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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
ROME Discussion Paper Series No. 09-02
Verlag: 
Research On Money in the Economy (ROME), s.l.
Zusammenfassung: 
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 longterm economic stability in Europe.
Schlagwörter: 
Structural reforms
competitiveness
current account imbalances
euro area
European Monetary Union
dynamic panel estimation
interaction term
JEL: 
E24
F15
F16
F32
F33
Dokumentart: 
Working Paper

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