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Determinants of Long-Term Growth in Austria – A Call for a National Growth Strategy

This study, which offers a thorough analysis of growth in the past four decades, pinpoints total factor productivity (TFP) and human capital as the main engines of growth in Austria. In a further step it sheds light on the determining factors of TFP against the backdrop of a theoretical framework. The authors present evidence for the importance of innovative activity and human capital. They also examine the role of Austria's institutions involved in economic policy making as well as of economic rules and policies. Austria's dynamic external business is shown to foster productivity; EU enlargement could entail new agglomeration advantages. The study emphasizes the productivity-enhancing role of competition policy and market regulation. In their conclusions, the authors call for a long-term growth strategy for Austria and provide suggestions for such a strategy.

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File URL: https://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Monetary-Policy-and-the-Economy/2004/Monetary-Policy-and-the-Economy-Q1-04/chapters/mop_20041_2_tcm16-6052.pdf
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Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy & the Economy.

Volume (Year): (2004)
Issue (Month): 1 ()
Pages: 23–46

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Handle: RePEc:onb:oenbmp:y:2004:i:1:b:2
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  1. Michael Peneder & Robert Wieser, 2002. "Der österreichische Markt für Private Equity und Venture Capital 2001. Ergebnisse einer Unternehmensbefragung," WIFO Monatsberichte (monthly reports), WIFO, vol. 75(10), pages 661-667, October.
  2. Keller, Wolfgang, 2001. "Geographic Localization of International Technology Diffusion," CEPR Discussion Papers 2706, C.E.P.R. Discussion Papers.
  3. Jonathan Temple & Paul A. Johnson, 1998. "Social Capability And Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 965-990, August.
  4. Rachel Griffith & Stephen Redding & John Van Reenen, 2000. "Mapping the Two Faces of R&D: Productivity Growth in a Panel of OECD Industries," CEP Discussion Papers dp0458, Centre for Economic Performance, LSE.
  5. Meister,Christoph & Verspagen,Bart, 2004. "European productivity gaps: Is R&D the solution?," Research Memorandum 005, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
  6. repec:dgr:rugccs:200311 is not listed on IDEAS
  7. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  8. Giuseppe Nicoletti & Stefano Scarpetta, 2003. "Regulation, Productivity and Growth: OECD Evidence," OECD Economics Department Working Papers 347, OECD Publishing.
  9. Krueger, Dirk & Kumar, Krishna B., 2004. "US-Europe differences in technology-driven growth: quantifying the role of education," Journal of Monetary Economics, Elsevier, vol. 51(1), pages 161-190, January.
  10. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  11. Garey Ramey & Valerie A. Ramey, 1994. "Cross-Country Evidence on the Link Between Volatility and Growth," NBER Working Papers 4959, National Bureau of Economic Research, Inc.
  12. Dirk Krueger & Krishna B. Kumar, 2003. "Skill-specific rather then General Education: A Reason for US-Europe Growth Differences?," NBER Working Papers 9408, National Bureau of Economic Research, Inc.
  13. Charles I. Jones & John C. Williams, . "Measuring the Social Return to R&D," Working Papers 97002, Stanford University, Department of Economics.
  14. Sapir, Andre & Aghion, Philippe & Bertola, Giuseppe & Hellwig, Martin & Pisani-Ferry, Jean & Rosati, Dariusz & Vinals, Jose & Wallace, Helen, 2004. "An Agenda for a Growing Europe: The Sapir Report," OUP Catalogue, Oxford University Press, number 9780199271498.
  15. Martin Zagler, 2000. "The Austrian Miracle - Revisited: Testing eight Explanations for High Growth and maybe a ninth," Working Papers geewp11, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
  16. Wolff, Edward N, 1991. "Capital Formation and Productivity Convergence over the Long Term," American Economic Review, American Economic Association, vol. 81(3), pages 565-79, June.
  17. Temple, Jonathan, 2000. " Inflation and Growth: Stories Short and Tall," Journal of Economic Surveys, Wiley Blackwell, vol. 14(4), pages 395-426, September.
  18. Jones, C.I., 2000. "Sources of U.S. Economic Growth in a World of Ideas," Papers 99-29, United Nations World Employment Programme-.
  19. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September.
  20. Philippe Martin & Gianmarco Ottaviano, 2001. "Growth and Agglomeration," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00179826, HAL.
    • Martin, Philippe & Ottaviano, Gianmarco I P, 2001. "Growth and Agglomeration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 947-68, November.
  21. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
  22. Marin, Dalia, 1995. "Learning and Dynamic Comparative Advantage: Lessons from Austria's Postwar Pattern of Growth for Eastern Europe," Discussion Papers in Economics 610, University of Munich, Department of Economics.
  23. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March.
  24. Guger, Alois, 1998. "Economic Policy and Social Democracy: The Austrian Experience," Oxford Review of Economic Policy, Oxford University Press, vol. 14(1), pages 40-58, Spring.
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