Arbeitspapier
Macroeconomic Imbalances and Structural Change in the EMU
Macroeconomic imbalances in the EMU are at the heart of the current crisis. A widely popular explanation for the high current account deficits in the Southern European countries is that they lack a large, competitive and export-oriented industrial sector. The paper tests the hypothesis that parts of the structural change which happened in the EU before 2008 were supported by the divergent unit labour cost developments in the EMU. We look into patterns of structural change and sectoral competitiveness in all EU member countries and assess their linkages by means of a descripitve analysis as well as through econometric estimations. Our results broadly support the hypothesis. Structural policies alone to foster new competitive export-oriented industries in Southern Europe in order to reduce macroeconomic imbalances in the EMU would not be efficient without accompanying adjustments in relative labour costs.
- Sprache
-
Englisch
- Erschienen in
-
Series: WWWforEurope Working Paper ; No. 69
- Klassifikation
-
Wirtschaft
Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models
Open Economy Macroeconomics
Wage Level and Structure; Wage Differentials
Economic Growth and Aggregate Productivity: General
- Thema
-
Macroeconomic imbalances
structural change
labour costs
dynamic panel regression
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ederer, Stefan
Reschenhofer, Peter
- Ereignis
-
Veröffentlichung
- (wer)
-
WWWforEurope
- (wo)
-
Vienna
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Ederer, Stefan
- Reschenhofer, Peter
- WWWforEurope
Entstanden
- 2014
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