The economic and monetary union vs. shifts in competitiveness of member states
The paper deals with changes in the competitiveness of 12 countries forming the euro area in 1999-2000. These changes are analyzed using various macroeconomic indicators (real exchange rate, trade ratios, labor market and economic output performance). Due to the different levels of development of the countries forming the zone, changes in competitiveness do not extend uniformly. The paper ends with conclusions. The aim of this paper is to assess changes in the relative competitiveness of 12 countries forming the Economic and Monetary Union (EMU) between 1999-2009. Greece was the only EU country which had not yet been accepted in the Union in 1999 and later joined the Eurozone in 2001. Despite the time difference, it was assumed that by including this economy in the analyzed EMU 12 group it would allow for better comprehension of the influence of monetary solutions and general economic policy within this integration grouping on the relative competitiveness of its particular members. Section 1 is devoted to a brief presentation of assumptions and expectations regarding the EMU. Section 2 examines real effective exchange rates (REERs). Along with the standard literature, it is assumed that REERs are important summary measures of shifts in competitiveness. Section 3 is devoted to trade developments; they are linked to the REERs. We present and analyze gross measures such as exports to the gross domestic product (GDP) ratio, external exports, export/import ratio, the share of EMU country exports in world exports and the role of high-tech trade. Section 4 deals with the shifts in labor force performance and section 5 is devoted to the most comprehensive measures which are GDP and gross national income (GNI) developments. The paper closes with conclusions.
|Date of creation:||2010|
|Publication status:||Published in Working papers, Faculty of International Business and Economics WP/2010/05 (2010): pp. 1-30|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Égert, Balázs, 2002. "Investigating the Balassa-Samuelson hypothesis in transition : Do we understand what we see?," BOFIT Discussion Papers 6/2002, Bank of Finland, Institute for Economies in Transition.
- BalÃ¡zs Egert, 2007.
"Real Convergence, Price Level Convergence and Inflation Differentials in Europe,"
CESifo Working Paper Series
2127, CESifo Group Munich.
- Balázs Égert, 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe," Working Papers 138, Oesterreichische Nationalbank (Austrian Central Bank).
- Balazs Egert, 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe," William Davidson Institute Working Papers Series wp895, William Davidson Institute at the University of Michigan.
- Kowalski, Tadeusz & Kowalski, Pawel & Wihlborg, Clas, 2007. "Poland. The EMU entry strategy vs. the monetary issues," MPRA Paper 42599, University Library of Munich, Germany, revised 2007.
- Balázs Egert, 2002. "Investigating the Balassa-Samuelson hypothesis in the transition: Do we understand what we see? A panel study," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 273-309, July.
- Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
- Nauro F. Campos & Abrizio Coricelli, 2002.
"Growth in Transition: What We Know, What We Don't, and What We Should,"
Journal of Economic Literature,
American Economic Association, vol. 40(3), pages 793-836, September.
- Campos, Nauro F & Coricelli, Fabrizio, 2002. "Growth in Transition: What we Know, What we Don't and What we Should," CEPR Discussion Papers 3246, C.E.P.R. Discussion Papers.
- Nauro F. Campos & Fabrizio Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should," William Davidson Institute Working Papers Series 470, William Davidson Institute at the University of Michigan.
- Charles van Marrewijk, 2004. "An introduction to international money and foreign exchange markets," International Finance 0410006, EconWPA.
- Charles Van Marrewijk, 2004. "An Introduction to International Money and Foreign Exchange Markets," Centre for International Economic Studies Working Papers 2004-07, University of Adelaide, Centre for International Economic Studies.
- Charles van Marrewijk, 2004. "An Introduction to International Money and Foreign Exchange Markets," School of Economics Working Papers 2004-02, University of Adelaide, School of Economics.
- Balázs Égert, 2007. "Real Convergence, Price Level Convergence and Inflation in Europe," Working Papers 267, Bruegel.
- Iulia Siedschlag & Juergen von Hagen, 2006. "Macroeconomic Adjustment in the New EU Member States," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
- Jürgen von Hagen & Iulia Traistaru-Siedschlag, 2006. "Macroeconomic Adjustment in the New EU Member States," SUERF Studies, SUERF - The European Money and Finance Forum, number 2006/4 edited by Morten Balling, October.
- von Hagen, Jürgen & Traistaru, Iulia, 2004. "Macroeconomic adjustment in the new EU member states," ZEI Working Papers B 01-2005 [rev.], University of Bonn, ZEI - Center for European Integration Studies.
- Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:33995. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.