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What lies behind export-led growth? An inquiry into the role of price and non-price competitiveness

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  • Riccardo Pariboni
  • Walter Paternesi Meloni

Abstract

The paper enters the current debate at the intersection of comparative political economy and international trade on the role of price and non-price competitiveness in influencing export. Through an econometric exploration, we identify price competitiveness as a non-negligible factor in driving export for a set of Organisation for the Economic Co-operation and Development (OECD) countries from 1994 to 2019. The documented price sensitiveness, combined with the institutions and policies adopted to promote export-led growth, casts an unsettling light on the prospects for a recovery, particularly for the Euro area. These worrying conclusions are not, however, unescapable. The emergence of the export-led growth model – with its twin brother, the debt-led one – answered the demand-generating problems created by years of wage share decreases and a steady retreat of the State from its traditional demand management role. Drastically inverting these tendencies would contribute to strongly narrowing the need for export-led strategies.

Suggested Citation

  • Riccardo Pariboni & Walter Paternesi Meloni, 2025. "What lies behind export-led growth? An inquiry into the role of price and non-price competitiveness," Review of Keynesian Economics, Edward Elgar Publishing, vol. 13(3), pages 377-403, July.
    • Handle: RePEc:elg:rokejn:v:13:y:2025:i:3:p377-403
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    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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