The Euros Effecton Trade Imbalances

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The Euro’s Effecton Trade Imbalances

Author : Mr.Helge Berger
Publisher : International Monetary Fund
ISBN 13 : 1455208914
Total Pages : 32 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis The Euro’s Effecton Trade Imbalances by : Mr.Helge Berger

Download or read book The Euro’s Effecton Trade Imbalances written by Mr.Helge Berger and published by International Monetary Fund. This book was released on 2010-10-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: When does trade become a one-way relationship? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for permanent asymmetries in trade competitiveness within pairs of countries or in the overall trade competitiveness of individual countries. This is consistent with indications that pair-wise trade tends to be more balanced when nominal exchange rates are flexible. Intra-euro area imbalances also seem to have become more persistent with the introduction of the euro, some of which is linked to labor market inflexibility. Reviewing the direction of imbalances, we find that bilateral trade surpluses are decreasing in the real exchange rate, decreasing in growth differentials, and increasing in the relative volatility of national business cycles. Finally, countries with relatively higher fiscal deficits and less flexible labor and product markets exhibit systematically lower trade surpluses than others.

Analysis on the trade imbalances within the European Union

Author : Valerio Zoccante
Publisher : GRIN Verlag
ISBN 13 : 3668009325
Total Pages : 74 pages
Book Rating : 4.6/5 (68 download)

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Book Synopsis Analysis on the trade imbalances within the European Union by : Valerio Zoccante

Download or read book Analysis on the trade imbalances within the European Union written by Valerio Zoccante and published by GRIN Verlag. This book was released on 2015-07-01 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2015 in the subject Economics - Macro-economics, general, grade: B, University of Southern Denmark, language: English, abstract: The aim of this work is to assess the factors that have been affecting the imbalances of trade within countries of the European Union. The analysis takes into consideration the elements that could affect the balance of trade, thus saving or investment. The variables that are included in the panel data framework are related to productivity, inflation, consumption, wage level, capital movements, demography of the population, economic growth, public and private debt levels. A panel data, that leaves out countries from East Europe, is created, and takes values that go from 2002 to 2013. The panel data shows that technology gaps and capital movements have been the main factors that affected the balance of trade of the peripheral countries. Peripheral countries did not invest enough in projects that could enhance the productivity, leading to a competitiveness loss that was not followed by a correction of the wage levels. Moreover, capital movements have been financing consumption surges in Greece and Portugal, whereas in Spain and Ireland those capitals have fueled credit booms and house bubbles. Therefore, those countries have been experiencing a worsening of their balance of trade, and investors have not been willed anymore to finance additional debt. Indeed, Members of the euroarea could not guarantee that the central bank could play the role of lender of last resort. Knowing that, in a currency union, the external position of a country represents its capacity of producing goods and services that could serve the debt in a troubled time, in the eyes of the investors the balances of trade of the peripheral eurozone countries became relevant during the European sovereign debt crisis. In the European framework, in order to decrease the imbalances of trade within the Members, fiscal transfers to peripheral countries could be beneficial for decreasing the cost that peripheral countries need to undergo during the adjustment period, whereas reforms that aim to enhance productivity in the peripheral countries and increase the mobility and the flexibility of the product and labor markets could be highly helpful. The following work highlights all those elements in a empirical framework, relating, however, the results to the literature that has been developed around the European case and the optimum currency area.

Rising Powers and Economic Crisis in the Euro Area

Author : Ferdi De Ville
Publisher : Springer
ISBN 13 : 113751440X
Total Pages : 166 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Rising Powers and Economic Crisis in the Euro Area by : Ferdi De Ville

Download or read book Rising Powers and Economic Crisis in the Euro Area written by Ferdi De Ville and published by Springer. This book was released on 2016-06-15 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Ferdi De Ville and Mattias Vermeiren examine the linkages between the economic crisis in the euro area and the rise of Brazil, India and China (BICs) in the global monetary and trading system. Drawing on the insights of the comparative capitalism literature, the authors show that the latter development has been a key source of the escalation of trade imbalances in the euro area, which are widely seen as an important cause of the financial and economic crisis in the region. By pointing to the external source of these imbalances and the divergent institutional capacity of the euro area countries to deal with the intensified competition associated with the rise of the BICs, De Ville and Vermeiren go beyond the focus on the divergence in unit labor costs as the driving force of these imbalances. As such, this book provides a comprehensive policy critique of the EU’s export-led growth strategy based on declining unit labor costs.

