Deficit commerciale, crisi di bilancio e politica deflazionista
AbstractAn alternative interpretation of trade imbalances between member countries of the European Monetary Union is put forward with respect to Blanchard and Giavazzi (2002). It is argued that one of the causes of the present imbalances in foreign accounts lies in disparities as regards the productivity of labour coupled with the concomitant convergence of nominal wages and hence growing differences in the unit cost of labour among member countries. In particular, Italy and the other countries of southern Europe register the most significant rises in unit costs and are therefore in greatest danger of growing trade deficits. The article also examines the possibility of foreign deficits giving rise to crises in government budget on the basis of a logical model in which foreign accounts "predominate" over public accounts. It closes with some observations as to the real effectiveness of any policy seeking to remedy foreign deficits through a further spread of labour flexibility and more intense wage deflation.
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Bibliographic InfoArticle provided by FrancoAngeli Editore in its journal STUDI ECONOMICI.
Volume (Year): 2008/96 (2008)
Issue (Month): 96 ()
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Web page: http://www.francoangeli.it/riviste/sommario.asp?IDRivista=59
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- H6 - Public Economics - - National Budget, Deficit, and Debt
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- Pietro Alessandrini & Michele Fratianni & Andrew Hughes Hallett & Andrea Filippo Presbitero, 2012. "External imbalances and financial fragility in the euro area," Mo.Fi.R. Working Papers 66, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
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