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Productivity and External Rebalancing

21-22 April 2016, Prague

The twelfth conference of Competitiveness Research Network (CompNet), jointly organised with the European Central Bank and the Czech National Bank, took place in Prague on 21-22 April, 2016.

Competitiveness gaps are increasingly seen as the main cause of economic divergences as well as the breeding ground for some of the most disruptive downturns, such as the latest EU crisis. Therefore, enhancing competitiveness is broadly acknowledged as the critical building block for achieving sustainable growth.

Against this background, CompNet has been working since late 2011 to generate cutting-edge research in the field, research which will result in solid policy advice. This has implied the creation of novel databases and indicators as well the involvement of an increasing number of researchers in relevant areas, ranging from trade to productivity and from external imbalances to global value chain operations.

Specific examples of relevant topics include:

  • Productivity measurement issues;
  • Productivity and resource reallocation;
  • The determinants of productivity;
  • Trade and competitiveness;
  • Trade elasticities;
  • Competitiveness and macroeconomic imbalances;
  • Regional Global Value Chains.

Professor Andrew B. Bernard (Tuck School of Business at Dartmouth) and Professor Jan De Loecker (Princeton University) have participated as keynote speakers.

Summary of contributions


Thursday, 21 April 2016

Registration and coffee


Welcome address

Miroslav Singer, Governor, Czech National Bank

Introductory remarks

Filippo di Mauro, European Central Bank


Session 1 Export Performance and Current Account Determinants

Chair: João Amador, Banco de Portugal

Grin and Bear It: Producer-Financed Exports from an Emerging Market

Beata Javorcik (University of Oxford), Banu Demir (Bilkent University)

Estimating the effect of exchange rate changes on total exports

Thierry Mayer (Science Po and Banque de France), Walter Steingress (Banque de France)


Coffee break

Corporate Investment and the Real Exchange Rate

Mai Dao, Andrew Berg, Camelia Minoiu, Jonathan D. Ostry (International Monetary Fund)


General discussion of the session's papers

Led by David Haugh, OECD

Poster session, workstream meetings and informal discussion rounds

Keynote speech

Jan De Loecker, Princeton University

Session 2 Resource Misallocation

Chair: Eric Bartelsman, VU University Amsterdam

Assessing the Labour Reallocation Process in Europe: Productivity-enhancing or not?

Paloma Lopez-Garcia (European Central Bank), Eric Bartelsman (VU University Amsterdam), Giorgio Presidente (OECD)

Firm-Level Dispersion in Productivity: Is the Devil in the Details?

Zoltan Wolf, Lucia Foster, Cheryl Grim (U.S. Census Bureau), John Haltiwanger (University of Maryland)

General discussion of the session's papers

Led by Antoine Berthou, Banque de France

Coffee break
Trade Liberalisation and Reallocation: the Role of Foreign Ownership

Cagatay Bircan (European Bank for Reconstruction and Development)

Capital and Labour (Mis)allocation in the Euro Area: Stylised Facts and possibleDeterminants

Elisa Gamberoni, Paloma Lopez-Garcia (European Central Bank), Claire Giordano (Banca d'Italia)

General discussion of the session's papers

Led by Matteo Bugamelli, Banca d'Italia


Recent policy-relevant research by the European Commission

Quality Adjusted Labour Productivity Index in the EU
Isabelle Remond-Tiedrez (Eurostat)

European Wheel of Competitiveness
Letizia Montinari (European Commission)

Cost Competitiveness and Euro Area rebalancing
Gaetano D'Adamo and Josefina Monteagudo (European Commission)

End of meeting
Dinner at Plzeňská Restaurant, Prague
Friday, 22 April 2016

Keynote speech

Andrew B. Bernard, Tuck School of Business at Dartmouth

Session 3 Global Value Chains 1/2

Chair: Matteo Bugamelli, Banca d'Italia


Overcoming The Middle-Income Trap: The Role of Global Value Chain Integration for Climbing up the Income Ladder

Daria Taglioni, Deborah Winkler (World Bank), Victor Kummritz (Institut de hautes études internationales et du développement), Mauro Boffa (Université de Genève), Gianluca Santoni (Centre d'études prospectives et d'informations internationales).

