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Convergence during the Oil Crisis: A Comparison of Labour Productivity in Manufacturing of the Planned and Market Economies

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  • Artem Kochnev

Abstract

This paper examines labour productivity convergence in manufacturing of the planned and market economies in the setting of the oil price shocks of the 1970s. Using the wiiw COMECON Dataset and the KLEMS dataset, the paper constructs a single-digit industry-level productivity metric for selected industries and applies a difference-in-difference estimator to estimate the impact of the oil price shocks on convergence in productivity levels across industries between 1970 and 1985. Although the paper does not find an impact of the oil price shocks on convergence of the command economies, it does detect an accelerating impact on the convergence process of the market economies. wiiw COMECON Dataset https //comecon.wiiw.ac.at/

Suggested Citation

  • Artem Kochnev, 2024. "Convergence during the Oil Crisis: A Comparison of Labour Productivity in Manufacturing of the Planned and Market Economies," wiiw Working Papers 257, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:wpaper:257
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    More about this item

    Keywords

    Labor Productivity; Convergence; Planned Economies; Oil price shocks; Manufacturing; Productivity; Competitiveness; Difference-in-Difference; COMECON Dataset; KLEMS Dataset; Structural change;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • N64 - Economic History - - Manufacturing and Construction - - - Europe: 1913-
    • P23 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Factor and Product Markets; Industry Studies; Population
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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