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The economic and monetary union vs. shifts in competitiveness of member states

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  • Kowalski, Tadeusz
  • Pietrzykowski, Maciej

Abstract

The paper deals with changes in the competitiveness of 12 countries forming the euro area in 1999-2000. These changes are analyzed using various macroeconomic indicators (real exchange rate, trade ratios, labor market and economic output performance). Due to the different levels of development of the countries forming the zone, changes in competitiveness do not extend uniformly. The paper ends with conclusions. The aim of this paper is to assess changes in the relative competitiveness of 12 countries forming the Economic and Monetary Union (EMU) between 1999-2009. Greece was the only EU country which had not yet been accepted in the Union in 1999 and later joined the Eurozone in 2001. Despite the time difference, it was assumed that by including this economy in the analyzed EMU 12 group it would allow for better comprehension of the influence of monetary solutions and general economic policy within this integration grouping on the relative competitiveness of its particular members. Section 1 is devoted to a brief presentation of assumptions and expectations regarding the EMU. Section 2 examines real effective exchange rates (REERs). Along with the standard literature, it is assumed that REERs are important summary measures of shifts in competitiveness. Section 3 is devoted to trade developments; they are linked to the REERs. We present and analyze gross measures such as exports to the gross domestic product (GDP) ratio, external exports, export/import ratio, the share of EMU country exports in world exports and the role of high-tech trade. Section 4 deals with the shifts in labor force performance and section 5 is devoted to the most comprehensive measures which are GDP and gross national income (GNI) developments. The paper closes with conclusions.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33995.

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Date of creation: 2010
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Handle: RePEc:pra:mprapa:33995

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Related research

Keywords: Euro zone; competitiveness; convergence; economic policy; exchange rate;

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References

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  1. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
  2. Campos, Nauro F & Coricelli, Fabrizio, 2002. "Growth in Transition: What we Know, What we Don't and What we Should," CEPR Discussion Papers 3246, C.E.P.R. Discussion Papers.
  3. Balazs Egert, 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe," William Davidson Institute Working Papers Series wp895, William Davidson Institute at the University of Michigan.
  4. Charles Van Marrewijk, 2004. "An Introduction to International Money and Foreign Exchange Markets," Centre for International Economic Studies Working Papers 2004-07, University of Adelaide, Centre for International Economic Studies.
  5. Issing,Otmar & Gaspar,Vitor & Angeloni,Ignazio & Tristani,Oreste, 2001. "Monetary Policy in the Euro Area," Cambridge Books, Cambridge University Press, number 9780521788885, October.
  6. Jürgen von Hagen & Iulia Traistaru-Siedschlag, 2006. "Macroeconomic Adjustment in the New EU Member States," SUERF Studies, SUERF - The European Money and Finance Forum, number 2006/4 edited by Morten Balling.
  7. Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386.
  8. Kowalski, Tadeusz & Kowalski, Pawel & Wihlborg, Clas, 2007. "Poland. The EMU entry strategy vs. the monetary issues," MPRA Paper 42599, University Library of Munich, Germany, revised 2007.
  9. Balázs Egert, 2002. "Investigating the Balassa-Samuelson hypothesis in the transition: Do we understand what we see? A panel study," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 273-309, July.
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Cited by:
  1. Kowalski, Tadeusz, 2012. "The economic and monetary union countries vs. the global crisis," MPRA Paper 37942, University Library of Munich, Germany.

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