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Structural change in times of increasing openness: assessing path dependency in European economic integration

Claudius Graebner (), Philipp Heimberger (), Jakob Kapeller () and Bernhard Schuetz
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Claudius Graebner: Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria, https://claudius-graebner.com/
Bernhard Schuetz: Department of Economics, Johannes Kepler University Linz

Authors registered in the RePEc Author Service: Bernhard Schütz and Claudius Gräbner ()

No 76, ICAE Working Papers from Johannes Kepler University, Institute for Comprehensive Analysis of the Economy

Abstract: This paper analyzes the dynamics of structural polarization and macroeconomic conver- gence vs. divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of openness shocks on 26 EU countries, we develop a taxonomy of Euro- pean economies that consists of core, periphery, financialized and Eastern European catch-up economies. As these four country groups have responded in a distinct way to the openness shocks imposed by European integration, we argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories. These trajectories relate to the sectoral development of European economies and the evolution of their technological capabilities. We propose a set of interrelated policy measures to counteract structural polarization and to promote macroeconomic convergence in Europe.

Keywords: structural change; economic integration; european union (search for similar items in EconPapers)
Pages: 52 pages
Date: 2018-02
New Economics Papers: this item is included in nep-eec, nep-fdg, nep-hme and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:ico:wpaper:76

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