German Wage Moderation And European Imbalances
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German Wage Moderation And European Imbalances
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Author : Timo Bettendorf
language : de
Publisher:
Release Date : 2015
German Wage Moderation And European Imbalances written by Timo Bettendorf and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Competitiveness In The European Economy
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Author : Stefan Collignon
language : en
Publisher: Routledge
Release Date : 2014-02-05
Competitiveness In The European Economy written by Stefan Collignon and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-05 with Business & Economics categories.
This book deals with the relationship between the competitiveness of countries in Europe and the analysis of macroeconomic imbalances. It focuses mainly on a European analysis, along with special studies of the German economy, which is rarely considered to be a cause for the current crisis. The book also compares Germany with Italy, providing a comparative perspective on structural reforms. The first part of this book analyses macroeconomic imbalances based on a new framework from the analysis of the flow of founds rather than balance of payments, and presents an alternative measure of unit labour cost comparisons to investigate the relationship between imbalances and competitiveness. The second part is dedicated to the analysis of the trade performance of Germany and Italy and the sustainability of the German model in the EMU. The third part describes the reform policies implemented by Germany and their effect on imbalances; this includes wage moderation, the labour market reforms and weak labour demand. The final part explores the regional inequalities within Germany and Italy, providing useful lessons regarding fiscal federalism and regional banking developments. In conclusion, a big part of the problems within the Euro Area are generated by the use of a wrong framework of analysis, where the EMU is considered as a fixed exchange rate regime and not a single country. This book provides an alternative view which holds at the core the relationship between sectors. It is stressed throughout the book that the German behaviour has contributed to the rise of imbalances between countries due to its growth model, not suitable for a big developed country in a currency union. This book also finds that stressing banking integration within countries helps to reduce regional inequalities, which has important implications for the management of Europe’s future banking union and macroeconomic imbalances.
Wage Moderation In Crises
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Author : Mr.Jörg Decressin
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-17
Wage Moderation In Crises written by Mr.Jörg Decressin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-17 with Business & Economics categories.
The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderation, the impact on output is positive for that economy and for the entire euro area. If all crisis-hit economies undertake wage moderation together, their output still expands, albeit to a lesser degree. If the wage moderation is accompanied by cuts in policy interest rates by the central bank—and by quantitative easing once interest rates hit the zero lower bound—then output for the entire euro area expands as well.
The Euro Area Imbalances Narrative In A Franco German Perspective
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Author : Ansgar Belke
language : en
Publisher:
Release Date : 2020
The Euro Area Imbalances Narrative In A Franco German Perspective written by Ansgar Belke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
There is a symmetrical debate in two Euro area core countries: in France about the restrictive fiscal policy of Germany, leading to a huge external surplus, in Germany about the insufficient compliance with fiscal rules and the lack of structural reforms in France. What are the real causes of the divergence between the two economies? We show that different indicators of competitiveness yield very different results depending on the base period used, e.g. 1995 (peak of reunification boom), 1999 or 1990. A comparison with the preunification period shows little gain in competitiveness. We also find, somewhat surprisingly, that Germany's industry is not more integrated in international value chains than that of France or Italy. We then look at the link between export growth and export prices and argue that in the long run exports are not driven by competitiveness but by the increased supply of labor resulting from unification. In addition, we ask what drove 'wage moderation' in Germany: policy or the labor market. We finally analyse the longer-term trend in fiscal policy and the resulting distributional consequences in both countries. Our more general policy implication is that any analysis which compares today to the trough of German performance after unification risks over-estimating the potential of the country. Given that the 'internal unification' process is complete now, one should not expect the Germans to continue to outperform France as it has done over the last two decades.
Towards Convergence In Europe
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Author : Daniel Vaughan-Whitehead
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
Towards Convergence In Europe written by Daniel Vaughan-Whitehead and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Convergence categories.
This book aims to answer a number of important questions. To what extent have European countries converged or diverged with EU-wide economic and social indicators over the past 20 years? What have been the drivers of convergence? Why do some countries lag behind, while others experience continuous upward convergence? Why are these trajectories not always linear? Particular attention is paid to the role of institutions, actors and industrial relations – focusing on the resources and strategies of governments, employers and trade unions – in nudging EU countries onto an upward convergence path.
Imbalance
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Author : Tobias Schulze-Cleven
language : en
Publisher: Routledge
Release Date : 2021-03-30
Imbalance written by Tobias Schulze-Cleven and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-30 with Political Science categories.
