility of long-term reforms: a low effectiveness in poverty protection, high intertemporal discounting and uncertainty avoidance, a poor information level of the population and deeply shattered trust in national institutions. In a microeconometric analysis based on Eurobarometer survey data, the analysis leaves the highly aggregated level and looks into the individual heterogeneity in reform acceptance. It is shown that several of the reform obstacles identified in theory are also empirically correlated with the individual inclination to accept reforms.
 

Andrea Bonfiglio, Beatrice Camaioni, S. Coderoni, Roberto Esposti, Francesco Pagliacci, Franco Sotte, Where does EU money eventually go? The distribution of CAP expenditure across the European space, in: Special Issue: Challenges for Europe 2050 – Selected Papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

Empirica, 2016, 43(4), S.693-727, http://www.springer.com/10663
This paper aims to assess the distribution of overall Gross Domestic Product and employment effects produced by Common Agricultural Policy (CAP) payments across the European Union space. It is empirically investigated how policy funds redistribute their effects among regions with different levels of rurality and economic development according to their degree and form of integration. This analysis is performed by constructing and applying a multiregional Input-Output model at a very high level of geographical disaggregation (NUTS 3 level). Alternative allocation of funds across regions (policy scenarios) is considered in order to assess redistributive impacts of possible CAP reforms. Results show that the impacts generated by the CAP across space do not only depend on the initial allocation of funds but also on intersectoral and interregional linkages. This evidence implies that even a radical reallocation of funds, though it may contribute to reducing regional imbalances, is less redistributive than expected.
 

Anders Gustafsson, Andreas Stephan, Alice Hallman, Nils Karlsson, The "sugar rush" from innovation subsidies: a robust political economy perspective, in: Special Issue: Challenges for Europe 2050 – Selected Papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

Empirica, 2016, 43(4), S.729-756, http://www.springer.com/10663
The governments of most advanced countries offer some type of financial subsidy to encourage firm innovation and productivity. This paper analyses the effects of innovation subsidies using a unique Swedish database that contains firm level data for the period 1997-2011, specifically information on firm subsidies over a broad range of programmes. Applying causal treatment effect analysis based on matching and a diff-in-diff approach combined with a qualitative case study of Swedish innovation subsidy programmes, we test whether such subsidies have positive effects on firm performance. Our results indicate a lack of positive performance effects in the long run for the majority of firms, albeit there are positive short-run effects on human capital investments and also positive short-term productivity effects for the smallest firms. These findings are interpreted from a robust political economy perspective that reveals that the problems of acquiring correct information and designing appropriate incentives are so complex that the absence of significant positive long-run effects on firm performance for the majority of firms is not surprising.
 

Michele Catalano, Emilia Pezzolla, The effects of education and aging in an OLG model: long-run growth in France, Germany and Italy, in: Special Issue: Challenges for Europe 2050 – Selected Papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

Empirica, 2016, 43(4), S.757-800, http://www.springer.com/10663
The purpose of the paper is to provide a long-run analysis up to 2050 of the interplay between financial integration, diverging labour productivity, and the ageing process in the larger European countries. We use the Prometeia overlapping generation model for Italy, Germany, and France which are modelled as open economies in capital markets. Our projections provide a core-periphery structure in which Germany, the most abundant human capital country, shows the highest but a decreasing growth rate due to pronounced aging, and finances capital accumulation processes in France and Italy. We find that financial trends are reversed in the late 2010s when Italy begins to over-save as the gap in human capital endowment, and then in productivity, becomes larger compared to the other two countries. This leads to a reduction in physical capital accumulation and innovation processes in Italy. We employ fiscal experiments to correct the long-run divergent behaviour of countries in order to get a more homogeneous growth rate path among countries. We also measure the impact of taxation on net-wealth in Italy, and evaluate the internal and spillover effects.
 

Roman Stöllinger, Structural change and global value chains in the EU, in: Special Issue: Challenges for Europe 2050 – Selected Papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

Empirica, 2016, 43(4), S.801-829, http://www.springer.com/10663
Manufacturing activity in the EU is increasingly concentrated in a Central European (CE) manufacturing core implying divergent paths of structural change across member countries. This "manufacturing divide" within Europe coincides with deepening economic integration in general and the emergence of global value chains (GVCs) in particular. Focussing on the manufacturing sector this paper investigates the relationship between structural change and integration into GVCs in EU countries over the period 1995-2011. The empirical findings suggest a non-linear relationship between the two phenomena: members of the CE manufacturing core benefit from participation in GVCs in terms of structural change towards manufacturing, whereas in other EU countries GVC participation, if anything, accelerates the deindustrialisation process.
 

