CESifo (Hrsg.):
Current account imbalances and structural adjustment in the Euro area : how to rebalance competitiveness
München, 2009
(CESifo Working Papers ; 2639)
2009Working PaperOA Platin
WirtschaftswissenschaftenFakultät für Wirtschaftswissenschaften » Fachgebiet Volkswirtschaftslehre » Makroökonomik
Titel in Englisch:
Current account imbalances and structural adjustment in the Euro area : how to rebalance competitiveness
Autor*in:
Zemanek, Holger;Belke, AnsgarUDE
- GND
- 113316771
- LSF ID
- 47861
- ORCID
- 0000-0002-9743-4758
- Sonstiges
- der Hochschule zugeordnete*r Autor*in
Herausgeber*in:
CESifo
Erscheinungsort:
München
Erscheinungsjahr:
2009
Open Access?:
OA Platin
Umfang:
39 Seiten
Handle
ISSN
ISSN
ZDB ID
Sprache des Textes:
Englisch
Schlagwort, Thema:
structural reforms; international competitiveness; current account imbalances; European Monetary Union; euro area; dynamic panel estimation; interaction term
Abstract in Englisch:
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.