1,721,032 research outputs found
Service off-shoring and productivity growth in the European economies
Full text linkWe study the relation between service off-shoring and productivity growth in the manufacturing sector of a set of European economies in 1995-2005. We document that those countries resorting more to service off-shoring in 1995 experienced faster productivity growth in ICT/R&D intensive industries over the next decade. Our results show also that the productivity gap between more and less ICT/R&D intensive industries was relatively higher in those countries experimenting higher increases in service off-shoring intensity over the period. In both cases, ICT intensity is more relevant than R&D to explain the mechanism through which service off-shoring affects productivity growth. These findings are consistent with the enhancing productivity effects of the complementary relation between service off-shoring and IC
ICT production and labour productivity in the Italian regions
No full textThe requirements of the knowledge-based economy and the contribution of information and communication technology (ICT) to socio-economic change have had a significant impact upon regional economic performance in the European Union. So far, however, the literature on the implications of the ICT paradigm for labour productivity growth has largely neglected the (sub-national) regional dimension. By using experimental micro-data, this paper first provides a picture of the regional contributions to labour productivity growth in Italy in the period 2001–2005. Second, it explores the relationship between ICT production and regional labour productivity in the same reference period. In line with previous studies at the country level, our findings highlight a strongly positive relationship between ICT production and regional labour productivity growth, at the same time suggesting a complementary relationship between ICT production and diffusion in explaining interregional differences in productivity performances
Reforms, labour market functioning and productivity dynamics: a sectoral analysis for Italy
No full textOver the last two decades Italy registered notable improvements in the
performance of the labour market both in terms of unemployment and participation.
However, such improvements have been accompanied by a deterioration of
productivity and competitiveness. This paper provides evidence in this respect
evaluating to what extent labour market reforms might have influenced the poor
productivity performance of the Italian economy over the period 1980-2008. Our results
show that the increased flexibility in the use of temporary contracts has led to a lower
productivity (level and to a lesser extent growth rate) in all sectors, with a higher impact
on those sectors with a larger technological need for flexibility and a lower skill content.
Moreover, the reforms had a negative impact on the productivity-enhancing reallocation
by favoring a shift of employment towards low-productive industries. The negative
effect of the reforms on the reallocative capacity is stronger in those industries with a
higher flexibility need that are also the relatively lower productivity sectors in the period
1993-2008
Intangible assets and productivity growth differentials across EU economies: The role of ICT and R&D
No full textWe analyze productivity growth differentials across the EU in the perspective of intangible, as well as tangible, capital accumulation. Based on a new international dataset on intangibles, we identify three main EU regions corresponding to the Northern area, Central Europe and the Mediterranean area. We find that intangible capital accumulation has strongly contributed to labor productivity growth in the best performing European economies/regions. Moreover, we find evidence that intangible capital accumulation, especially in software and R&D, is associated with spillover effects
Intangible Assets and Productivity Growth Differentials across EU Economies: The Role of ICT and R&D
No full textWe analyze productivity growth differentials across the EU in the perspective of intangible, as well as tangible, capital accumulation. Based on a new international dataset on intangibles, we identify three main EU regions corresponding to the Northern area, Central Europe and the Mediterranean area. We find that intangible capital accumulation has strongly contributed to labor productivity growth in the best performing European economies/regions. Moreover, we find evidence that intangible capital accumulation, especially in software and R&D, is associated with spillover effects
Reforms, labour market functioning and productivity dynamics:a sectoral analysis for Italy. LLEE Working Paper
No full textOver the last two decades Italy registered notable improvements in the functioning of labour
market. However, such improvements have been accompanied by a deterioration in terms of
productivity and competitiveness. This paper provides some evidence in this respect
evaluating to what extent labour market reforms might have influenced the poor
productivity performance of the Italian economy over the period 1980-2008. We show that
labour market deregulation had a negative effect on aggregate labour productivity through
both the within and the reallocative components. Our results show that the increased
flexibility in the use of temporary contract has led to a lower productivity (level and to a
lesser extent growth rate) in all sectors, with a higher impact on those industries with a
higher flexibility need. Conversely, the use of temporary contracts has a significant lower
effect in industries with higher skill content. The negative effect of the reforms on the
reallocative capacity is stronger in those industries with a higher flexibility need that are also
the relatively lower productivity sectors in the period 1993-2008
Off-shoring and Productivity Growth in the Italian Manufacturing Industries -super-‡
Full text linkWe study the relation between the off-shoring of intermediates and services and productivity growth in the Italian manufacturing industries in 1995-2003. Our results indicate that the off-shoring of intermediates within the same industry ('narrow off-shoring') is beneficial for productivity growth, while the off-shoring of services is not. We also find that the way in which off-shoring is measured may matter considerably. The positive relation between off-shoring of intermediates and productivity growth is there with our direct measures based on input-output data but disappears when either a broad measure or the Feenstra-Hanson off-shoring measure employed in other studies are used instead. (JEL codes: F16, F23, 04) Copyright , Oxford University Press.
