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How Much Do Trading Partners Matter for Austria’s Competitiveness and Export Performance?

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Abstract

Based on a panel data set for 38 European countries over the period 1995-2014 and by using the definition of ’foundational competitiveness’, which we operationalise as GDP per working-age individual at PPP, this paper analyses how much trading partners matter for the national competitiveness of European countries. Results based on a growth regression framework show that higher growth of trading partners’ competitiveness has a positive impact on the growth of national competitiveness. We find evidence that there are diminishing national returns to increasingly competitive trading partners, but we cannot find strong evidence for a lock-in effect of Austria with the CESEE region. Furthermore, regression results on the determinants of the Austrian bilateral export market shares with European trading partners over 1995-2016 provide evidence that Austria’s export performance is sensitive to changes in its trading partners’ business cycle position, but not more sensitive than that for other selected eurozone countries.

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  • Philipp Heimberger, 2018. "How Much Do Trading Partners Matter for Austria’s Competitiveness and Export Performance?," wiiw Research Reports 435, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:rpaper:rr:435
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    1. Pierson, Paul, 2000. "Increasing Returns, Path Dependence, and the Study of Politics," American Political Science Review, Cambridge University Press, vol. 94(2), pages 251-267, June.
    2. Gilles Mourre & Caterina Astarita & Savina Princen, 2014. "Adjusting the budget balance for the business cycle: the EU methodology," European Economy - Economic Papers 2008 - 2015 536, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. Michael Peneder, 2017. "Competitiveness and industrial policy: from rationalities of failure towards the ability to evolve," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(3), pages 829-858.
    4. Storm, Servaas & Naastepad, C.W.M., 2015. "Crisis and recovery in the German economy: The real lessons," Structural Change and Economic Dynamics, Elsevier, vol. 32(C), pages 11-24.
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    1. Mahdi Ghodsi, 2020. "Is Austria’s economy locked-in in the CESEE region? Austria’s competitiveness at the micro-level," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(3), pages 669-693, August.

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    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • L80 - Industrial Organization - - Industry Studies: Services - - - General

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