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On the Role of the Manufacturing Industries in Economic Resilience.
Arbesleitner, Roland ; Young, Mitchell (advisor) ; Svoboda, Karel (referee) ; Figueira, Filipa (referee)
Economic resilience has recently enjoyed increased popularity in academic discourse, especially after the 2008 Global Crisis played havoc across the globe, but is as of now still in its infancy: A commonly agreed upon definition is yet to be found, and papers devoted to this concept are still rather scarce. It is commonly known that the manufacturing industries in European economies have generally been in decline for decades, and that they have primarily been replaced by the services sector. It has however been argued in the past that due to relatively high sunk costs, there is increased incentive for investors to keep manufacturing enterprises afloat during difficult times as long as possible, making them less likely to go out of business compared to others, thereby minimizing the initial blow of an economic shock to the respective economy and subsequently foster recovery. These assumptions are being examined in this paper by analysing data from the EU-28 starting at the outbreak of the 2008 crisis until 2015, followed by an investigation of individual economies in greater detail. The results show that more industrialised economies tend to have fared better during the crisis years and also managed to recover sooner.

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