Competitiveness In The Southern Euro Area
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| Author | : Mr.Yuan Xiao |
| Publisher | : International Monetary Fund |
| Total Pages | : 116 |
| Release | : 2008-04-01 |
| Genre | : Business & Economics |
| ISBN | : 145186972X |
This collection of studies analyzes developments in nonprice external competitiveness of France, Greece, Italy, Portugal, and Spain. While France, Italy, and Portugal have experienced substantial export market share losses, Greece and Spain performed relatively well. Export market share losses appear associated with rigidities in resource allocation (sectoral, geographical, technological) relative to peers and lower productivity gains in high value-added sectors. Disaggregated analysis of goods and services export markets provides insights on aspects such as quality, market concentration, growth of destination markets, and geographical and sectoral diversification. Also, increased import penetration, offshoring and FDI could improve productivity and export performance.
| Author | : Herman Z. Bennett |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 1665 |
| Release | : 2008-04-25 |
| Genre | : |
| ISBN | : 9781451980691 |
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
| Author | : International Monetary Fund Staff |
| Publisher | : |
| Total Pages | : |
| Release | : 2008-04-25 |
| Genre | : |
| ISBN | : 9781451834871 |
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
| Author | : Mr.Jeffrey R. Franks |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2018-01-23 |
| Genre | : Business & Economics |
| ISBN | : 1484338499 |
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
| Author | : Piyaporn Sodsriwiboon |
| Publisher | : International Monetary Fund |
| Total Pages | : 51 |
| Release | : 2010-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1455201227 |
The paper examines the causes, consequences, and potential cures of the large current account deficits in the Southern Euro Area (SEA). These were mostly driven by a decline in private saving rates. But it was the European Monetary Union and the Euro, which enabled these countries to maintain investment rates, and thus run larger current account deficits, by improving their access to the international pool of saving. The paper finds that the deficits in SEA in 2008 were larger than can be explained by fundamentals, though the situation varies substantially across countries. It also finds that although the global financial crisis has started to force some unwinding, the current account deficits are expected to remain high in the medium run, though again with substantial variation across countries. The paper argues these large external deficits pose risks to the economy and therefore matter, even in a currency union, and discusses some policy options to reduce them.
| Author | : Stefan Collignon |
| Publisher | : Routledge |
| Total Pages | : 227 |
| Release | : 2014-02-05 |
| Genre | : Business & Economics |
| ISBN | : 1317812328 |
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.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 59 |
| Release | : 2008-10-03 |
| Genre | : Business & Economics |
| ISBN | : 1451832303 |
Portugal’s 2008 Article IV Consultation highlights that Portugal’s financial system remains sound and well supervised. Portugal has accumulated substantial macroeconomic imbalances, and the policy challenge is to smooth the adjustment, containing domestic demand while increasing productivity and flexibility, thus rebalancing growth to the external sector. The weaker global conditions should thus be taken as a reason to strengthen efforts to reignite the stalled convergence process and continue fiscal consolidation and reform.
| Author | : Matteo Scotto |
| Publisher | : Villa Vigoni Editore | Verlag |
| Total Pages | : 233 |
| Release | : 2021-03-10 |
| Genre | : Business & Economics |
| ISBN | : 3985518408 |
Thanks to the collaboration with renowned economists and policymakers, the publication compares Italian and German macro-economic cultures and performances. When the Bretton Woods system crumbled and currencies lost their direct link to the dollar and their indirect link to gold, these two countries embarked upon strongly different monetary policies. This divergence was reflected in the evolution of the exchange rates: the value of one D-Mark increased from 170 Italian lira under Bretton Woods to 990 Italian lira at the start of European Monetary Union: an astounding devaluation of about 85 per cent for the lira! Firstly, the volume describes the German and the Italian economic and, specifically, monetary models, with major attention paid to institutions such as Deutsche Bundesbank and Banca d'Italia, analysing their development in a diachronic perspective. Secondly, these paradigms are contextualized within a broader European context, which is fundamental to reflect upon possible future scenarios. Das Buch versammelt renommierte Ökonomen und Politiker, hauptsächlich (aber nicht nur) aus Italien und Deutschland. Die Autoren vergleichen die makroökonomischen Kulturen und die Leistungsfähigkeit der beiden Länder. Seit dem Zusammenbruch des Bretton-Woods-Systems verfolgen beide Länder sehr unterschiedliche Geldpolitiken. Die Divergenz spiegelte sich auch in der Entwicklung der Wechselkurse: Der Wert der D-Mark stieg von 170 italienischen Lire unter Bretton Woods-Bedingungen auf 990 italienische Lire zu Beginn der Europäischen Währungsunion – eine atemberaubende Abwertung der Lira um rund 85 Prozent! Der Sammelband beschreibt das deutsche und das italienische Wirtschafts- und insbesondere das Geldmodell. Institutionen wie die Bundesbank und die Banca d'Italia stehen im Zentrum. Der historische Hintergrund wird ebenfalls ausgeleuchtet. In einem zweiten Schritt werden diese Modelle in einem breiteren europäischen Kontext analysiert, auch um mögliche künftige Szenarien aufzuzeigen. Mit Beiträgen von: Pierluigi Ciocca, Lorenzo Codogno, Fabio Colasanti, Federico Fubini, Daniel Gros, Otmar Issing, Harold James, Hans-Helmut Kotz, Ivo Maes, Klaus Masuch, Thomas Mayer, Stefano Micossi, Pier Carlo Padoan, Francesco Papadia, Lucio Pench, Tobias Piller, André Sapir, Gunther Schnabl, Ludger Schuhknecht, Sabine Seeger, Giulio Tremonti, Gertrude Tumpel-Gugerell. Vorwort von Jean-Claude Trichet
| Author | : Béla Galgóczi |
| Publisher | : ETUI |
| Total Pages | : 381 |
| Release | : 2015-12-01 |
| Genre | : Europe, Eastern |
| ISBN | : 2874523909 |
This book investigates the role that foreign direct investment (FDI) in central-eastern and southern Europe has played in the post-crisis period, comparing patterns across countries and sectors. An overarching objective of this publication is to assess the extent to which FDI can still be seen as a key driver of economic development, modernisation and convergence for Europe’s low- and middle-income economies, taking into account also the risks and limiting factors associated with FDI.
| Author | : Dr Dhirendra Kumar |
| Publisher | : Ashgate Publishing, Ltd. |
| Total Pages | : 289 |
| Release | : 2015-11-28 |
| Genre | : Business & Economics |
| ISBN | : 1472470311 |
Enterprise risk must be identified, assessed and prioritized; developing a growth strategy proposal which leadership has to execute in order to achieve goals. As business leaders spearhead the efforts, they must minimize, monitor and control the probability and/or impact of unfortunate events and maximize the realization of opportunities. Building Sustainable Competitive Advantage shows how to use the Enterprise Excellence (EE) philosophy - a holistic approach for leading an enterprise to total excellence. It does this by focussing on achieving sustainable significant growth in revenue and profitability, reducing the business cycle time, strategically managing the enterprise risk and focusing on the needs of the customer.
