The Role of CESEE Countries
Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald
In the global financial crisis, competitiveness gaps between Euro area countries caused additional strain. This book discusses the various dimensions of competitiveness, with a special focus on Central, Eastern and Southeastern Europe. With products becoming ever more technically sophisticated and global interconnectedness on a relentless rise, quality, customer orientation and participation in production networks are as important as relative costs and prices. For Europe to proceed with convergence and to resist global competitive pressures, policies to boost productivity and innovation are therefore vital.
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Chapter 4: New indicators of competitiveness: the Austrian perspective
Traditionally the assessment of the competitiveness position of a country focuses on price and cost measures and on goods exports. However, in the last two decades globalization has changed the production processes fundamentally. Hence, these traditional indicators and rankings deliver only an incomplete explanation for the export success of countries. Based on the example of Austria, a small open economy, the authors show that these changing trade patterns require new competitiveness indicators, accounting for the growing importance of global value chains, services exports and non-price factors of competitiveness.
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