Sustainable growth and development in small open economies

Edited by Andrea Elteto () and Isidora Ljumoviæ ()

in Economic books from Institute for World Economics - Centre for Economic and Regional Studies

Abstract: The paper builds on contributions coming from the theory of economic crises and the theory of international competitiveness, within a novel framework of economic resiliency. The empirical analysis, based on recent data and international comparisons, indicates close ties between unit labour costs and trade imbalances, with a potential to explain the lost momentum in economic growth. By decomposing unit labour costs into labour productivity and labour compensation indicators we found the wage policy a factor that contributes to the lost competitiveness of Southern EMU countries vis-a-vis a group of large exporting countries. The paper also discusses main policy dilemmas and some policy options’ implications.

Keywords: national competitiveness; resilient growth; labour productivity; financial crises (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:iwe:ecbook:201804

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