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on European Economics |
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Issue of 2024‒09‒16
twenty papers chosen by Simon Sosvilla-Rivero, Instituto Complutense de Análisis Económico |
| By: | Charles Yuji Horioka; Luigi Ventura |
| Abstract: | We analyze the saving motives of European households using micro-data from the Household Finance and Consumption Survey (HFCS), which is conducted by the European Central Bank. We find that the rank ordering of saving motives differs greatly depending on what criterion is used to rank them. For example, we find that the precautionary motive is the most important saving motive of European households when the proportion of households saving for each motive is used as the criterion to rank them but that the retirement motive is the most important saving motive of European households if the quantitative importance of each motive is taken into account. Moreover, the generosity of social safety nets seems to affect the importance of each saving motive, with saving for the retirement motive being less important in countries with generous public pension benefits and saving for the precautionary motive being less important in countries with generous health systems. These findings suggest that the retirement motive and the precautionary motive are the dominant motives for saving in Europe partly because social safety nets are not fully adequate. Finally, our findings suggest that the selfish life-cycle model is more applicable in Europe than is the altruism model. |
| JEL: | D12 D14 D15 D64 E21 J14 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:32838 |
| By: | Philipp Heimberger (The Vienna Institute for International Economic Studies, wiiw); Andreas Lichtenberger (The Vienna Institute for International Economic Studies, wiiw); Anna R. Matzner; Bernhard Schütz (The Vienna Institute for International Economic Studies, wiiw); Lea Steininger (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | Chart of the Month COVID-19 pandemic has left its mark on public debt in the euro area by Philipp Heimberger Opinion Corner Reform of EU fiscal rules a short-sighted compromise by Philipp Heimberger EU finance ministers have reached an agreement on reforming EU fiscal rules. The key change will be to make the assessment of fiscal policy more long term and country specific, with debt sustainability analysis used as an anchor. However, countries with high public debt ratios will find it exceptionally hard to meet the rules, so that many will undershoot on public investment. Investment needs for a green European transition by Andreas Lichtenberger, Bernhard Schütz and Philipp Heimberger Climate change has long called for a green shift in our economies. To meet the climate targets over the coming decades, research suggests that additional public investment equivalent to at least 1% of EU economic output per year will have to be financed. In 2023, the gross public investment rate in the EU stood at 3.3%, which implies that this figure will have to rise to a minimum of 4.3%. We argue that – because of national fiscal policy constraints – a permanent EU investment fund to tackle climate and energy goals would provide substantial relief for national budgets, allowing governments to take an important step in the green transition, while making it a more realistic proposition to comply with EU fiscal rules. The corporate-sector effect of carbon pricing investment and employment by Anna R. Matzner and Lea Steininger We study the impact of carbon pricing on firm-level investment in Europe. Using balance-sheet data from 1.2 million European businesses, we find that following a carbon price increase, companies in carbon-intensive sectors reduce their investment more than other companies that are otherwise similar. However, increased carbon prices also affect non-targeted firms. We document no discernible effect of carbon pricing on employment, profitability or market share. Monthly and quarterly statistics for Central, East and Southeast Europe |
| Keywords: | COVID-19 pandemic, public debt, fiscal rules, green transition, investment, greenhouse gas emissions, carbon pricing, employment |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:wii:mpaper:mr:2024-02 |
| By: | Elsner, Benjamin (University College Dublin); Flaherty, Eoin T. (University College Dublin); Haller, Stefanie (University College Dublin) |
| Abstract: | We study the impact of the Brexit referendum on Irish exporters to the UK. The referendum triggered a sharp devaluation of the British pound vis-a-vis the euro and led to considerable uncertainty about future trade relations between the UK and the EU. Using administrative data on the universe of Irish exporters, we compare exporters with different levels of exposure to the UK market before the referendum. Our findings do not point to a significant effect of the referendum on Irish exporters. Over the period 2015-2021, the firms least exposed to the UK - but most internationalised otherwise - had considerably higher exit rates from exporting to the UK and from the market overall. They also saw greater declines in employment and sales compared to more exposed firms. We do not find significant differences for export volumes to the UK or elsewhere or for average wages. These findings are robust to controlling for a variety of firm characteristics. |
