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Export-led growth in Europe: Where and what to export?

Paula Gracinda Santos (), Ana Ribeiro and Vitor Carvalho ()
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Paula Gracinda Santos: Faculdade de Economia, University of Porto

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: From the late 70s onwards, the literature has produced numerous studies, mostly for developing countries, relating exports and economic growth. Since several European Union (EU) countries face strong recessions in the sequence of the economic crisis and the related fiscal consolidation measures, exports emerge as a meaningful source of growth for developed countries with rather stagnant domestic markets. In this context, we assess if and how the product and the destination structures of exports shape the growth dynamics for the EU countries. Using panel data estimation to 23 of the 27 EU members over the period 1995-2010, we find that economic growth is foster through export specialization in high value-added products, such as manufactures and high-technology. Moreover, we find evidence that higher growth is fostered by export diversification across partners while enlarging the portfolio of partners, mainly to less developed and more distant countries, has negative impacts on European growth. Unambiguously, relative concentration of exports should be directed towards higher growth countries.

Keywords: Economic growth; Product structure of exports; Exports’ destination; European Union; Panel data. (search for similar items in EconPapers)
JEL-codes: C23 F10 O40 O52 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2013-01
New Economics Papers: this item is included in nep-eec, nep-fdg and nep-int
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