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Drivers of Spain’s Export Performance and the Role of the Labor Market Reforms

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  • Jorge Salas

Abstract

Spain’s export performance strengthened after the global financial crisis, and exports now represent more than a third of GDP. This paper argues that several factors contributed to that achievement: external demand, supported by greater diversification of destination markets; enhanced export orientation of Spanish firms, partly as a response to lower domestic demand after the crisis; and competitiveness gains, reflecting in part changes in the labor market following structural reforms adopted in 2010 and 2012. Based on cross-country panel regressions linking real export growth to employment protection indicators, those labor market reforms are estimated to account for nearly one-tenth to above one-quarter of Spain’s total export growth rate from 2010 to 2013.

Suggested Citation

  • Jorge Salas, 2018. "Drivers of Spain’s Export Performance and the Role of the Labor Market Reforms," IMF Working Papers 18/283, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:18/283
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    Cited by:

    1. Almunia, Miguel & Antràs, Pol & Lopez-Rodriguez, David & Morales, Eduardo, 2018. "Venting Out: Exports During a Domestic Slump," CEPR Discussion Papers 13380, C.E.P.R. Discussion Papers.

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