Competitiveness And External Imbalances Within The Euro Area
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Author | : BCE. Banco Central Europeo. Working group on Econometric modelling of the European System of Central Banks |
Publisher | : |
Total Pages | : 0 |
Release | : 2012 |
Genre | : |
ISBN | : |
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The onset of the financial crisis in 2008 has highlighted the problems of diverging external imbalances within Economic and Monetary Union (EMU) and the role of persistent losses in competitiveness. This paper starts by investigating some of the competitiveness factors which contributed to external imbalances in euro area countries. The evidence suggests significant heterogeneity across countries in both price/cost and non-price competitiveness in the euro area and that there is no one factor, but rather a range of potential factors explaining diverging external imbalances. In particular, while non-price competitiveness effects contributed largely to the trade surplus in some countries, for some southern European countries the trade balance was also driven by price factors. The second part of the paper studies the implications of competitiveness adjustment by means of quantitative tools. Using four different multi-country macro models, improvements in both price/cost aspects (namely wage reduction, productivity improvements or fiscal devaluation) and non-price competitiveness factors (quality improvements) were shown - under certain conditions - to improve external imbalances. The analysis suggests differences in countries' composition of trade could lead to heterogeneity in the potential gains from improvements in competitiveness [Resumen de autor]
Author | : European System of Central Banks. Team of the Working Group on Econometric Modelling |
Publisher | : |
Total Pages | : 74 |
Release | : 2012 |
Genre | : |
ISBN | : |
Download Competitiveness and External Imbalances Within the Euro Area Book in PDF, Epub and Kindle
Author | : |
Publisher | : |
Total Pages | : 184 |
Release | : 2010 |
Genre | : Balance of trade |
ISBN | : |
Download Surveillance of Intra-euro-area Book in PDF, Epub and Kindle
Author | : European Central Bank |
Publisher | : |
Total Pages | : 74 |
Release | : 2012 |
Genre | : |
ISBN | : |
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Author | : Ms.Ruo Chen |
Publisher | : International Monetary Fund |
Total Pages | : 76 |
Release | : 2012-10-09 |
Genre | : Business & Economics |
ISBN | : 1475512120 |
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The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions’ securities, and cross-border interbank lending) which permitted external imbalances to grow over time.
Author | : Stefan Collignon |
Publisher | : Routledge |
Total Pages | : 227 |
Release | : 2014-02-05 |
Genre | : Business & Economics |
ISBN | : 1317812328 |
Download Competitiveness in the European Economy Book in PDF, Epub and Kindle
This book deals with the relationship between the competitiveness of countries in Europe and the analysis of macroeconomic imbalances. It focuses mainly on a European analysis, along with special studies of the German economy, which is rarely considered to be a cause for the current crisis. The book also compares Germany with Italy, providing a comparative perspective on structural reforms. The first part of this book analyses macroeconomic imbalances based on a new framework from the analysis of the flow of founds rather than balance of payments, and presents an alternative measure of unit labour cost comparisons to investigate the relationship between imbalances and competitiveness. The second part is dedicated to the analysis of the trade performance of Germany and Italy and the sustainability of the German model in the EMU. The third part describes the reform policies implemented by Germany and their effect on imbalances; this includes wage moderation, the labour market reforms and weak labour demand. The final part explores the regional inequalities within Germany and Italy, providing useful lessons regarding fiscal federalism and regional banking developments. In conclusion, a big part of the problems within the Euro Area are generated by the use of a wrong framework of analysis, where the EMU is considered as a fixed exchange rate regime and not a single country. This book provides an alternative view which holds at the core the relationship between sectors. It is stressed throughout the book that the German behaviour has contributed to the rise of imbalances between countries due to its growth model, not suitable for a big developed country in a currency union. This book also finds that stressing banking integration within countries helps to reduce regional inequalities, which has important implications for the management of Europe’s future banking union and macroeconomic imbalances.
Author | : Europese Centrale Bank |
Publisher | : |
Total Pages | : 74 |
Release | : 2012 |
Genre | : |
ISBN | : |
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Author | : Ferdi De Ville |
Publisher | : Springer |
Total Pages | : 166 |
Release | : 2016-06-15 |
Genre | : Political Science |
ISBN | : 113751440X |
Download Rising Powers and Economic Crisis in the Euro Area Book in PDF, Epub and Kindle
In this book, Ferdi De Ville and Mattias Vermeiren examine the linkages between the economic crisis in the euro area and the rise of Brazil, India and China (BICs) in the global monetary and trading system. Drawing on the insights of the comparative capitalism literature, the authors show that the latter development has been a key source of the escalation of trade imbalances in the euro area, which are widely seen as an important cause of the financial and economic crisis in the region. By pointing to the external source of these imbalances and the divergent institutional capacity of the euro area countries to deal with the intensified competition associated with the rise of the BICs, De Ville and Vermeiren go beyond the focus on the divergence in unit labor costs as the driving force of these imbalances. As such, this book provides a comprehensive policy critique of the EU’s export-led growth strategy based on declining unit labor costs.
Author | : Ruo Chen |
Publisher | : |
Total Pages | : 51 |
Release | : 2014 |
Genre | : |
ISBN | : |
Download External Imbalances in the Euro Area Book in PDF, Epub and Kindle
The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world -in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions' securities, and cross-border interbank lending) which permitted external imbalances to grow over time.
Author | : Ruo Chen |
Publisher | : |
Total Pages | : 50 |
Release | : 2012-09-28 |
Genre | : |
ISBN | : |
Download External Imbalances in the Euro Area Book in PDF, Epub and Kindle
The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions’ securities, and cross-border interbank lending) which permitted external imbalances to grow over time.