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dc.contributor.authorBelke, Ansgaren_US
dc.contributor.authorDreger, Christianen_US
dc.date.accessioned2011-08-12T09:51:17Z-
dc.date.available2011-08-12T09:51:17Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/48711-
dc.description.abstractIn the debate on global imbalances, the euro area countries did not receive much attention so far. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency. In this paper, the imbalances are traced back to catching up and competitiveness factors using paneleconometric techniques. In line with the intertemporal approach to the current account, low income countries tend to run deficits, while rich countries realize surpluses. However, the effect diminishes, if early years are dropped from the sample. The competitiveness channel is more robust and shows the expected sign, i.e. real appreciation leads to external deficits. To restore competitiveness, a reduction of unit labour costs is on the agenda. Since a deterioration of competitiveness is not a feasible strategy for the surplus countries, an asymmetric response across countries is required in order to reduce the imbalances.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel und Hamburgen_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft: Lektionen aus der Krise - Session: Current Account Imbalances in the Euro Area B1-V3en_US
dc.subject.jelF32en_US
dc.subject.jelF36en_US
dc.subject.jelE44en_US
dc.subject.ddc330en_US
dc.subject.keywordCurrent account imbalances-
dc.subject.keywordcatching up and competitiveness-
dc.subject.keywordeuro area-
dc.titleCurrent account imbalances in the euro area: Catching up or competitiveness?en_US
dc.typeConference Paperen_US
dc.identifier.ppn671766120en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:vfsc11:48711-
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft - Lektionen aus der Krise

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