This book investigates the EU’s regional growth dynamics and, in particular, the reasons why peripheral and socio-economically disadvantaged areas have persistently failed to catch up with the rest of the Union. It shows that the capability of the knowledge-based growth model to deliver its expected benefits to these areas crucially depends on tackling a specific set of socio-institutional factors which prevents innovation from being effectively translated into economic growth. The book takes an eclectic approach to the territorial genesis of innovation and regional growth by combining different theoretical strands into one model of empirical analysis covering the whole EU-25. An in-depth comparative analysis with the United States is also included, providing significant insights into the distinctive features of the European process of innovation and its territorial determinants. The evidence produced in the book is extensively applied to the analysis of EU development policies.

This book studies the economic recovery of individual European Union member states more than ten years after the beginning of the global economic crisis. In light of austerity policies and conservative government investments in many EU countries, it explores how higher growth rates can be achieved by stimulating firms and economic sectors with a high accelerator potential. The contributing authors analyze the effects of EU policies on small and medium-sized enterprises (SMEs), while also studying EU policies with the potential to foster investments and economic growth. Furthermore the book assesses the EU policy on foreign direct investment (FDI) in the member states, in comparison with similar policies in Russia and the US. The authors demonstrate that FDI, besides providing financial resources, can facilitate modernization especially in the high technology sectors. Finally, the book provides a sector analysis and policy recommendations on tourism and immigration, as well as economic protectionism, since tourism has proved to be the most dynamic sector, especially in the European South, while immigration is one of the most serious issues the EU is currently facing. This book will appeal to scholars in economics and related fields, as well as decision-makers and professionals at governmental institutions looking for policy measures and tools to stimulate economic growth.

Recoge: 1. Introduction - 2. Empirical strategy and data - 3. Panel unit root tests and cointegration analysis - 4. Heterogeneous panel ECM estimation - 5. Robustness analysis - 6. Implications for policy - 7. Concluding remarks.

The report documents the impressive achievements of the European growth model over the last 50 years. Accounting for the stresses it is experiencing and assessing the longer-term challenges that Europe will face, the report then evaluates the six principal components of the model: Trade, Finance, Enterprise, Innovation, Labor, and Government. It finds that the European growth model has been a powerful engine for economic convergence, helping developing countries in Europe catch up to their richer neighbors and become high-income economies. But recent changes in and outside Europe necessitate change. The report proposes the adjustments needed to make trade and finance work even better, to encourage enterprise and innovation in parts of Europe which have begun to lag, and address shortcomings in the functioning of labor markets and governments. The changes proposed would restart the European convergence machine, make Europe's enterprises competitive, and help Europeans afford the highest standards of living in the world.

The COVID-19 pandemic plunged the EU into its worst-ever recession and risks increasing inequalities, notably between regions. Thanks to a bold and innovative policy response, including a common instrument to finance national recovery plans (Next Generation EU), growth is rebounding, but ambitious reforms will be essential to heal the scars of the pandemic and succeed in the green and digital transitions.

The success of an economy to adapt quickly, flexibly, and effectively to the demands of the changing international economic environment can only be investigated using the achievements of other national economies or regions as a benchmark. This book analyzes the fundamental factors of competitiveness, which will, in turn, facilitate economic development and growth, in the new post-crisis environment. In the economic, social, legal, and technological environment that has emerged in recent years, as well as in the period after the recent financial crisis, it is critical to define, assess, and implement new pathways to competitiveness and economic development. The book covers all aspects of competitiveness and economic growth, from financial intermediaries to tourism and the digital economy, and from regulation and corporate governance to exchange rate dynamics and monetary policy issues. It uses empirical findings from a variety of different countries with divergent economic structures and policies. It examines the new system of production, and the technological, commercial, financial and institutional environment, with the aim of recommending a proportional division of benefits and costs of economic growth. It offers a fresh, holistic, and flexible concept to underscore the new relationship between competitiveness and economic growth. Such an approach is needed, whereby competitiveness is no longer a zero-sum game between countries, but is achievable for all countries. The book recommends future directions and offers policy solutions, and as such, will appeal to students, researchers, and policymakers, as well as those interested in the role of competitiveness in the operation of markets, productivity, and economic development, and how it might foster innovation and growth.

What makes countries rich? What makes countries poor? Europe's Growth Champion: Insights from the Economic Rise of Poland seeks to answer these questions, and many more, through a study of one of the biggest, and least heard about, economic success stories. Over the last twenty-five years Poland has transitioned from a perennially backward, poor, and peripheral country to unexpectedly join the ranks of the world's high income countries. Europe's Growth Champion is about the lessons learned from Poland's remarkable experience, the conditions that keep countries poor, and the challenges that countries need to face in order to grow. It defines a new growth model that Poland and its Eastern European peers need to adopt to grow and catch up with their Western counterparts. Poland's economic rise emphasizes the importance of the fundamental sources of growth- institutions, culture, ideas, and leaders- in economic development. It demonstrates that a shift from an extractive society, where the few rule for the benefit of the few, to an inclusive society, where many rule for the benefit of many, can be the key to economic success. *IEurope's Growth Champion asserts that a newly emerged inclusive society will support further convergence of Poland and the rest of Central and Eastern Europe with the West, and help to sustain the region's Golden Age. It also acknowledges the future challenges that Poland faces, and that moving to the core of the European economy will require further reforms and changes in Poland's developmental character.