The Euro's Effect on Trade Balance Dynamics

Author : Mika Nieminen
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Euro's Effect on Trade Balance Dynamics by : Mika Nieminen

Download or read book The Euro's Effect on Trade Balance Dynamics written by Mika Nieminen and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the pre-EMU period changes in real effective exchange rate or faster-than-trading-partners growth rates Granger caused changes in trade balance in most of the EMU-12 countries. However, our data driven article provides evidence that after the adoption of euro, these Granger causalities disappeared. We decompose trade balances into intra balances (trade balance vis-à-vis the euro area) and extra balances (trade balance vis-à-vis the rest of the world), and find that the disappearance of dynamic feedback effect typically occurred in the intra balances rather than in the extra balances. Our results imply that debtor countries cannot reduce their trade deficits in the short-run by enhancing price competitiveness or by adopting austerity policies. Only in Finland the trade balance has improved (or deteriorated) as a result of real effective exchange rate depreciation (or appreciation) during the EMU period.

The Euro Trade Imbalances and Growth Differentials

Author : Giovanni Covi
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Euro Trade Imbalances and Growth Differentials by : Giovanni Covi

Download or read book The Euro Trade Imbalances and Growth Differentials written by Giovanni Covi and published by . This book was released on 2015 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of the paper is to understand the causes of the growth differential created between the Mediterranean and the Nordic economies since the creation of Euro. The Minsky's financial instability hypothesis and the Kalecki's five determinants of profits are used in the paper as interpretative tool in order to disentangle the sources of this growth divergence. In light of this analysis, the economic crisis in the Eurozone endogenously spreads in the economic system, and it is not, as many believe, the consequence of an exogenous shock. The two regions represent two different growth models, and this, in turn, makes a symmetric fiscal policy unsuccessful. Trade imbalances and the subsequent flow of profits differential is what has triggered and later exacerbated this divergent path. This emphasizes the necessity of a mechanism able to automatically counterbalance the persistent flows of profits from South to North. To this respect, a mechanism similar to the Keynes's Clearing Union is proposed to offset this source of instability, i.e., an institution able to prevent the creation of imbalances as well as to restore convergence between the two blocks.

Current Account Imbalances in the Euro Area (Draft Version).

Author : Alan G. Ahearne
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Current Account Imbalances in the Euro Area (Draft Version). by : Alan G. Ahearne

Download or read book Current Account Imbalances in the Euro Area (Draft Version). written by Alan G. Ahearne and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dispersion in current account balances among countries in the euro area has widened markedly over the past decade-and-a-half, and especially since 1999. We decompose current account positions for euro area countries into intra-euro-area balances and extra-euroarea balances and examine the determinants of these balances. Regarding intra-euro-area balances, we present evidence that capital tends to flow from high-income euro area economies to low-income euro area economies. These flows have increased since the creation of the single currency in Europe. We construct a novel data set regarding extra-euro-area balances. The data set contains, for the euro area and the most important member economies, exports and imports to and from the 10 respective most important trade partners outside the euro area. This allows us to study the determinants of the extra-euro current account and its interaction with intra-euro area trade balances. We estimate a model of the trade balance of the euro area and individual euro-area countries with the rest of the world. We find that a real appreciation of the euro against the currencies of its main trading partners appears to have a substantial effect on the euro area's net exports in the long run, though the immediate effect is small. Our estimates for individual countries suggest that the adjustment to a real appreciation of the euro would not be equally distributed across euro-area countries. In particular, Germany would bear the largest share of the adjustment, while the other large euro-area economies would be relatively unaffected. Finally, we find that the introduction of the euro seems to have changed the dynamics of trade balance adjustment in three of the larger euro-area economies.

