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Globalisation and euro area trade: Interactions and challenges

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Abstract

As a major player in world trade, the euro area is strongly influenced by globalisation, but is far from being a passive spectator. The paper analyses how the euro area’s trade specialization has changed in response to stronger international competition and the emergence of new global players, evaluating results and possible challenges ahead. The message remains mixed. On the positive side, the export specialisation of the euro area is increasing in some mediumhigh or high-tech sectors where productivity growth is strong and demand robust, such as pharmaceuticals, also by a more intensive recourse to importing intermediate goods from low-cost countries. On the other hand, in comparison to other industrialised economies, the euro area has been somewhat slower in moving towards research-intensive goods and away from labour-intensive sectors. While this could reflect data classification issues, it may also be a sign of structural rigidities in the euro area, which hinder adjustment processes.

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Bibliographic Info

Paper provided by European Central Bank in its series Occasional Paper Series with number 55.

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Length: 54 pages
Date of creation: Mar 2007
Date of revision:
Handle: RePEc:ecb:ecbops:20070055

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Cited by:
  1. Ansgar Belke & Holger Zemanek & Gunther Schnabl, 2010. "Current Account Balances and Structural Adjustment in the Euro Area," Ruhr Economic Papers 0176, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  2. Holger Zemanek & Ansgar Belke & Gunther Schnabl, 2009. "Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness," CESifo Working Paper Series 2639, CESifo Group Munich.
  3. João Amador & Sónia Cabral, 2008. "International Fragmentation of Production in the Portuguese Economy: What do Different Measures Tell Us?," Working Papers w200811, Banco de Portugal, Economics and Research Department.
  4. Juan Delgado, 2007. "Why Europe is not carbon competitive," Policy Briefs 33, Bruegel.
  5. Gabor Pula & Daniel Santabárbara, 2012. "Is china climbing up the quality ladder?," Banco de España Working Papers 1209, Banco de España.
  6. Matthieu Bussière & Arnaud Mehl, 2008. "China's and India's roles in global trade and finance - twin titans for the new millennium?," Occasional Paper Series 80, European Central Bank.
  7. Heike Joebges & Evelyn Herrmann, 2008. "Euro area exports and imports: Do determinants of intra- and extra-EMU trade differ?," IMK Working Paper 08-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  8. Robert Anderton & Paul Hiebert, . "The Impact of Globalisation on the Euro Area Macroeconomy," Discussion Papers 09/14, University of Nottingham, GEP.
  9. Amador, João & Cabral, Sónia, 2009. "Vertical specialization across the world: A relative measure," The North American Journal of Economics and Finance, Elsevier, vol. 20(3), pages 267-280, December.
  10. Peter Havlik & Olga Pindyuk & Roman Stöllinger, 2009. "Trade in Goods and Services between the EU and the BRICs," wiiw Research Reports 357, The Vienna Institute for International Economic Studies, wiiw.
  11. GIURGIU Adriana & DODESCU Anca, 2009. "Globalisation And Export Competitiveness: A Theoretical Approach," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 318-324, May.
  12. V. Baugnet & K. Burggraeve & L. Dresse & Ch. Piette & B. Vuidar, 2010. "Belgium’s position in world trade," Economic Review, National Bank of Belgium, issue I, pages 27-53, June.
  13. Bernhard Klaus Michel, 2010. "Working Paper 06-10 - La part de marché à l’exportation de la Belgique 1993-2008 : changements structurels et compétitivité," Working Papers 1006, Federal Planning Bureau, Belgium.

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