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La nouvelle désinflation compétitive européenne

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  • Jérôme Creel
  • Jacques Le Cacheux

Abstract

Germany?s current economic strategy is a variant of the so-called ?competitive disinflation? that France pursued in the late 1980s?. It is but one in a large array of non-cooperative strategies that EU countries have individually chosen to implement since the beginning of the monetary unification process, for lack of adequate common institutions that could foster coordination. Because competitive devaluations are no longer possible within the Euro zone, member states resort to various modes of competitive disinflation (wage moderation, tax competition, social dumping, etc.). The question raised by Germany?s strategy, that mimics that of smaller countries, is its effectiveness: we show that the composition of German economic growth is very different from that of smaller European countries. We conclude by discussing to hypotheses that may motivate Germany?s current policy choices. JEL Codes: E01, F43, O52.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): 98 (2006)
Issue (Month): 3 ()
Pages: 7-36

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Handle: RePEc:cai:reofsp:reof_098_07

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  1. Jacques Le Cacheux, 2005. "Politiques de croissance en Europe. Un problème d'action collective," Revue économique, Presses de Sciences-Po, Presses de Sciences-Po, vol. 56(3), pages 705-713.
  2. Creel, Jérôme, 2002. "The European Stability Pact and Feedback Policy Effects," Journal of Economic Integration, Center for Economic Integration, Sejong University, Center for Economic Integration, Sejong University, vol. 17, pages 570-595.
  3. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le pacte de stabilité : l'état du débat," Revue de l'OFCE, Presses de Sciences-Po, Presses de Sciences-Po, vol. 84(1), pages 145-179.
  4. Jérôme Creel & Thierry Latreille & Jacques Le Cacheux, 2002. "Le pacte de stabilité et les politiques budgétaires dans l’Union Européenne," Sciences Po publications info:hdl:2441/2088, Sciences Po.
  5. Romain Duval & Jørgen Elmeskov, 2005. "The Effects of EMU on Structural Reforms in Labour and Product Markets," OECD Economics Department Working Papers 438, OECD Publishing.
  6. Eloi Laurent & Jacques Le Cacheux, 2006. "Integrity and Efficiency in the EU: The Case against the European economic constitution," Sciences Po publications 130, Sciences Po.
  7. Jerome Creel & Eloi Laurent & Jacques Le Cacheux, 2005. "Delegation in inconsistency: the Lisbon strategy record as an institutional failure," Documents de Travail de l'OFCE, Observatoire Francais des Conjonctures Economiques (OFCE) 2005-07, Observatoire Francais des Conjonctures Economiques (OFCE).
  8. Catherine Bruno & Valérie Chauvin, 1998. "Les Pays-Bas : une société à flexibilité limitée," Revue de l'OFCE, Presses de Sciences-Po, Presses de Sciences-Po, vol. 0(1), pages 97-127.
  9. Guillaume Gaulier & Amina Lahrèche-Révil & Isabelle Méjean, 2005. "Dynamique des exportations : une comparaison France-Allemagne," La Lettre du CEPII, CEPII research center, CEPII research center, issue 249.
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Cited by:
  1. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09i29kl94h0 is not listed on IDEAS
  2. Jacques Le Cacheux, 2007. "Le nerf de la guerre (économique) : Les faiblesses du budget européen," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 89(3), pages 71-87.
  3. Sarah Guillou & Lionel Nesta, 2011. "Quelle politique industrielle dans la mondialisation ?," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.
  4. Jérôme Creel & Eloi Laurent & Jacques Le Cacheux, 2007. "La politique de change de la zone euro ou le hold-up tranquille de la BCE," Sciences Po publications info:hdl:2441/2084, Sciences Po.
  5. Jérôme Creel & Éloi Laurent & Jacques Le Cacheux, 2007. "Politiques et performances macroéconomiques de la zone euro. Institutions, incitations, stratégies," Revue de l'OFCE, Presses de Sciences-Po, Presses de Sciences-Po, vol. 0(3), pages 249-281.
  6. repec:spo:wpecon:info:hdl:2441/2139 is not listed on IDEAS

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