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71. Austria's Deepening Economic Integration with Central and Eastern Europe

Author:
Rina Bhattacharya
Publication Date:
08-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The Austrian economy has benefited substantially from the expansion of economic ties with Central and Eastern Europe, which has provided a significant boost to growth, productivity, competitiveness, profits and (more controversially) aggregate employment. Indeed, among the older EU member states, Austria has benefited the most from the transition of the Central and Eastern European countries from planned economies to market economies, and the subsequent entry into the EU of the ten new member states, mostly from Central and Eastern Europe, in 2004. However, important segments of the population in Austria, and in particular low-skilled and semi-skilled workers in the manufacturing sector, appear to have been adversely affected by these developments. There is thus a need for policy measures to help those segments of the workforce that have had difficulty coping with growing competition from Central and Eastern Europe. Furthermore, more can be done to make Austria a more attractive location for highly skilled and well qualified expatriate workers and to maintain Vienna’s position as a central hub for multinationals operating in the region. These include, in particular, the need to strengthen eastern transportation links and to reduce to a minimum bureaucratic hurdles and red tape for foreign enterprises seeking to operate out of Vienna.
Topic:
International Trade and Finance, Regional Cooperation, Economic Cooperation, and Financial Stability
Political Geography:
Europe, Eastern Europe, Austria, and Central Europe

72. The Eurasian Growth Paradox

Author:
Nazgul Jenish and Anders Åslund
Publication Date:
06-2006
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In the first decade of postcommunist transition, multiple growth regressions showed that the more radical and comprehensive market economic reform was, the earlier a country returned to economic growth and the more vigorous its growth, and that Central Europe took the lead. Since 2000, however, the Commonweath of Independent States (CIS) countries have had more than 4 percentage points higher annual growth than the Central European countries. A regression analysis for 20 postcommunist countries shows, with strong significance, that reducing public expenditures has most effectively stimulated economic growth. As expected, oil exports are also positive and significant. The distance from the European Union is also positive and significant: that is, the further from the European Union, the higher the economic growth. The effect of corruption is negative for growth but only marginally significant. Neither the laggard effect nor investment reveals any significant effect. The conclusion is that at least among postcommunist countries more emphasis should be given to reducing public expenditures to boost economic growth.
Topic:
Economics, International Organization, and Political Economy
Political Geography:
Europe and Central Europe

73. Open Doors

Author:
Paul Masson, Michael Pomerleano, and Robert E Litan
Publication Date:
06-2001
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Foreign direct investment in financial firms in emerging markets surged in the 1990s, although not equally in all places. The main beneficiaries: Latin America and Central Europe, with Asia a distant third. This conference report summarizes findings on the impacts—mainly positive—of this significant inflow of funds and managerial and technical know-how, as well as recommendations for policies toward foreign direct investment (FDI) in the future. The main recommendation: countries with restrictions generally should relax them, even when their own financial systems are weak. At the same time, foreign entry gives rise to new policy challenges, supervisory and competitive, which emerging markets need to confront both unilaterally and with cooperation from source country governments.
Topic:
Emerging Markets, International Trade and Finance, and Third World
Political Geography:
Asia, Latin America, and Central Europe