Tests of German Resilience
AbstractFrom its early post-war catch-up phase, Germanyâ€™s formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and helped emerge from stagnation. Volatile external demand, in turn, has elevated German GDP growth volatility by advanced countriesâ€™ standards, keeping domestic consumption growth at surprisingly low levels. As a consequence, despite the size of its economy and important labor market reforms, Germanyâ€™s ability to act as global locomotive has been limited. With increasing competition in its traditional areas of manufacturing, a more domestically-driven growth dynamic, especially in the production and delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain constrained, and Germany will play only a modest role in spurring growth elsewhere.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 12/239.
Date of creation: 02 Oct 2012
Date of revision:
Contact details of provider:
Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-02-16 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tito Boeri & Herbert Bruecker, 2011.
"Short‐time work benefits revisited: some lessons from the Great Recession,"
CEPR & CES & MSH, vol. 26(68), pages 697-765, October.
- Boeri, Tito & Brücker, Herbert, 2011. "Short-Time Work Benefits Revisited: Some Lessons from the Great Recession," IZA Discussion Papers 5635, Institute for the Study of Labor (IZA).
- Ian Dew-Becker & Robert J. Gordon, 2012. "The Role of Labor-Market Changes in the Slowdown of European Productivity," Review of Economics and Institutions, Università di Perugia, vol. 3(2).
- Ashoka Mody & Alina Carare, 2010. "Spillovers of Domestic Shocks: Will They Counteract the "Great Moderation"?," IMF Working Papers 10/78, International Monetary Fund.
- Douglas H. Joines & R.Anton Braun & Daisuke Ikeda, 2008.
"The saving rate in Japan: Why it has fallen and why it will remain low,"
CARF-F-117, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- R. Anton Braun & Daisuke Ikeda & Douglas H. Joines, 2009. "The Saving Rate In Japan: Why It Has Fallen And Why It Will Remain Low," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(1), pages 291-321, 02.
- R. Anton Braun & Daisuke Ikeda & Douglas H. Joines, 2007. "The Saving Rate in Japan: Why It Has Fallen and Why It Will Remain Low," CIRJE F-Series CIRJE-F-535, CIRJE, Faculty of Economics, University of Tokyo.
- Sebastian Weber & Anna Ivanova, 2011. "Do Fiscal Spillovers Matter?," IMF Working Papers 11/211, International Monetary Fund.
- Anna Ivanova, 2012. "Current Account Imbalances: Can Structural Policies Make a Difference?," IMF Working Papers 12/61, International Monetary Fund.
- Barry Eichengreen, 2006.
"Introduction to The European Economy since 1945: Coordinated Capitalism and Beyond
[The European Economy since 1945: Coordinated Capitalism and Beyond]," Introductory Chapters, Princeton University Press.
- Stephen Nickell & Luca Nunziata & Wolfgang Ochel, 2005. "Unemployment in the OECD Since the 1960s. What Do We Know?," Economic Journal, Royal Economic Society, vol. 115(500), pages 1-27, 01.
- Luigi Bonatti & Andrea Fracasso, 2013. "The German Model and the European Crisis," Journal of Common Market Studies, Wiley Blackwell, vol. 51(6), pages 1023-1039, November.
- Annamaria Simonazzi & Andrea Ginzburg & Gianluigi Nocella, 2013. "Economic relations between Germany and southern Europe," Cambridge Journal of Economics, Oxford University Press, vol. 37(3), pages 653-675.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow) or (Hassan Zaidi).
If references are entirely missing, you can add them using this form.