Thomas Leoni, Social investment: A guiding principle for welfare state adjustment after the crisis?, in: Special Issue: Challenges for Europe 2050 – Selected Papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

Empirica, 2016, 43(4), S.831-858, http://www.springer.com/10663
The European welfare states have undergone a significant amount of change over the last decades. In light of the unresolved tensions resulting from changed macroeconomic conditions, the emergence of new social risks as well as from the consequences of the Great Recession and its aftershocks, more adjustments are needed. The present paper investigates the current outlook on welfare state change, retracing its socio-economic drivers and the salient steps that were undertaken to reform welfare states in the last decades. Since the outbreak of the crisis, calls to adopt a social investment perspective on welfare state reform intensified, both in the academic field and at the EU policy level. Ample space is therefore devoted to the discussion of this perspective, its conceptual basis, and implementation. For a number of reasons, social investment seems the most appropriate approach to frame the objectives that contemporary welfare states have to pursue and to devise a consistent set of policies. The objections which have been moved against the social investment perspective have however to be taken seriously. Moreover, current developments indicate diverging trends across EU countries, with lack of progress in those countries which are most in need of a social investment strategy. To become an effective policy paradigm, the social investment perspective thus needs a stronger anchoring within the EU architecture and more co-ordinated commitment from member countries.
 

M. Hakan Berument, N. Nergiz Dincer, Pinar Yasar, Persistency of Turkish export shocks: a quantile autoregression (QAR) approach

Empirica, 2016, 43(3), S.445-460, http://www.springer.com/10663
This study analyses the persistency of total and disaggregated Turkish exports for different shock magnitudes using the quantile autoregression (QAR) method in line with Koenker and Xiao (J Am Stat Assoc 99:775-787, 2004). The results suggest that the persistence of shocks are not similar across different quantiles of total exports and disaggregated export sectors, indicating an asymmetry in the case of negative and positive shocks across different export sectors. The persistency behaviour of total exports as well as food and beverages, chemicals, basic metals, raw materials, motor vehicles and radio and TV exports are asymmetric to negative versus positive shocks, which cannot be captured by traditional unit root tests. Thus, sound interpretation of QAR results is necessary for policy makers to identify shock characteristics and thereby pursue appropriate policies for overcoming adverse impacts on the economy.
 

Muhammad Aftab, Rubi Ahmad, Izlin Ismail, Mumtaz Ahmed, Does exchange-rate uncertainty matter in the Malaysia–EU bilateral trade? An industry level investigation

Empirica, 2016, 43(3), S.461-485, http://www.springer.com/10663
Due to ambiguity in the past literature, researchers have examined exchange rate volatility effect on trade using disaggregated data in recent years. Previous research has focused more on aggregated data having aggregation bias which has led to unnecessarily over-generalised findings. This study investigates the impact of exchange rate volatility on the Malaysian bilateral trade flows with European Union using industry level data. Our empirical findings, based on auto-regressive distributed lag framework, suggest that many import and export industries experience exchange rate volatility influence in the short run, while a very small number of industries show this effect in the long run. Moreover, the adverse impact of the financial crisis (2007-08) is more prevalent on import industries than on export industries.
 

Styliani Christodoulopoulou, Olegs Tkacevs, Measuring the effectiveness of cost and price competitiveness in external rebalancing of Euro area countries: What do alternative HCIs tell us?

Empirica, 2016, 43(3), S.487-531, http://www.springer.com/10663
This study examines the marginal effects of traditional determinants of exports and imports with a focus on the role of price competitiveness in restoring external balances in the Euro area. It is a first attempt to compare marginal effects of various harmonised competitiveness indicators (HCIs) on both exports and imports of both goods and services across individual Euro area countries. We find evidence that HCIs based on broader cost and price measures have a larger marginal effect (with some exceptions) on exports of goods. Exports of services are sensitive to HCIs in big Euro area countries and Slovakia, where exports of services are also found more sensitive to competitiveness indicators based on broader price measures. Imports of goods and imports of services are quite insensitive to changes in relative prices. Finally, in some cases measures of fit indicate that a large unexplained residual part is present, implying that other non-price related factors might play an important role in driving foreign trade and policies aimed at enhancing the quality of goods traded are warranted.
 

Managing editor

Fritz Breuss

Univ.-Prof. Mag. Dr. Fritz Breuss

Funktion: Wissenschaftlicher Mitarbeiter
Forschungsbereiche: Makroökonomie und europäische Wirtschaftspolitik
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