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  • 1 Università ‘Gabriele d’Annunzio’, Pescara, Italy
  • | 2 Università ‘Gabriele d’Annunzio’, Pescara, Italy
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The productivity slowdown in European countries is among the major stylised facts of the last two decades. Several explanations have been proposed: some focus on demand-side effects, working through Kaldor’s second law of economic growth (also known as Verdoorn’s law), others on supply-side effects determined by a misallocation of the factors of production, caused either by labour market reforms or by perverse effects of financial integration (in Europe, related to the adoption of the euro). The latter explanation is put forward by some recent studies that stress how low interest rates brought about by the monetary union may have lowered productivity by inducing capital misallocation. The aim of this paper is to investigate the robustness of the latter empirical findings and to compare them with the alternative explanation offered by the post-Keynesian growth model, which instead emphasises the relation between foreign trade and productivity, along lines that go back to Adam Smith. To do so, we use a panel of industry-level data extracted from the EU KLEMS database, comparing these alternative explanations by panel cointegration techniques. The results shed some light on the role played by the single currency in the structural divergences among euro area member countries.

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Editor(s)-in-Chief: Prof. Dr. Mihályi, Péter

Editor(s): Ványai, Judit

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  • Edina Berlinger / Corvinus University of Budapest, Department of Finance
  • Péter Halmai / Budapest University of Technology and Economics; National University of Public Service
  • Gábor Kézdi / University of Michigan
  • István Kónya / Institute of Economics Centre for Regional and Economic Studies, University of Pécs
  • János Köllő / Institute of Economics Centre for Regional and Economic Studies
  • István Magas / Corvinus University of Budapest, Department of World Economy; University of Physical Education, Department. of Sports and Decision Sciences
 

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  • Ǻslund, Anders
  • Kolodko, Grzegorz
  • Mau, Vladimir
  • Messerlin, Patrick A
  • Nuti, Mario Domenico
  • Wagener, Hans-Jürgen

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary

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2020  
Total Cites 275
WoS
Journal
Impact Factor
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Rank by Economics 325/377 (Q4)
Impact Factor  
Impact Factor 0,534
without
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Impact Factor
Journal  0,38
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Rank by Journal  Economics 347/549 (Q3)
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Citable 37
Items
Total 37
Articles
Total 0
Reviews
Scimago 13
H-index
Scimago 0,292
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Scimago Economics and Econometrics Q3
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Scopus 225/166=1,4
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Scopus Economics and Econometrics 392/661 (Q3)
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SNIP  
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2019  
Total Cites
WoS
212
Impact Factor 0,914
Impact Factor
without
Journal Self Cites
0,728
5 Year
Impact Factor
0,650
Immediacy
Index
0,156
Citable
Items
45
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45
Total
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Cited
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Scopus
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214/165=1,3
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Scopus
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Acta Oeconomica
Language English
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1966
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2021 Volume 71
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Founder Magyar Tudományos Akadémia
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ISSN 0001-6373 (Print)
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