| Keywords: | Brexit, firm performance, trade, wages, employment |
| JEL: | E65 F02 F13 F14 F15 F16 F31 F40 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17229 |
| By: | Maynou, Laia; Saez, Marc; López-Casasnovas, Guillem |
| Abstract: | In this paper, we evaluate the association of changes in income and wealth with self-perceived health for the European Union (EU) countries, using a longitudinal sample of individuals. We estimated generalized linear mixed models for three waves of the Eurosystem Household Finance and Consumption Survey (2011, 2015, 2017), adjusting for family and individual heterogeneity and for temporal trends. Results show that variations in income have a positive and significant impact on changes in self-perceived health during the financial crisis, but not after 2015. In conclusion, we find that income, rather than wealth, played an important role in protecting health. |
| Keywords: | asset composition; European Union; self-perceived health; wealth |
| JEL: | I10 C23 G00 |
| Date: | 2024–06–30 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:124212 |
| By: | Plamen Nikolov; Wouter Simons; Alessandro Turrini; Peter Voigt |
| Abstract: | This paper uncovers patterns of TFP growth in the EU compared with the US using the latest vintage of the EU-KLEMS database which accounts better for intangible capital in production. Both in the EU and the US the growth contribution of TFP has been declining over the past two decades, while that of intangible capital and labour composition has been growing since the Global Financial Crisis (GFC) recovery. Most TFP growth can be attributed to a relatively few industries. The TFP growth advantage of the US over the EU is linked both to higher TFP growth rates in the sectors generating large TFP gains and to larger shares in value added for these sectors. Over the 2013-2019 period, in both the EU and the US, TFP growth is mostly due to TFP growth in services. While in the EU several so-called mid-tech manufacturing sectors, provided a positive contribution to overall TFP growth, in the US the only manufacturing sector that did so is not mid-tech: manufacturing of computers and electronics. Despite an acceleration of intangible capital investment in the EU, dynamics remain slower as compared with those observed in the US. Econometric estimations show that the elasticity of TFP to intangible capital has dropped considerably since the post GFC recovery, suggesting a possible slowdown of technological diffusion. Overall, even though sectors which are expanding their share in value added in the EU are generally those exhibiting higher and accelerating TFP growth, it appears that in the EU the transition towards the services sectors, where TFP is growing the fastest, is slower compared with the US. |
| JEL: | D24 E22 O40 O52 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:euf:dispap:208 |
| By: | Schito, Marco; Klimavičiūtė, Luka; Pál, Rozália |
| Abstract: | Does increasing inflation affect firms' investment decisions? This article employs the European Investment Bank Investment Survey (EIBIS) dataset to explore the association between the increased inflation that the EU countries have experienced since 2021, and firms' investment decisions. We find evidence that very high rates of inflation (over 20%) are associated with higher probabilities of investment, likely driven by measures to improve energy efficiency (particularly for SMEs) and a desire to avoid the devaluation of cash reserves (for large firms). We further find a positive association between SMEs' ability to pass costs onto consumers (the so-called pass-through rate) and investment decision, suggesting a higher degree of reliance on the generation of continuous revenues for investment purposes compared with large firms. Inflation's by-products (increased interest rates, difficulties in accessing external financing, increasing uncertainty) are found to be important negative factors in investment decisions. (146 words) |
| Keywords: | EIBIS, inflation, investment, cost pass-through rate, financial tightening, SMEs |
| JEL: | D22 D25 E31 E43 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:eibwps:301874 |
| By: | Konstantinos Mavrigiannakis; Stelios Sakkas |
| Abstract: | This paper aims at assessing quantitatively the macroeconomic impact of EU sanctions against Russia for the economy of Cyprus. To this end, we use a medium-scale micro-founded DSGE model of a small open economy participating in a currency union like the euro area calibrated to the economy of Cyprus. The model features two sectors of production, namely the tradable and the non-tradable one. In this model, EU sanctions influence the sanctioning economy (i.e. Cyprus) through a mix of foreign shocks that hit in principle the tradable sector. In particular, to mimic the economic environment (namely, how all this started in 2022), we analyse first the effects of an energy-type shock modelled as a standard cost-push shock on imported goods. In turn, we add to this economic environment the impact of policy