Progress Towards External Adjustment In The Euro Area Periphery And The Baltics

Progress Towards External Adjustment in the Euro Area Periphery and the Baltics PDF
Author: Joong Shik Kang
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 31
View: 6771

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Book Description:
The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher productivity relative to trading partners (“internal devaluation”), which contributed to narrowing current account deficits and shifting output towards the tradables sector. While some early adjusters cut wages more rapidly followed by productivity improvement, others have only slowly improved productivity largely through labor shedding. This adjustment for most countries has come along with a substantial recession as the unit labor cost improvement has largely come from falling employment and much of the current account improvement from import compression. Going forward, these countries still need to generate growing tradables sector employment and to continue adjustment to prevent imbalances from returning as output gaps close.


Progress Towards External Adjustment In The Euro Area Periphery And The Baltics

Progress Towards External Adjustment in the Euro Area Periphery and the Baltics PDF
Author: Joong Shik Kang
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 31
View: 7412

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Book Description:
The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher productivity relative to trading partners (“internal devaluation”), which contributed to narrowing current account deficits and shifting output towards the tradables sector. While some early adjusters cut wages more rapidly followed by productivity improvement, others have only slowly improved productivity largely through labor shedding. This adjustment for most countries has come along with a substantial recession as the unit labor cost improvement has largely come from falling employment and much of the current account improvement from import compression. Going forward, these countries still need to generate growing tradables sector employment and to continue adjustment to prevent imbalances from returning as output gaps close.


Wirtschaftsstruktur Und Leistungsbilanz

Wirtschaftsstruktur und Leistungsbilanz PDF
Author: Philipp Ehmer
Publisher: Springer-Verlag
Category : Business & Economics
Languages : de
Pages : 416
View: 7270

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Book Description:
Philipp Ehmer begründet und quantifiziert den Einfluss sektoraler Wirtschaftsstrukturen auf Leistungsbilanzen von Volkswirtschaften in der Eurozone. Er leitet den Zusammenhang zwischen den beiden Größen theoretisch her und bestätigt die Argumentation in einer empirischen Analyse. Nach seinen Ergebnissen trägt das Fehlen industrieller Kapazitäten zur Erwirtschaftung eines Leistungsbilanzdefizits bei. Volkswirtschaften in einer Währungsunion, in der solche Defizite nicht über Wechselkursabwertungen verhältnismäßig einfach abgebaut werden können, sollten ihre sektoralen Strukturen bezüglich ihrer Exportfähigkeit harmonisieren.


Research Bulletin June 2014

Research Bulletin  June 2014 PDF
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 14
View: 1730

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Book Description:
Articles in the June 2014 issue of the IMF Research Bulletin look at “The Rise and Fall of Current Account Deficits in the Euro Area Periphery and the Baltics” (Joong Shik Kang and Jay C. Shambaugh) and “The Two Sides of the Same Coin?: Rebalancing and Inclusive Growth in China” (Il Houng Lee, Murtaza Syed, and Xin Wang). The Q&A looks at “Seven Questions on the Monetary Transmission Mechanism in Low-Income Countries” (Andrew Berg, Luisa Charry, Rafael A. Portillo, and Jan Vleck). This issue of the Research Bulletin includes updated listings of IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore. Readers can also find information on free access to a featured article from “IMF Economic Review.”


Adjustment In Euro Area Deficit Countries Progress Challenges And Policies

Adjustment in Euro Area Deficit Countries  Progress  Challenges  and Policies PDF
Author: Mr. Thierry Tressel
Publisher: International Monetary Fund
Category : Business & Economics
Languages : en
Pages : 34
View: 7752

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Book Description:
Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area “deficit economies” (Greece, Ireland, Portugal, and Spain) that accumulated large current account deficits and external liability positions in the run-up to the crisis. It shows that relative price adjustments have been proceeding gradually. Real effective exchange rates have depreciated by 10-25 percent, driven largely by reductions in unit labor costs due to labor shedding. While exports have typically rebounded, subdued demand accounts for much of the reduction in current account deficits. Hence, the current account balance of the euro area as a whole has shifted into surplus. Internal rebalancing has come with subdued activity—notably very high unemployment in the deficit economies—and made continued adjustment more difficult. To advance rebalancing further, the paper emphasizes the need for: (1) macroeconomic policies that support demand and bring inflation in line with the ECB’s medium-term price stability objective; (2) continued EMU reforms (banking union) to ensure proper financial intermediation; and (3) structural reforms in product and labor markets to improve productivity and support the reallocation of resources to tradable sectors.


Die Bilanz

Die Bilanz PDF
Author: Karl-Heinz Paqué
Publisher: Hanser Verlag
Category : Deutschland - Vereinigung - Wirtschaftspolitik - Wirtschaftsentwicklung - Erwartung
Languages : de
Pages : 298
View: 1172

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Identit T

Identit  t PDF
Author: Francis Fukuyama
Publisher: Hoffmann und Campe
Category : Political Science
Languages : de
Pages : 304
View: 5085

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Book Description:
»Intelligent und klar – wir brauchen mehr Denker, die so weise sind wie Fukuyama.« THE NEW YORK TIMES In den letzten zehn Jahren ist die Anzahl der demokratischen Staaten weltweit erschreckend schnell zurückgegangen. Erleben wir gerade das Ende der liberalen Demokratie? Der US-amerikanische Politikwissenschaftler Francis Fukuyama, Autor des Weltbestsellers Das Ende der Geschichte, sucht in seinem neuen Buch nach den Gründen, warum sich immer mehr Menschen antidemokratischen Strömungen zuwenden und den Liberalismus ablehnen. Er zeigt, warum die Politik der Stunde geprägt ist von Nationalismus und Wut, welche Rolle linke und recht Parteien bei dieser Entwicklung spielen, und was wir tun können, um unsere gesellschaftliche Identität und damit die liberale Demokratie wieder zu beleben. »Einer der bedeutendsten Politikwissenschaftler der westlichen Welt.« DIE WELT


Gekaufte Zeit

Gekaufte Zeit PDF
Author: Wolfgang Streeck
Publisher: Suhrkamp Verlag
Category : Political Science
Languages : de
Pages : 351
View: 3517

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Book Description:
Wolfgang Streeck legt in seinen Frankfurter Adorno-Vorlesungen die Wurzeln der gegenwärtigen Finanz-, Fiskal- und Wirtschaftskrise frei, indem er sie als Moment der langen neoliberalen Transformation des Nachkriegskapitalismus beschreibt. Er analysiert, wie sich die Spannung zwischen Demokratie und Kapitalismus über vier Jahrzehnte entfaltet hat und welche Konflikte daraus resultierten. Schließlich beleuchtet er den Umbau des europäischen Staatensystems und fragt nach den Aussichten für eine Wiederherstellung sozialer und wirtschaftlicher Stabilität. Im neuen Nachwort zur Taschenbuchausgabe zieht er eine erste Bilanz.