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Industrial competitiveness in the European Union: Italy versus Eastern European countries

Author

Listed:
  • Andrea Ricci

    (Ricercatore di Economia Politica all’Università degli Studi “Carlo Bo†di Urbino, Dipartimento di Economia Società e Politica (DESP))

Abstract

During the crisis the Italian industry suffered a sharp contraction of output and employment. An opposite trend showed the New Member States (NMS) in Eastern Europe, to which continued the process of industrial relocation of Italian firms. The analysis of Unit Labor Cost (ULC), measured in Purchasing Power Parity, shows that this competitive gap stems from two factors. The first is of real character and relates to the low growth of labor productivity in the Italian industry. The second factor is of a monetary nature and relates to the undervaluation of the exchange rate of the currencies of the NMS with the euro.

Suggested Citation

  • Andrea Ricci, 2015. "Industrial competitiveness in the European Union: Italy versus Eastern European countries," Argomenti, University of Urbino Carlo Bo, Department of Economics, Society & Politics, vol. 1(1), pages 1-23, May-Augus.
    • Handle: RePEc:urb:journl:v:1:y:2015:p:1-23
    DOI: 10.14276/1971-8357.472
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    More about this item

    Keywords

    : Industrial Competitiveness; European Union; Unit Labor Cost; Purchasing Power Parity; Exchange Rates; Euro;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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