reactions like EU sanctions against Russia. In this context and given the strong trade ties of Cyprus with Russia we model sanctions as two simultaneous negative exogenous shocks, that is, a temporary decrease in the exported goods reflecting primarily reductions observed in tourism and financial services, and inward foreign direct investment (FDI). Contrary to the mild impacts reported in the literature for the majority of EU countries we find non negligible adverse effects for the economy of Cyprus which range from -1.28% to -3.36% in terms of average output loss in the short run. Given Cyprus’s vulnerable external position we show that the impact of sanctions depend crucially on the degree of tightening financing conditions which are likely to hit particularly more countries with high initial current account deficits and debt stocks. |
| Keywords: | Cyprus, economic sanctions, trade disintegration |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:hel:greese:200 |
| By: | Judit Antal; Manos Sfakianakis; Philipp Pfeiffer; Eduardo Llobell |
| Abstract: | The Greek economy has experienced low levels of corporate investment for many years. The Loan Facility is a component of Greece’s Recovery and Resilience Plan (RRP), in the context of the EU-wide NextGenerationEU initiative. Worth about EUR 18 billion, it is the largest measure funded by the EU across all RRPs in terms of percentage of national GDP. The instrument was designed to tackle this critical issue of low investment by facilitating lending to the corporate sector. This paper presents the main features of the Loan Facility from its launch in mid-2022 to the first quarter of 2024. During this period, the loans issued in this context accounted for more than one fifth of new corporate lending in Greece. We find that the terms of the Loan Facility are more favourable than market terms, which has contributed to mitigate the impact of rising interest rates and to support corporate credit demand. We estimate the price (interest rate) advantage at an average of 4.1 percentage points, which is higher for small and medium-sized enterprises (SMEs). The paper also gives a first assessment of the instrument’s economic impact based on data available and simulations, by using the European Commission’s QUEST model. Simulations suggest a sizable positive impact in Greece: private investment may increase significantly and the cumulative impact on GDP between 2022 and 2030 is estimated to reach 5.3% compared to a no-Loan-Facility scenario. The overall impact remains dependent on the pursuit of favourable framework conditions, such as sustained demand. Further structural improvements in investment conditions would be important to prolong the legacy of the Loan Facility beyond its lifetime. |
| JEL: | E22 E27 E44 E61 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:euf:dispap:207 |
| By: | Joana Elisa Maldonado; Anneleen Vandeplas; Istvan Vanyolos; Mauro Vigani; Alessandro Turrini |
| Abstract: | As the green transition is set to accelerate swiftly over the next decades, its implications for labour markets and workers are of key concern to policymakers. The aim of this paper is to review different methodologies to identify green jobs in cross-country comparable data that are regularly and timely available for EU Member States and assess their usefulness for policy-relevant labour market analysis. Three different methodologies are compared, of which one draws on Eurostat’s environmental accounts (EGSS) data. The two other methodologies use EU Labour Force Survey (LFS) data to implement taskbased approaches. The first task-based approach uses information on occupational task profiles from O*NET data, in line with several other existing studies. The second task-based approach uses a more novel source of information on occupational skills profiles, notably the European Classification of Occupations, Skills and Competences (ESCO). Two out of the three indicators show a rising trend in green jobs over recent years. Sectors such as industry, construction and agriculture account for the bulk of the green jobs; even if the proportion of service jobs among green jobs is on the rise. Green jobs are more likely to be taken up by men than non-green jobs. The geographical and skills distributions of green jobs depend on the methodology used. Based on the presented analysis, the national accounts (EGSS)-based approach seems the most reliable. Nevertheless, given its constraints in terms of opportunities for socioeconomic analysis, it still seems useful to consider other approaches to get at richer insights, while consistently verifying the robustness of results across different methodologies. |
| JEL: | J23 J24 L52 Q28 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:euf:dispap:206 |
| By: | Pilar L’Hotellerie-Fallois (BANCO DE ESPAÑA); Marta Manrique (BANCO DE ESPAÑA); Danilo Bianco |
| Abstract: | Climate transition in the European Union has been a central sphere of action of the European Commission during the 2019-2024 legislature. This paper details how EU climate policies have evolved in that period through various instruments, starting with the European Green Deal which led to the inclusion in EU Law of the ambition to be climate-neutral by 2050. This aim is also an integral part of the recovery and resilience plans adopted under NextGenerationEU, the REPowerEU plan and the Green Deal Industrial Plan. |
