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Deficit commerciale, crisi di bilancio e politica deflazionista

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  • Emiliano Brancaccio

Abstract

An alternative interpretation of trade imbalances between member countries of the European Monetary Union is put forward with respect to Blanchard and Giavazzi (2002). It is argued that one of the causes of the present imbalances in foreign accounts lies in disparities as regards the productivity of labour coupled with the concomitant convergence of nominal wages and hence growing differences in the unit cost of labour among member countries. In particular, Italy and the other countries of southern Europe register the most significant rises in unit costs and are therefore in greatest danger of growing trade deficits. The article also examines the possibility of foreign deficits giving rise to crises in government budget on the basis of a logical model in which foreign accounts "predominate" over public accounts. It closes with some observations as to the real effectiveness of any policy seeking to remedy foreign deficits through a further spread of labour flexibility and more intense wage deflation.

Suggested Citation

  • Emiliano Brancaccio, 2008. "Deficit commerciale, crisi di bilancio e politica deflazionista," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2008(96), pages 109-128.
  • Handle: RePEc:fan:steste:v:html10.3280/ste2008-096004
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    Citations

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    Cited by:

    1. Walter Paternesi Meloni, 2017. "Austerity & Competitiveness in the Eurozone: a misleading linkage," Departmental Working Papers of Economics - University 'Roma Tre' 0223, Department of Economics - University Roma Tre.
    2. Carlo D'Ippoliti, 2013. "Introduzione: L'Unione Europea e' "mammona" (Introduction: A Pansy European Union)," Moneta e Credito, Economia civile, vol. 66(264), pages 377-395.
    3. Forges Davanzati, Guglielmo & Pacella, Andrea, 2013. "The profits-investments puzzle: A Post Keynesian-Institutional interpretation," Structural Change and Economic Dynamics, Elsevier, vol. 26(C), pages 1-13.
    4. Pietro Alessandrini & Michele Fratianni & Andrew Hughes Hallett & Andrea Filippo Presbitero, 2012. "External imbalances and financial fragility in the euro area," Mo.Fi.R. Working Papers 66, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    5. Paternesi Meloni, Walter, 2016. "Austerity and competitiveness in the Eurozone: a misleading linkage," MPRA Paper 75962, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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