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Euro Area Export Performance and Competitiveness

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Author Info

  • Jarkko Turunen
  • Richard T. Harmsen
  • Tamim Bayoumi

Abstract

Concerns about export growth within the euro area peripheral countries due to a lack of competitiveness within the euro area are a key policy issue. Our analysis suggests that: (i) Long-term price elasticities for intra-euro area exports are at least double those for extra-euro area exports, so traditional real effective exchange rate indexes may overstate the effectiveness of euro depreciation in restoring exports growth in the euro area periphery and; (ii) There are surprisingly wide divergences across alternative relative price measures and even when relative price data suggest a steady loss in intra- (and extra-) euro area competitiveness, the pace of deterioration depends on the measure of relative prices used.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/140.

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Length: 16
Date of creation: 01 Jun 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/140

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Related research

Keywords: Economic models; Export competitiveness; Export growth; Export performance; Price elasticity; Real effective exchange rates;

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References

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  1. Valerie Cerra & Jarkko Soikkeli, 2002. "How Competitive is Irish Manufacturing?," IMF Working Papers 02/160, International Monetary Fund.
  2. Goldstein, Morris & Khan, Mohsin S., 1985. "Income and price effects in foreign trade," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 20, pages 1041-1105 Elsevier.
  3. Mick Silver, 2007. "Do Unit Value Export, Import, and Terms of Trade Indices Represent or Misrepresent Price Indices?," IMF Working Papers 07/121, International Monetary Fund.
  4. Helge Berger & Volker Nitsch, 2010. "The Euro’s Effect on Trade Imbalances," IMF Working Papers 10/226, International Monetary Fund.
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Cited by:
  1. Andrew Hughes Hallett & Juan Carlos Martinez Oliva, 2013. "The Importance of Trade and Capital Imbalances in the European Debt Crisis," Working Paper Series WP13-1, Peterson Institute for International Economics.
  2. Christoph Zwick, 2013. "Current Account Adjustment in the Euro-Zone: Lessons from a Flexible-Price-Model," Graz Economics Papers 2013-08, University of Graz, Department of Economics.
  3. THORBECKE, Willem & KATO Atsuyuki, 2012. "The Effect of Exchange Rate Changes on Germany's Exports," Discussion papers 12081, Research Institute of Economy, Trade and Industry (RIETI).

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