| Keywords: | climate transition in the EU, energy transition in the EU, European Green Deal (EGD), NextGenerationEU, REPowerEU, Green Deal Industrial Plan (GDIP) |
| JEL: | E61 F53 Q42 Q43 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:bde:opaper:2424e |
| By: | Pakrooh, Parisa; Manera, Matteo |
| Abstract: | The EU carbon market serves as an innovative financial instrument with the primary objective of contributing to mitigate the impacts of climate change. This market demonstrates significant interconnectedness with fossil energy, precious metal, and financial markets, although limited research has focused on the causality, dependency, intensity and direction of time-varying spillover effects. This study aims to investigate the causality direction, degree of dependency structure, and volatility transmission from Brent Oil, UK Natural Gas, Rotterdam Coal, Gold, Silver, Copper, and EuroStoxx600 future prices to EU Allowances during different periods of EU market. To achieve these objectives, this paper proposes a novel methodological approach that combines the most recent econometrics methods, such as Directed Acyclic Graph analysis, C-Vine Copula models, and Time-Varying parameter Vector Auto Regressive models with Stochastic Volatility with the use of a comprehensive sample of daily data from 26 April 2005 to 31 December 2022. The major findings of this study demonstrate that causality predominantly runs from energy, metal, and financial markets to the EU carbon market. The dependency structure, although varying across different sub-periods, shows a strong relationship observed between oil, coal, silver, copper, EuroStoxx600, and CO2 market. Additionally, the oil and copper futures prices exhibit the highest dependence on EUA prices. Furthermore, the study establishes that the EU carbon market is a net receiver of shocks from all other markets, with the energy, metal, and financial markets significantly influencing volatility in EUA prices. The time-varying spillover effect is most pronounced with a one-day lag, and the duration of the spillover effects ranges from 2 to 15 days, gradually diminishing over time. These results have the potential to increase the understanding of the EU carbon market and offer practical guidance for policymakers, investors, and companies involved in this domain. |
| Keywords: | Climate Change, Production Economics, Public Economics |
| Date: | 2024–08–01 |
| URL: | https://d.repec.org/n?u=RePEc:ags:feemwp:344790 |
| By: | Frattini, Federico Fabio; Vona, Francesco; Bontadini, Filippo |
| Abstract: | What are the consequences of green industrialization on the labour market and industry dynamics? This paper tackles and quantifies this question by employing observable and reliable data on green manufacturing production for an extensive set of EU countries and 4-digit manufacturing industries for over a decade. First, at a descriptive level, this paper documents that potentially green industries outperform the others in terms of employment, average wages, value added and productivity, net of controlling for other drivers of the labour market and industry dynamics. Second, employing a shiftshare instrument to purge the analysis from possible endogeneity within green potential industries, this paper finds that an expansion of green production implies an increase in employment and value added. In contrast, average wages and labour productivity remain unchanged. These results hold in the short and long term, are heterogeneous depending on the countries considered, and are amplified by existing industry specialization and by accounting for input-output linkages. |
| Keywords: | Climate Change, Environmental Economics and Policy, Political Economy, Sustainability |
| Date: | 2024–08–27 |
| URL: | https://d.repec.org/n?u=RePEc:ags:feemwp:344791 |
| By: | D’Alessandro, Francesco (Università Cattolica del Sacro Cuore); Santarelli, Enrico (University of Bologna); Vivarelli, Marco (Università Cattolica del Sacro Cuore) |
| Abstract: | In this paper we integrate the insights of the Knowledge Spillover Theory of Entrepreneurship and Innovation (KSTE+I) with Schumpeter's idea that innovative entrepreneurs creatively apply available local knowledge, possibly mediated by Marshallian, Jacobian and Porter spillovers. In more detail, in this study we assess the degree of pervasiveness and the level of opportunities brought about by AI technologies by testing the possible correlation between the regional AI knowledge stock and the number of new innovative ventures (that is startups patenting in any technological field in the year of their foundation). Empirically, by focusing on 287 Nuts-2 European regions, we test whether the local AI stock of knowledge exerts an enabling role in fostering innovative entry within AI-related local industries (AI technologies as focused enablers) and within non AI-related local industries, as well (AI technologies as generalised enablers). Results from Negative Binomial fixed-effect and Poisson fixed-effect regressions (controlled for a variety of concurrent drivers of entrepreneurship) reveal that the local AI knowledge stock does promote the spread of innovative startups, so supporting both the KSTE+I approach and the enabling role of AI technologies; however, this relationship is confirmed only with regard to the sole high-tech/AI-related industries. |