Germany is a central case for research on comparative political economy, which has inspired theorizing on national differences and historical trajectories. This book assesses Germany’s political economy after the end of the "social democratic" 20th century to rethink its dominant properties and create new opportunities for using the country as a powerful lens into the evolution of democratic capitalism. Documenting large-scale changes and new tensions in the welfare state, company strategies, interest intermediation, and macroeconomic governance, the volume makes the case for analysing contemporary Germany through the politics of imbalance rather than the long-standing paradigm of institutional stability. This conceptual reorientation around inequalities and disparities provides much-needed traction for clarifying the causal dynamics that govern ongoing processes of institutional recomposition. Delving into the politics of imbalance, the volume explicates the systemic properties of capitalism, multivalent policy feedback, and the organizational foundations of creative adjustment as key vantage points for understanding new forms of distributional conflict within and beyond Germany. The chapters in this book were originally published as a special issue of German Politics.
Wage Led Growth
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Author : Engelbert Stockhammer
language : en
Publisher: Springer
Release Date : 2013-12-03
Wage Led Growth written by Engelbert Stockhammer and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-03 with Business & Economics categories.
This volume seeks to go beyond the microeconomic view of wages as a cost having negative consequences on a given firm, to consider the positive macroeconomic dynamics associated with wages as a major component of aggregate demand.
Economic Imbalances And Institutional Changes To The Euro And The European Union
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Author : Rajmund Mirdala
language : en
Publisher: Emerald Group Publishing
Release Date : 2017-08-22
Economic Imbalances And Institutional Changes To The Euro And The European Union written by Rajmund Mirdala and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-22 with Business & Economics categories.
This book offers a critical perspective from which to observe evolution of the Euro Area and the European Union in these times of growing economic and political conflict.
Crisis In The European Monetary Union
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Author : Giuseppe Celi
language : en
Publisher: Routledge
Release Date : 2017-12-22
Crisis In The European Monetary Union written by Giuseppe Celi and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-22 with Business & Economics categories.
After decades of economic integration and EU enlargement, the economic geography of Europe has shifted, with new peripheries emerging and the core showing signs of fragmentation. This book examines the paths of the core and peripheral countries, with a focus on their diverse productive capabilities and their interdependence. Crisis in the European Monetary Union: A Core-Periphery Perspective provides a new framework for analysing the economic crisis that has shaken the Eurozone countries. Its analysis goes beyond the short-term, to study the medium and long-term relations between ‘core’ countries (particularly Germany) and Southern European ‘peripheral’ countries. The authors argue that long-term sustainability means assigning the state a key role in guiding investment, which in turn implies industrial policies geared towards diversifying, innovating and strengthening the economic structures of peripheral countries to help them thrive. Offering a fresh angle on the European crisis, this volume will appeal to students, academics and policymakers interested in the past, present and future construction of Europe.
The Future Of Economic Governance In The Eu
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Author : Great Britain: Parliament: House of Lords: European Union Committee
language : en
Publisher: The Stationery Office
Release Date : 2011-03-28
The Future Of Economic Governance In The Eu written by Great Britain: Parliament: House of Lords: European Union Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-28 with Business & Economics categories.
The banking crisis in 2008 triggered a crisis of confidence in the financial health of Member States of the euro area. The effect of the crisis across the EU demonstrated the interconnection between the banking sector and public finances. In response the European Commission has put forward a series of legislative proposals that would monitor and coordinate more closely economic policies between Member States. The proposals focus on two elements: fiscal discipline and macroeconomic stability. This report says that attempts to keep the euro area stable will fail unless EU Member States stick to the rules. The Committee is sceptical that Member States will sustain the necessary political will to do so. It says that controversial proposals for a Pact for the Euro risk developing a 'two-speed' Europe, creating a significant distinction in the single market between those states inside the pact and those outside. It warns that reassurances by the UK and several other Member States that the private sector would sustain no losses on sovereign debt issued before 2013 might prove too heavy a burden for taxpayers in countries such as Greece and Ireland to sustain. The Committee recommends that the private sector share the burden of restructuring sovereign debt after the new permanent crisis mechanism comes into force after 2013. The Committee warns that proposals to monitor and correct macroeconomic imbalances must not result in corrective recommendations being issued which could hurt Member States' global competitiveness. This is particularly true for those countries with a current account surplus