Local or Global Outsourcing and Firm's Performance: Empirical Evidence from the Belgian Production Network

Emmanuel Dhyne, Cédric Duprez (National Bank of Belgium)


Coffee break


Peak Trade? An Anatomy of the recent Global Trade Slowdown

Marcel P. Timmer, Bart Los, Gaaitzen J. de Vries (University of Groningen), Robert Stehrer (The Vienna Institute for International Economic Studies)
General discussion of the session's papers

Jan Babecky, Czech National Bank

Poster session, workstream meetings and informal discussion rounds

Session 4 Global Value Chains 2/2

Chair: Lubos Komarek, Czech National Bank

Global Value Chains and Effective Exchange Rates at the Country-Sector Level

Nikhil Patel (Bank for International Settlement), Zhi Wang (United States International Trade Commission), Shang-Jin Wei (Asian Development Bank)

Global Value Chain Participation and Current Account Imbalances

Georgios Georgiadis, Johannes Gräb (European Central Bank), Johannes Brumm (University of Zurich), Fabian Trottner (Princeton University)

General discussion of the session's papers

Led by Beata Javorcik, University of Oxford


GVC research going forward

Chaired by Filippo di Mauro (European Central Bank)

Introductory remarks

Bart Los (University of Groningen)

International Inflation Spillovers Through Input Linkages

Raphael Auer (Swiss National Bank)

General discussion

with Daria Taglioni (World Bank) and Beata Javorcik (University of Oxford)

Coffee break

Policy Panel

Chair: Lubomir Lizal (Bank Board Member, Czech National Bank)

Panellists: William Maloney (Chief Economist, Equitable Growth, Finance and Institutions, World Bank), Dalia Marin (Ludwig-Maximilians University Munich), Margareta Drzeniek (Global Competitiveness and Risks, World Economic Forum), Natacha Valla (European Investment Bank)

End of conference
Poster Session

Follow the Value Added: Bilateral Gross Export Accounting

Alessandro Borin, Michele Mancini (Bank of Italy)

Is Corruption efficiency-enhancing? A Case Study of nine Central-Eastern European Countries

Elisa Gamberoni, Christine Gartner, Claire Giordano, Paloma Lopez-Garcia (European Central Bank)

Providing Services to Boost Goods Exports? Theory and Evidence

Andrea Ariu (University of Geneva), Florian Mayneris (Universié catholique de Louvain), Mathieu Parenti (Université Libre de Bruxelles)

Export Dynamics since the Great Trade Collapse: A Cross-Country Analysis

John Lewis (Bank of England), Selien De Schryder (University of Ghent)

Trade in Tasks and the Organization of Firms

Jan Schymik (University of Munich), Dalia Marin (University of Munich), Alexander Tarasov (University of Munich)

Networks of Value Added Trade

João Amador, Sónia Cabral (Banco de Portugal)

A Decomposition of Revenue Productivity Changes over Time

Giordano Mion (University of Sussex), Filippo di Mauro, Daniel Stöhlker (European Central Bank)

Banks, Credit, and Productivity Growth

Fadi Hassan, Filippo di Mauro (European Central Bank), Gianmarco Ottaviano (London School of Economics)

The Macroeconomic and Productivity Effects of Structural Reforms

Giovanni Aiello (Bocconi University), Matteo Cacciatore (HEC Montréal), Filippo di Mauro (European Central Bank), Giuseppe Fiori (North Carolina State University), Fabio Ghironi (University of Washington), Paolo Mengano (European Central Bank)

Conference programme in PDF format

Sponsors and organisers

The Conference is sponsored by the European Central Bank (ECB), the Czech National Bank (CNB) and the Competitiveness Research Network (CompNet).

The organisers of the 2016 conference are Filippo di Mauro (Chairman of ECB/CompNet - ECB), Kamil Galuščák (CNB) and Eric Bartelsman (Vrije University).