| Keywords: | KSTE+I, Artificial Intelligence, innovative entry, enabling technologies |
| JEL: | O33 L26 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17206 |
| By: | Lepinteur, Anthony (University of Luxembourg); Rebechi, Alessio (University of Luxembourg); Clark, Andrew E. (Paris School of Economics); D'Ambrosio, Conchita (University of Luxembourg); Rohde, Nicholas (Griffith University); Vögele, Claus (University of Luxembourg) |
| Abstract: | We use quarterly panel data from the COME-HERE survey covering five European countries to analyse three facets of the experience of loneliness during the COVID-19 pandemic. First, in terms of prevalence, loneliness peaked in April 2020, followed by a U-shape pattern in the rest of 2020, and then remained relatively stable throughout 2021 and 2022. We then establish the individual determinants of loneliness and compare them to those found in the literature predating the COVID-19 pandemic. As in previous work, women are lonelier, and partnership, education, income, and employment protect against loneliness. However, the pandemic substantially shifted the age profile: it is now the youngest who are the loneliest. We last show that pandemic policies affected loneliness, which rose with containment policies but fell with government economic support. Conversely, the intensity of the pandemic itself, via the number of recent COVID-19 deaths, had only a minor impact. The experience of the pandemic has thus shown that public policy can influence societal loneliness trends. |
| Keywords: | loneliness, COVID-19, COME-HERE, age, pandemic policies |
| JEL: | H51 I18 I31 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17223 |
| By: | Kuosmanen, Natalia; Kiema, Ilkka; Maczulskij, Terhi |
| Abstract: | Abstract This report discusses the shortcomings of conventional productivity measures that overlook the environmental efforts of firms aiming to reduce greenhouse gas emissions. It highlights the importance of utilizing green productivity metrics, such as carbon productivity and green total factor productivity, for a more comprehensive assessment of productivity within the context of sustainable development. Key findings from recent empirical research conducted in Finland reveal a positive correlation between carbon and labor productivity, demonstrating that environmentally friendly practices can enhance both sustainability and efficiency in energy-intensive sectors. Energy efficiency also positively affects firm productivity, emphasizing the potential advantages of environmental regulations in driving economic growth, while simultaneously maintaining ecological well-being. Furthermore, carbon productivity exhibits a procyclical pattern, with financially stronger firms seeking more environmentally conscious workers (i.e., offering green jobs) during periods of economic growth. The report also recognizes the challenge of overcoming technological path dependence and suggests strategies such as public funding for clean technology R&D and leveraging EU-level green investment programs, particularly for smaller nations like Finland. |
| Keywords: | Carbon productivity, Green jobs, Green total factor productivity, Green transition, Energy efficiency |
| JEL: | D24 O44 Q55 Q56 |
| Date: | 2024–08–26 |
| URL: | https://d.repec.org/n?u=RePEc:rif:report:151 |
| By: | Machteld Hoskens; Koenraad Debackere |
| Abstract: | Given the importance of innovation for economic growth, many countries conduct innovation surveys. International guidelines for such measurement have been established (OECD/Eurostat, 2018). The European Commission has made the measurement of innovation mandatory for EU member states. Many differences remain, however, between countries in the practical implementation of measuring innovation at the firm level, which complicates cross-country comparability. We conducted a randomized experiment in which we randomly assigned enterprises a long or a short form for measuring their innovation activities. We found clear differences between the two types of forms. We discuss implications of this work and put this in the broader perspective of other work done investigating questionnaire design issues in innovation surveys. |
| Keywords: | questionnaire design, innovation survey, randomized experiment, questionnaire length, shortened survey form, nonresponse survey |
| Date: | 2024–08–19 |
| URL: | https://d.repec.org/n?u=RePEc:ete:ecoomp:747238 |
| By: | Berthold, Brendan (University of Lausanne); Cesa-Bianchi, Ambrogio (Bank of England); Di Pace, Federico (Bank of England); Haberis, Alex (Bank of England) |
