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Structural breaks in Austrian foreign trade with Eastern Europe during the early 1970s |
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| Authors: | Jarko Fidrmuc Sylvia Kaufmann Andreas Resch | ||
| Affiliation: | 1. Department of Economics, Geschwister-Scholl-Institute for Political Science, University of Munich, Geschwister-Scholl-Platz 1, 80539, Munich, Germany 2. CESifo, Munich, Germany 3. Faculty of Mathematics, Physics and Informatics, Department of Applied Mathematics and Statistics, Comenius University, Bratislava, Slovakia 4. Economic Studies Division, Oesterreichische Nationalbank, Otto-Wagner-Platz 3, P.O. Box 61, 1011, Vienna, Austria 5. Department of Economic and Social History, Vienna University of Economics and Business Administration, Augasse 2-6, 1090, Vienna, Austria |
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| Abstract: | Between 1955 and 1987, Austrian trade with Eastern Europe was characterized by specific factors. On the one hand, trade flows were influenced by the central planning system in Eastern Europe. On the other hand, Austria applied non-standard policy tools to manage Eastern trade. Furthermore, Austrian trade with Eastern Europe was affected by the implementation of the free trade agreement with the European Communities (EC) and the change in the institutional framework for Eastern trade in the early 1970s. Austrian Eastern exports were fostered by increased export subsidies and barter trade. We assess the net effects of these contradictory measures of trade policy by estimating aggregate import and export equations and testing for a structural break in 1973. Our results are consistent with the view that Austria subsidized Eastern exports to pursue a countercyclical policy after 1973.
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| Keywords: | Economic history Structural break Cointegration Export subsidies CMEA trade | ||
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