Test of the German resilience
From its early post-war catch-up phase, Germany's formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and helped emerge from stagnation. Volatile external demand, in turn, has elevated German GDP growth volatility by advanced countries' standards, keeping domestic consumption growth at surprisingly low levels. As a consequence, despite the size of its economy and important labor market reforms, Germany's ability to act as global locomotive has been limited. With increasing competition in its traditional areas of manufacturing, a more domestically-driven growth dynamic, especially in the production and delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain constrained, and Germany will play only a modest role in spurring growth elsewhere.
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: House of Finance, Grüneburgplatz 1, HPF H5, D-60323 Frankfurt am Main|
Phone: +49 (0)69 798-30050
Fax: +49 (0)69 798-30077
Web page: http://www.ifk-cfs.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.:
- Ian Dew-Becker & Robert J. Gordon, 2012. "The Role of Labor-Market Changes in the Slowdown of European Productivity," Review of Economics and Institutions, Università di Perugia, vol. 3(2).
- Tito Boeri & Herbert Bruecker, 2011.
"Short‐time work benefits revisited: some lessons from the Great Recession,"
CEPR;CES;MSH, vol. 26(68), pages 697-765, October.
- Boeri, Tito & Brücker, Herbert, 2011. "Short-Time Work Benefits Revisited: Some Lessons from the Great Recession," IZA Discussion Papers 5635, Institute for the Study of Labor (IZA).
- Sinn, Hans-Werner, 2006.
"The pathological export boom and the bazaar effect: How to solve the German puzzle,"
Munich Reprints in Economics
19602, University of Munich, Department of Economics.
- Hans-Werner Sinn, 2006. "The Pathological Export Boom and the Bazaar Effect: How to Solve the German Puzzle," The World Economy, Wiley Blackwell, vol. 29(9), pages 1157-1175, 09.
- Hans-Werner Sinn, 2006. "The Pathological Export Boom and the Bazaar Effect - How to Solve the German Puzzle," CESifo Working Paper Series 1708, CESifo Group Munich.
- Sebastian Weber & Anna Ivanova, 2011. "Do Fiscal Spillovers Matter?," IMF Working Papers 11/211, International Monetary Fund.
- Ashoka Mody & Alina Carare, 2010. "Spillovers of Domestic Shocks; Will They Counteract the â€œGreat Moderationâ€ ?," IMF Working Papers 10/78, International Monetary Fund.
- Anna Ivanova, 2012. "Current Account Imbalances; Can Structural Policies Make a Difference?," IMF Working Papers 12/61, International Monetary Fund.
- Helene Poirson Ward & Sebastian Weber, 2011. "Growth Spillover Dynamics From Crisis to Recovery," IMF Working Papers 11/218, International Monetary Fund.
- Barry Eichengreen, 2006. "Introduction to The European Economy since 1945: Coordinated Capitalism and Beyond," Introductory Chapters, in: The European Economy since 1945: Coordinated Capitalism and Beyond Princeton University Press.
When requesting a correction, please mention this item's handle: RePEc:zbw:cfswop:201214. 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: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.