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Export or Perish: Can Internal Devaluation Create Enough Good Jobs in Southern Europe?

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  • Sofia A. Perez
  • Manos Matsaganis

Abstract

During the early 2010s, creditor states and EU institutions demanded that the Southern states of the eurozone liberalise their labour markets to facilitate internal devaluation and export-led recoveries. With some variation, the Greek, Portuguese, Spanish and Italian governments complied. This article explains why such a strategy of internal devaluation within the eurozone might fail to produce adequate employment growth to put these countries on stable financial footing. It exploits variation in the timing and intensity of reforms to evaluate the record of the internal devaluation strategy. Our findings suggest that there is no linear relationship between internal devaluation and export-growth. Even where the latter has been impressive, dualism persists and the employment recovery has been weak.

Suggested Citation

  • Sofia A. Perez & Manos Matsaganis, 2019. "Export or Perish: Can Internal Devaluation Create Enough Good Jobs in Southern Europe?," South European Society and Politics, Taylor & Francis Journals, vol. 24(2), pages 259-285, April.
    • Handle: RePEc:taf:fsesxx:v:24:y:2019:i:2:p:259-285
    DOI: 10.1080/13608746.2019.1644813
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    Cited by:

    1. Reto Bürgisser & Donato Di Carlo, 2023. "Blessing or Curse? The Rise of Tourism‐Led Growth in Europe's Southern Periphery," Journal of Common Market Studies, Wiley Blackwell, vol. 61(1), pages 236-258, January.
    2. Donato Di Carlo & Oscar Molina, 2024. "Same same but different? The Mediterranean growth regime and public sector wage-setting before and after the sovereign debt crisis," European Journal of Industrial Relations, , vol. 30(1), pages 31-53, March.
    3. Herrero, Daniel & Rial, Adrián, 2023. "Labor costs, KIBS, and export performance: A comparative analysis of Germany and Mediterranean economies," Structural Change and Economic Dynamics, Elsevier, vol. 65(C), pages 184-198.

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