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Interne vs. externe Abwertung: Außenwirtschaftliches Ungleichgewicht im Eurosystem

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  • Wagener, Hans-Jürgen
  • Eger, Thomas

Abstract

Im Eurosystem herrschte bei Ausbruch der Finanzmarktkrise ein außenwirtschaftliches Ungleichgewicht: Hohen Leistungsbilanzdefiziten im Süden und Osten standen Überschüsse im Norden gegenüber. Die Gemeinschaftswährung macht die quasi automatische Korrektur der Missverhältnisse unmöglich, nämlich nominale Ab- bzw. Aufwertung. Sie erfordert vielmehr schmerzhafte interne Anpassungsprozesse, die in erster Instanz kontraktiv wirken. Das erklärt den verbreiteten Ruf nach teilweiser oder gänzlicher Abkehr vom Euro. Interne oder externe Änderungen des Wechselkurses haben allerdings, wenn sie effektiv sein sollen, gleiche Auswirkungen auf die Realeinkommen und symmetrische Auswirkungen auf die Vermögen. Anpassungen des effektiven Wechselkurses sind darüber hinaus nur dann hilfreich, wenn die Ursache des Ungleichgewichts in der preislichen Wettbewerbsfähigkeit einer Wirtschaft zu suchen ist. Andere Ursachen, z.B. nicht-preisliche Wettbewerbsfaktoren oder eine hohe Diskrepanz zwischen Sparen und Investieren - und die sind im Eurosystem offensichtlich weit verbreitet - erfordern andere Korrekturmaßnahmen.

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  • Wagener, Hans-Jürgen & Eger, Thomas, 2014. "Interne vs. externe Abwertung: Außenwirtschaftliches Ungleichgewicht im Eurosystem," Beiträge zur Jahrestagung 2014 (Goettingen) 107398, Verein für Socialpolitik, Ausschuss für Wirtschaftssysteme und Institutionenökonomik.
  • Handle: RePEc:zbw:vswi14:107398
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    References listed on IDEAS

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