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Una reconsideración del modelo Balassa-Samuelson en la zona euro

Author

Listed:
  • Ana R. Martínez Cañete

    (Universidad Complutense de Madrid)

Abstract

En este trabajo analizamos, en un conjunto de países de la eurozona, si se han verificado dos de las premisas en las que se basa el modelo Balassa-Samuelson: la equiparación de los salarios en el sector comerciable y no comerciable, y el cumplimiento de la PPA en el sector expuesto al comercio internacional. En términos generales, nuestros resultados indican que ninguna de las dos hipótesis se ha cumplido en el periodo analizado (1973-2003). Por ello, ampliamos el marco de estudio del modelo y contrastamos si dentro de cada país ha existido una relación de cointegración entre los precios, las productividades y los salarios relativos. Analizamos, además, la existencia de una relación de largo plazo entre los tipos de cambio reales, los tipos de cambio reales en el sector comerciable, y la diferencia de productividades y de salarios relativos con respecto a Alemania. Mientras que los salarios resultan escasamente significativos en ambas relaciones, la evolución de los precios en el sector comerciable recibe un amplio respaldo empírico como variable explicativa de los tipos de cambio reales.

Suggested Citation

  • Ana R. Martínez Cañete, 2008. "Una reconsideración del modelo Balassa-Samuelson en la zona euro," Revista de Economia Aplicada, Universidad de Zaragoza, Departamento de Estructura Economica y Economia Publica, vol. 16(1), pages 145-184, Spring.
  • Handle: RePEc:rev:reveca:v:16:y:2008:i:1:p:145-184
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    More about this item

    Keywords

    tipos de cambio reales; productividad; no comerciables; cointegración;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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