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Close Encounters of the European Kind: Economic Integration, Sectoral Heterogeneity and Structural Reforms

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  • Campos, Nauro F.

    (University College London)

  • Eichenauer, Vera Z.

    (ETH Zurich)

  • Sturm, Jan-Egbert

    (ETH Zurich)

Abstract

This paper addresses two main questions: (a) Has European integration hindered the implementation of labour, financial and product market structural reforms? (b) Do the effects of these reforms vary more across sectors than across countries? Using more granular reform measures, longer time windows and a larger sample of countries than previous studies, we confirm that the euro triggered product but neither labour nor financial market reforms. Differently from previous studies, we find that: (a) the Single Market has similar effects to the euro, and (b) sectoral heterogeneity appears less important in explaining the economic impacts of reforms than country heterogeneity.

Suggested Citation

  • Campos, Nauro F. & Eichenauer, Vera Z. & Sturm, Jan-Egbert, 2020. "Close Encounters of the European Kind: Economic Integration, Sectoral Heterogeneity and Structural Reforms," IZA Discussion Papers 13706, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp13706
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    2. Campos, Nauro F. & De Grauwe, Paul & Ji, Yuemei, 2023. "Structural reforms and economic performance: the experience of advanced economies," LSE Research Online Documents on Economics 120870, London School of Economics and Political Science, LSE Library.
    3. Kovács, Olivér, 2021. "Integrációelmélet és makroökonómia Gondolatok Halmai Péter Mélyintegráció A Gazdasági és Monetáris Unió ökonómiája című kötete kapcsán [Integration and macroeconomics. Thoughts on Péter Halmai s Mé," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 564-579.
    4. Rathke, Alexander & Streicher, Sina & Sturm, Jan-Egbert, 2022. "How similar are country- and sector-responses to common shocks within the euro area?," Journal of International Money and Finance, Elsevier, vol. 120(C).
    5. Niklas Potrafke & Felix Roesel, 2022. "Online Versus Offline: Which Networks Spur Protests?," CESifo Working Paper Series 9969, CESifo.
    6. Rasmus Wiese & Jakob de Haan & João Tovar Jalles, 2023. "The impact of endogenous product and labour market reforms on unemployment: New evidence based on local projections," Working Papers REM 2023/0296, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

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    Keywords

    european integration; structural reforms; Single Market; Euro; sectoral heterogeneity;
    All these keywords.

    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N4 - Economic History - - Government, War, Law, International Relations, and Regulation
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

    NEP fields

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