Development in Turbulent Times

Author : Paul Dobrescu
Publisher : Springer
ISBN 13 : 3030113612
Total Pages : 199 pages
Book Rating : 4.0/5 (31 download)

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Book Synopsis Development in Turbulent Times by : Paul Dobrescu

Download or read book Development in Turbulent Times written by Paul Dobrescu and published by Springer. This book was released on 2019-03-20 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book explores the most recent trends in the EU in terms of development, progress, and performance. Ten years after the 2008 economic crisis, and amidst a digital revolution that is intensifying the development race, the European Union, and especially Central and Eastern Europe, are ardently searching for their development priorities. Against this background, by relying on a cross-national perspective, the authors reflect upon the developmental challenges of the moment, such as sustainable development, reducing inequality, ensuring social cohesion, and driving the digital revolution. They particularly focus on the relation between the less-developed Eastern part of the EU and its more developed Western counterpart, and discuss the consequences of this development gap in detail. Lastly, the book presents a range of case studies from different areas of governance, such as economy and commerce, health services, education, migration and public opinion in order to investigate the trends most likely to impact the European Union's medium and long-term development.

Economic Imbalances and Institutional Changes to the Euro and the European Union

Author : Rajmund Mirdala
Publisher : Emerald Group Publishing
ISBN 13 : 1787149544
Total Pages : 477 pages
Book Rating : 4.7/5 (871 download)

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Book Synopsis Economic Imbalances and Institutional Changes to the Euro and the European Union by : Rajmund Mirdala

Download or read book Economic Imbalances and Institutional Changes to the Euro and the European Union written by Rajmund Mirdala and published by Emerald Group Publishing. This book was released on 2017-08-22 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a critical perspective from which to observe evolution of the Euro Area and the European Union in these times of growing economic and political conflict.

Competitiveness in the European Economy

Author : Stefan Collignon
Publisher : Routledge
ISBN 13 : 1317812336
Total Pages : 233 pages
Book Rating : 4.3/5 (178 download)

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Book Synopsis Competitiveness in the European Economy by : Stefan Collignon

Download or read book Competitiveness in the European Economy written by Stefan Collignon and published by Routledge. This book was released on 2014-02-05 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the relationship between the competitiveness of countries in Europe and the analysis of macroeconomic imbalances. It focuses mainly on a European analysis, along with special studies of the German economy, which is rarely considered to be a cause for the current crisis. The book also compares Germany with Italy, providing a comparative perspective on structural reforms. The first part of this book analyses macroeconomic imbalances based on a new framework from the analysis of the flow of founds rather than balance of payments, and presents an alternative measure of unit labour cost comparisons to investigate the relationship between imbalances and competitiveness. The second part is dedicated to the analysis of the trade performance of Germany and Italy and the sustainability of the German model in the EMU. The third part describes the reform policies implemented by Germany and their effect on imbalances; this includes wage moderation, the labour market reforms and weak labour demand. The final part explores the regional inequalities within Germany and Italy, providing useful lessons regarding fiscal federalism and regional banking developments. In conclusion, a big part of the problems within the Euro Area are generated by the use of a wrong framework of analysis, where the EMU is considered as a fixed exchange rate regime and not a single country. This book provides an alternative view which holds at the core the relationship between sectors. It is stressed throughout the book that the German behaviour has contributed to the rise of imbalances between countries due to its growth model, not suitable for a big developed country in a currency union. This book also finds that stressing banking integration within countries helps to reduce regional inequalities, which has important implications for the management of Europe’s future banking union and macroeconomic imbalances.

The Euro-Mediterranean Partnership

Author : Richard Gillespie
Publisher : Routledge
ISBN 13 : 1135253897
Total Pages : 208 pages
Book Rating : 4.1/5 (352 download)

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Book Synopsis The Euro-Mediterranean Partnership by : Richard Gillespie

Download or read book The Euro-Mediterranean Partnership written by Richard Gillespie and published by Routledge. This book was released on 2013-09-13 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Established in 1995, the Euro-Mediterranean Partnership aims to create a free trade area including 30 countries and 800 million people by early in the 21st century. This book offers an assessment of the Partnership and its aims.

Ebook: Economics

Author : Colander
Publisher : McGraw Hill
ISBN 13 : 1526815001
Total Pages : 1021 pages
Book Rating : 4.5/5 (268 download)

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Book Synopsis Ebook: Economics by : Colander

Download or read book Ebook: Economics written by Colander and published by McGraw Hill. This book was released on 2016-09-16 with total page 1021 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ebook: Economics

The Euro at Five

Author : Adam Simon Posen
Publisher : Peterson Institute
ISBN 13 : 9780881323740
Total Pages : 236 pages
Book Rating : 4.3/5 (237 download)

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Book Synopsis The Euro at Five by : Adam Simon Posen

Download or read book The Euro at Five written by Adam Simon Posen and published by Peterson Institute. This book was released on 2005 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a long-run competitor and collaborator with the dollar, the euro creates the potential for a bipolar international monetary system, offering unprecedented challenges and opportunities to economic policymakers. This book explores the euro's international role, its record till its fifth year, and its future.

