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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/dam/jcr:e6715fd8-9d2b-4726-af32-0baf334affc1/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. 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.
  2. Griffith, Rachel & Redding, Stephen J. & Van Reenen, John, 2000. "Mapping The Two Faces Of R&D: Productivity Growth In A Panel Of OECD Industries," CEPR Discussion Papers 2457, C.E.P.R. Discussion Papers.
  3. King, Robert G.*Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  4. Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-1151, December.
  5. Bart van Ark & Robert Inklaar & Robert H. McGuckin, 2003. "ICT and Productivity in Europe and the United States: Where Do the Differences Come From?," Economics Program Working Papers 03-05, The Conference Board, Economics Program.
  6. Wolfgang Keller, 2000. "Geographic Localization of International Technology Diffusion," NBER Working Papers 7509, National Bureau of Economic Research, Inc.
  7. Jones, C.I., 2000. "Sources of U.S. Economic Growth in a World of Ideas," Papers 99-29, United Nations World Employment Programme-.
  8. 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.
  9. 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 947-968, November.
  10. Dirk Krueger & Krishna B. Kumar, 2004. "Skill-Specific rather than General Education: A Reason for US--Europe Growth Differences?," Journal of Economic Growth, Springer, vol. 9(2), pages 167-207, 06.
  11. 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).
  12. Wolff, Edward N, 1991. "Capital Formation and Productivity Convergence over the Long Term," American Economic Review, American Economic Association, vol. 81(3), pages 565-579, June.
  13. Dirk Krueger & Krishna B. Kumar, 2003. "US-Europe Differences in Technology-Driven Growth: Quantifying the Role of Education," NBER Working Papers 10001, National Bureau of Economic Research, Inc.
  14. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-963, September.
  15. Giuseppe Nicoletti & Stefano Scarpetta, 2003. "Regulation, Productivity and Growth: OECD Evidence," OECD Economics Department Working Papers 347, OECD Publishing.
  16. Charles I. Jones & John C. Williams, "undated". "Measuring the Social Return to R&D," Working Papers 97002, Stanford University, Department of Economics.
  17. 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.
  18. Jonathan Temple & Paul A. Johnson, 1998. "Social Capability and Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 113(3), pages 965-990.
  19. André Sapir & Philippe Aghion & Giuseppe Bertola & Martin Hellwig & Jean Pisani-Ferry & Bernard Lange & José Viñals & Helen Wallace & Marco Buti & Mario Nava & Peter Smith, 2004. "An agenda for a growing Europe: the Sapir report," ULB Institutional Repository 2013/8070, ULB -- Universite Libre de Bruxelles.
  20. 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.
  21. repec:dgr:rugccs:200311 is not listed on IDEAS
  22. Ark, Bart van & Inklaar, Robert & McGuckin, Robert H., 2003. "ICT and productivity in Europe and the United States," CCSO Working Papers 200311, University of Groningen, CCSO Centre for Economic Research.
  23. Temple, Jonathan, 2000. " Inflation and Growth: Stories Short and Tall," Journal of Economic Surveys, Wiley Blackwell, vol. 14(4), pages 395-426, September.
  24. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March.
  25. 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, Oxford University Press, vol. 114(1), pages 83-116.
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