Arbeitspapier
Current Account Balances and Structural Adjustment in the Euro Area
In the past decade, a set of euro area countries has accumulated large current account deficits. After a brief relaxation of the euro area internal imbalances in the wake of the financial crisis, it appears as if this pattern arises anew when times normalize again and Germany still sticks to export-led growth. This issue has been labelled one of the most challenging economic policy issues for Europe inter alia by the European Commission and some other players on the EU level. In this paper, we analyse the role of private restructuring and structural reforms for the urgently needed sustainable readjustment of intra-euro area current account balances. A panel regression reveals a significant impact of structural reforms on intra-euro area current account balances. This implies that in particular structural reforms and wage restraint in notorious current account and budget deficit countries such as Greece are highly suitable to support long-term economic stability in Europe.
- ISBN
-
978-3-86788-197-5
- Language
-
Englisch
- Bibliographic citation
-
Series: Ruhr Economic Papers ; No. 176
- Classification
-
Wirtschaft
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Economic Integration
Trade and Labor Market Interactions
Current Account Adjustment; Short-term Capital Movements
- Subject
-
Structural reforms
current account balances
euro area
dynamic panel estimation
interaction term
Zahlungsbilanzungleichgewicht
Europäische Wirtschafts- und Währungsunion
Internationaler Wettbewerb
Wirtschaftsreform
Sozialreform
Wirtschaftliche Anpassung
EU-Staaten
- Event
-
Geistige Schöpfung
- (who)
-
Zemanek, Holger
Belke, Ansgar
Schnabl, Gunther
- Event
-
Veröffentlichung
- (who)
-
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
- (where)
-
Essen
- (when)
-
2010
- Handle
- Last update
-
10.03.2025, 11:46 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Zemanek, Holger
- Belke, Ansgar
- Schnabl, Gunther
- Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
Time of origin
- 2010
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