Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/29744
Authors: 
Zemanek, Holger
Belke, Ansgar
Schnabl, Gunther
Year of Publication: 
2009
Series/Report no.: 
DIW Discussion Papers 895
Abstract: 
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public structural reforms for the urgently needed readjustment of intra-euro area imbalances. A panel regression reveals a significant impact of private restructuring and public structural reforms on intra-euro area competitiveness. This implies that private restructuring and public reforms are rather than public transfers the best way to preserve long-term economic stability in Europe.
Subjects: 
Structural reforms
competitiveness
current account imbalances
euro area
European Monetary Union
dynamic panel estimation
interaction term
JEL: 
E24
F15
F16
F32
F33
Document Type: 
Working Paper

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