| Abstract: | This paper investigates the economic effects of carbon pricing policies using a panel of countries that are members of the EU Emissions Trading System. Carbon pricing shocks lead, on average across countries, to a decline in economic activity, higher inflation, and tighter financial conditions. These average responses mask a large degree of heterogeneity: the effects are larger for higher carbon-emitting countries. To sharpen identification, we exploit granular firm-level data and document that firms with higher carbon emissions are the most responsive to carbon pricing shocks. We develop a theoretical model with green and brown firms that accounts for these empirical patterns and sheds light on the transmission mechanisms at play. |
| Keywords: | Business cycles; carbon pricing shocks; heterogeneity; asset prices |
| JEL: | E32 E50 E60 H23 Q54 |
| Date: | 2024–08–05 |
| URL: | https://d.repec.org/n?u=RePEc:boe:boeewp:1076 |
| By: | Agar Brugiavini (Department of Economics, Ca’ Foscari University of Venice); Raluca Elena Buia (Department of Economics, Ca’ Foscari University of Venice); Irene Simonetti (Department of Economics, Ca’ Foscari University of Venice) |
| Abstract: | The extremely tight restrictions meant to limit the spread of COVID-19 pandemic strongly hit the economic activity in all countries, resulting in exceptional work disruptions and sizable (temporary) layoffs. Recent literature document the existence of an age-bias in the recruitment of new employees, which may make of older workers a vulnerable category, if experiencing work disruptions. Using data from the Survey on Health, Ageing and Retirement in Europe, we enquire to what extent having experienced work interruptions in the first wave of the pandemic might have affected the working career of older workers. Our results indicate that having undergone work disruptions in 2020 is associated with a significantly larger probability of ending up as retirees or not employed in both 2021 and 2022. The effect is not homogenous among countries. While the estimate is not significant for Northern countries, it is significant for the other country clusters, the magnitude of the effect being larger for Central-East European countries. |
| Keywords: | work interruptions, retired, unemployed, not employed |
| JEL: | J08 J71 J78 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ven:wpaper:2024:10 |
| By: | Williams, Gemma |
| Abstract: | Background Recent experiences from Ireland and elsewhere have shown the urgent need for countries and international actors to prioritize investment in the health and care workforce (HCWF) and ensure funding is used well. This research, based on a European Observatory on Health Systems and Policies policy brief, explores: i) areas for strategic investments in the HCWF; and ii) how greater funding from domestic and international sources can be secured. Methods A scoping review of English-language peer reviewed and grey literature was conducted across databases and online repositories including PubMed, Scopus, Web of Science, Google Scholar, WHO data collections. The literature search focused on two areas: 1) areas for strategic investments in the organization, training, deployment and management of the HCWF; 2) actions that can help scale-up investment from domestic and international financing sources. Findings Strategic investments to effectively enhance the sustainability of the HCWF can be grouped into strategies that aim to: 1) increase the quantity, quality and diversity of available HCWs through education investments; 2) reskill and optimize use of the HCWF through investments in preventative and primary care, skill mix reforms and digital technologies; 3) improve employment and retention through labour market interventions and protecting, supporting and managing the HCWF. Ministries of Health must be able to share the measurable benefits of workforce development to secure greater investment, which requires: evidence on the socioeconomic benefits of HCWF investments; strong leadership and capacity; improved intersectoral governance processes; and more efficient and transparent health sector budget cycle processes. Conclusions Education, employment and retention of HCWs needs to be a priority in public expenditure to increase supply, protect the existing workforce and plan ahead to address future challenges. |
| JEL: | R14 J01 |
| Date: | 2023–10–24 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:124455 |
| By: | Bickenbach, Frank; Dohse, Dirk; Langhammer, Rolf J.; Liu, Wan-Hsin |
| Abstract: | China uses subsidies extensively to take a leading role in the global markets of green-tech products such as battery electric vehicles and wind turbines. Against the background of the current EU investigations into Chinese subsidies in these sectors, this article takes a careful look at the Chinese subsidy system and provides new data on direct government subsidies to leading Chinese producers of electric cars and wind turbines. Extensive government support has allowed Chinese companies to scale up rapidly, to dominate the Chinese market and to expand into foreign markets. The article concludes that the EU should use its strong bargaining power due to the single market to induce the Chinese government to abandon the most harmful subsidies. |
| Keywords: | China, industrial subsidies, battery electric vehicles, wind turbines, railway rolling stock, EU, anti-subsidy proceeding |
| JEL: | F13 O25 O53 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkie:301402 |