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Euro Area Export Performance and Competitiveness

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  • 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; reer; exchange rates; real effective exchange rate; exchange rate; export equations; effective exchange rates; export unit; export volume; effective exchange rate; export prices; trade flows; exporters; export deflators; export demand; exchange rate indexes; total export; nominal exchange rates; export volumes; unit labor costs; exchange rate mechanism; total exports; exporters of capital; elasticity of exports; exchange rate arrangements; trade structures; export values; foreign exchange; export price; export price index; exchange rate variability;

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References

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  1. Valerie Cerra & Jarkko Soikkeli & Sweta C. Saxena, 2003. "How Competitive is Irish Manufacturing?," The Economic and Social Review, Economic and Social Studies, Economic and Social Studies, vol. 34(2), pages 173-193.
  2. 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.
  3. Goldstein, Morris & Khan, Mohsin S., 1985. "Income and price effects in foreign trade," Handbook of International Economics, Elsevier, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 20, pages 1041-1105 Elsevier.
  4. Helge Berger & Volker Nitsch, 2010. "The Euro’s Effecton Trade Imbalances," IMF Working Papers 10/226, International Monetary Fund.
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Cited by:
  1. Andrew Tiffin, 2014. "European Productivity, Innovation and Competitiveness: The Case of Italy," IMF Working Papers 14/79, International Monetary Fund.
  2. Christoph Zwick, 2013. "Current Account Adjustment in the Euro-Zone: Lessons from a Flexible-Price-Model," Graz Economics Papers, University of Graz, Department of Economics 2013-08, University of Graz, Department of Economics.
  3. Thierry Tressel & Shengzu Wang, 2014. "Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments," IMF Working Papers 14/130, International Monetary Fund.
  4. Andrew Hughes Hallett & Juan Carlos Martinez Oliva, 2013. "The Importance of Trade and Capital Imbalances in the European Debt Crisis," Working Paper Series, Peterson Institute for International Economics WP13-1, Peterson Institute for International Economics.
  5. THORBECKE, Willem & KATO Atsuyuki, 2012. "The Effect of Exchange Rate Changes on Germany's Exports," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 12081, Research Institute of Economy, Trade and Industry (RIETI).

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