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Booms immobiliers, réallocations sectorielles et ralentissement des gains de productivité en Europe

Author

Listed:
  • Thomas Grjebine
  • Jérôme Héricourt
  • Fabien Tripier

Abstract

La création de la zone euro en 1999 devait contribuer à une convergence accrue en Europe. La divergence s’est au contraire accentuée, comme en témoigne la faible croissance de la productivité dans la "périphérie" de la zone euro par rapport à celle des pays du centre. En se concentrant sur trois pays représentatifs de cette divergence (Allemagne, Espagne, France), cette Lettre étudie le rôle des réallocations sectorielles dans cette divergence. Nous montrons que ces dernières ont été à l’origine de pertes de productivité, en particulier dans les pays ayant connu des booms immobiliers comme l’Espagne ou la France, ce qui a accentué la divergence vis-à-vis de l’Allemagne, qui n’a pas connu un tel phénomène. Les booms immobiliers se révèlent être un puissant facteur de divergence de la croissance de la productivité entre pays européens.

Suggested Citation

  • Thomas Grjebine & Jérôme Héricourt & Fabien Tripier, 2019. "Booms immobiliers, réallocations sectorielles et ralentissement des gains de productivité en Europe," La Lettre du CEPII, CEPII research center, issue 402.
  • Handle: RePEc:cii:cepill:2019-402
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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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