The Great Rebalancing

Author : Michael Pettis
Publisher : Princeton University Press
ISBN 13 : 0691163626
Total Pages : 256 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Great Rebalancing by : Michael Pettis

Download or read book The Great Rebalancing written by Michael Pettis and published by Princeton University Press. This book was released on 2014-10-26 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: How trade imbalances spurred on the global financial crisis and why we aren't out of trouble yet China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations that will have long-lasting effects. Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future.

China's Industrial, Investment, and Exchange Rate Policies

Author : U.S.-China Economic and Security Review Commission
Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis China's Industrial, Investment, and Exchange Rate Policies by : U.S.-China Economic and Security Review Commission

Download or read book China's Industrial, Investment, and Exchange Rate Policies written by U.S.-China Economic and Security Review Commission and published by . This book was released on 2003 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:

China's Exchange Rate Regime and Its Effects on the U.S. Economy

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis China's Exchange Rate Regime and Its Effects on the U.S. Economy by : United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology

Download or read book China's Exchange Rate Regime and Its Effects on the U.S. Economy written by United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology and published by . This book was released on 2004 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

U.S. International Trade Policy

Author : W. Charles Sawyer
Publisher : Bloomsbury Publishing USA
ISBN 13 :
Total Pages : 181 pages
Book Rating : 4.2/5 (161 download)

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Book Synopsis U.S. International Trade Policy by : W. Charles Sawyer

Download or read book U.S. International Trade Policy written by W. Charles Sawyer and published by Bloomsbury Publishing USA. This book was released on 2017-01-09 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: To understand trade policy, one needs to understand the basics of international economics. This book provides nonspecialists with accessible explanations of international trade, enabling readers to appreciate the importance of current events in international trade policy. Due to the ever-increasing globalization of the U.S. economy, articles that involve international trade policy—both here and abroad—are increasingly common in publications such as The New York Times, The Wall Street Journal, and The Economist. In many cases, it is apparent that the authors of such articles lack a sound understanding of the basics of international trade policy. Similarly, many nonspecialist readers do not have the necessary background to grasp the meaning of current events in international economics. This book serves both writers and readers, providing concise, easy-to-understand overviews of the key topics necessary for journalists to write understandable articles on trade policy and for readers to understand what they are reading. The book begins with coverage of the basic framework of international economics that readers need to grasp in order to understand trade policy. The next two sections cover the tools of trade policy and the political factors that drive their use. The author discusses the history of trade policy, describes how it has evolved over time, and explains where it is headed in the future. Readers will come away with a working understanding of topics such as balance of payments, the current account, comparative advantage, government export subsidies, the World Trade Organization (WTO), the Doha Round, the North American Free Trade Agreement (NAFTA), the European Union (EU), and the U.S. Trade Representative.

The US Policy Making Process for Post Cold War China

Author : Wenzhao Tao
Publisher : Springer
ISBN 13 : 9811049742
Total Pages : 446 pages
Book Rating : 4.8/5 (11 download)

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Book Synopsis The US Policy Making Process for Post Cold War China by : Wenzhao Tao

Download or read book The US Policy Making Process for Post Cold War China written by Wenzhao Tao and published by Springer. This book was released on 2017-07-13 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining a study of American Think Tanks and a study of American diplomatic policy on China following the Cold War, this book explores in detail the policy-making process, procedures and mechanisms, as well as the roles of various interest groups in the policy-making process for China-related policies. Further, it dissects the policy-making process with regard to selected sensitive policies, such as the US diplomatic policy on Taiwan, China; US trade policy on China; US human rights policy on China; and US environmental and energy policy on China; and analyzes the function and influence of the American Think Tanks in the policy debates. Characterized by its high theoretical value, wealth of historical materials and painstaking analysis, the book is not only of important academic value but also offers a valuable reference guide to support the practical work of related departments in the Chinese government.