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Openness and Productitvity of the Swiss Economy

Reto Föllmi (), Angela Fuest, Philipp an de Meulen, Martin Micheli (), Thorsten Schmidt and Lisa Zwick
Authors registered in the RePEc Author Service: Reto Foellmi ()

No 1803, Economics Working Paper Series from University of St. Gallen, School of Economics and Political Science

Abstract: This paper analyzes the connection between openness and economic performance in Switzerland. Considering different dimensions of openness, we show that the Swiss economy classifies as relatively open. Nevertheless, there still is potential to further increase international integration, particularly through deregulation in the services sector. We also show that for some branches in the Swiss manufacturing sector, increases in international trade are associated with higher productivity in the long run. With regard to financial openness, we show that in the aftermath of the financial crisis, Switzerland mainly suffered from capital retrenchment. Foreign capital inflows were of minor importance. Short-run costs due to the high volatility of capital flows might therefore be lower than widely perceived.

Keywords: Productivity; Openness; Trade Barriers (search for similar items in EconPapers)
JEL-codes: O40 F10 F30 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec, nep-eff, nep-int and nep-opm
Date: 2018-03
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