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What's so special about specialization in the euro area?

Author

Listed:
  • Mongelli, Francesco Paolo
  • Reinhold, Elisa
  • Papadopoulos, Georgios

Abstract

Euro area countries exhibited modest convergence prior to the financial crisis and diverged thereafter. Such divergence has been examined from many angles, and various narratives of the crisis have developed. Surprisingly, the gradual transformation of the economic structures of euro area countries over the last 15-20 years has, however, received less attention. This paper brings together several strands of evidence - both macro and micro - on such economic transformation. It makes three contributions. First, profound changes are found in the allocation of countries JEL Classification: E01, F45, J21, O47

Suggested Citation

  • Mongelli, Francesco Paolo & Reinhold, Elisa & Papadopoulos, Georgios, 2016. "What's so special about specialization in the euro area?," Occasional Paper Series 168, European Central Bank.
    • Handle: RePEc:ecb:ecbops:2016168
    Note: 1423663
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpops/ecbop168.en.pdf
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    References listed on IDEAS

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    Cited by:

    1. Alexoaei Alina Petronela & Robu Raluca Georgiana, 2018. "A theoretical review on the structural convergence issue and the relation to economic development in integration areas," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 12(1), pages 34-44, May.
    2. Ivan Jaccard & Frank Smets, 2020. "Structural Asymmetries and Financial Imbalances in the Eurozone," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 36, pages 73-102, April.
    3. Horatiu DAN, 2019. "Joining The Euro Zone – An Exploration Of Real And Structural Convergence In Romania, Bulgaria And Croatia," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 1 Year 20, pages 19-32.
    4. Antonia Díaz, 2020. "Common Fiscal Capacity Is Needed to Strengthen Risk Sharing," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(4), pages 215-219, July.
    5. Antonia Díaz, 2021. "The EU Budget and the Role of Public Goods," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 22(02), pages 35-38, March.
    6. Zsuzsanna Novák, 2020. "Structural Change in Central and South Eastern Europe—Does Technological Efficiency Harm the Labour Market?," Sustainability, MDPI, vol. 12(11), pages 1-22, June.

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    More about this item

    Keywords

    convergence; euro area; productivity; risk-sharing; specialisation;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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