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Nauschnigg, Franz
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[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Publisher:] Springer [Place:] Heidelberg [Volume:] 93 [Year:] 2013 [Issue:] 12 [Pages:] 855-858
Immer wieder werden Leistungsbilanzungleichgewichte - insbesondere zwischen Deutschland und den Krisenländern - innerhalb des Euroraums für die Krise mitverantwortlich gemacht. Die Defizite der Krisenländer sind gegenüber Deutschland seit 2008 aber deutlich zurückgegangen, während das Ungleichgewicht gegenüber China weiter besteht - vor allem aufgrund der harten Konkurrenz mit den chinesischen Textil-, Bekleidungs- und Schuhproduzenten. Eine Aufwertung des Renminbi und eine stärkere externe Nachfrage aus anderen EU-Ländern würde den Krisenländern helfen.
Abstract (Translated): 
The internal imbalances in the euro area are often cited as one of the main reasons for the crisis there. The surpluses, especially those of Germany, correspond to the deficits in the euro area problem countries - Greece, Italy, Ireland, Spain and Portugal. An analysis of the trade and services balances of the problem countries, however, shows that this was only true up to 2004. Since 2005 their deficits with the rest of the world have been bigger, especially with China. Now the imbalances with China, not Germany, are the main concern for euro area problem countries. The reasons for this development were the strong appreciation of the euro and the structure of the economies of the euro area problem countries, which brought them into direct competition with China. Revaluation of other currencies, especially the renminbi, would enable the euro area crisis countries to pursue growth-friendly fiscal consolidation in which stronger external demand replaces internal demand. This was how Germany consolidated its budget - lower fiscal deficits were compensated by external demand contributions. The problem countries could simultaneously shrink both their fiscal and external deficits. Internal devaluation through wage moderation, however, dampens domestic demand and is recessionary in the short term.
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