Le Franc français et la récente crise monétaire européenne
Full text linkThe French Franc and the Recent European Currency Crisis by Cecilia Jona-Lasinio
The 1992 and 1993 currency crises demonstrated the enormous pressures that can be raised against official exchange rate parities when investors perceive that significant exchange rate realignments may be imminent. In this paper I propose an empirical analysis of the 1 992- 1 993 crises to establish whether speculators were able to perceive the exact timing of the devaluations and if and how the economic and political news influenced their devaluation expectations. In particular, I analyse the expected timing of devaluation of the French Franc relative to the Deutschemark before the 1 992 and 1 993 currency crisis. The empirical analysis shows that before the occurrence of both crisis agents were awareof the imminence of the devaluation and that they were very sensitive to the news spread daily over the markets.Le franc français et la récente crise monétaire européenne par Cecilia Jona-Lasinio
Les crises monétaires de 1992 et 1993 ont prouvé que des pressions extrêmement fortes peuvent s'exercer sur les parités officielles lorsque les investisseurs réalisent que des réalignements monétaires importants sont peut-être imminents. Dans ce document, je présente une analyse empirique des crises de 1992-1993 visant à déterminer d'une part si les spéculateurs sont capables de prévoir exactement à quel moment des dévaluations vont intervenir, et d'autre part si les informations sur l'actualité politique et économique influencent leurs anticipations et dans l'affirmative, de quelle façon. En particulier, j'effectue une analyse des anticipations de la date de la dévaluation du franc français par rapport au deutsche mark avant les crises monétaires de 1992 et de 1993. L'analyse empirique montre qu'avant le déclenchement de ces deux crises, les investisseurs se rendaient compte que la dévaluation était imminente et qu'ils étaient très sensibles aux informations diffusées quotidiennement sur les marchés.Jona-Lasinio Cécilia. Le Franc français et la récente crise monétaire européenne. In: Économie & prévision, n°140-141, 1999-4-5. Economie des marché financiers. pp. 147-159
Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth
Full text linkThis paper uses a new cross-country cross-industry dataset on investment in tangible and intangible assets for 18 European countries and the US. We set out a framework for measuring intangible investment and capital stocks and their effect on output, inputs and total factor productivity. The analysis provides evidence on the diffusion of intangible investment across Europe and the US over the years 2000-2013 and offers growth accounting evidence before and after the Great Recession in 2008-2009. Our major findings are the following. First, tangible investment fell massively during the Great Recession and has hardly recovered, whereas intangible investment has been relatively resilient and recovered fast in the US but lagged behind in the EU. Second, the sources of growth analysis including only national account intangibles (software, R&D, mineral exploration and artistic originals), suggest that capital deepening is the main driver of growth, with tangibles and intangibles accounting for 80% and 20% in the EU while both account for 50% in the US, over 2000-2013. Extending the asset boundary to the intangible assets not included in the national accounts (Corrado, Hulten and Sichel (2005)) makes capital deepening increases. The contribution of tangibles is reduced both in the EU and the US (60% and 40% respectively) while intangibles account for a larger share (40% in EU and 60% in the US). Then, our analysis shows that since the Great Recession, the slowdown in labour productivity growth has been driven by a decline in TFP growth with relatively a minor role for tangible and intangible capital. Finally, we document a significant correlation between stricter employment protection rules and less government investment in R&D, and a lower ratio of intangible to tangible investment
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