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Aggregate savings and external imbalances in China

Yang, Dennis Tao - 2012

Over the last decade, the internal and external macroeconomic imbalances in China have risen to unprecedented levels. In 2008, China's national savings rate soared to over 53 percent of its GDP, whereas its current account surplus exceeded 9 percent of GDP. The current paper presents a unified...

Persistent link: https://www.econbiz.de/10009656609

Labor market reforms and current account imbalances : beggar-thy-neighbor policies in a currency union?

Baas, Timo; Belke, Ansgar - 2014

Member countries of the European Monetary Union (EMU) initiated wide-ranging labor market reforms in the last decade. This process is ongoing as countries that are faced with serious labor market imbalances perceive reforms as the fastest way to restore competitiveness within a currency union....

Persistent link: https://www.econbiz.de/10010403902

Oil price shocks, monetary policy and current account imbalances within a currency union

Baas, Timo; Belke, Ansgar - 2017

For more than two decades now, current-account imbalances are a crucial issue in the international policy debate as they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows that internal current account imbalances inside a currency...

Persistent link: https://www.econbiz.de/10011785688

Real unit labour costs in Eurozone countries : drivers and clusters

Ordóñez, Javier; Sala, Hector; Silva, José Ignacio - 2014

We examine the trajectories of the real unit labour costs (RULCs) in a selection of Eurozone economies. Strong …

Persistent link: https://www.econbiz.de/10010369774

Economic growth and political integration : estimating the benefits from membership in the European Union using the synthetic counterfactuals method

Campos, Nauro; Coricelli, Fabrizio; Moretti, Luigi - 2014

This paper presents new estimates of the economic benefits from economic and political integration. Using the synthetic counterfactuals method, we estimate how GDP per capita and labour productivity would have behaved for the countries that joined the European Union (EU) in the 1973, 1980s, 1995...

Persistent link: https://www.econbiz.de/10010350820

On the relationship between public and private investment in the euro area

Dreger, Christian; Reimers, Hans-Eggert - 2014

This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques ac-counting for international spillovers are employed. While private and public capital stocks are cointegrated, the...

Persistent link: https://www.econbiz.de/10010252646

Human capital as engine of growth : the role of knowledge transfers in promoting balanced growth within and across countries

Ehrlich, Isaac; Pei, Yun - 2020

Unlike physical capital, human capital has both embodied and disembodied dimensions. It can be perceived of as skill and acquired knowledge, but also as knowledge spillover effects between overlapping generations and across different skill groups within and across countries. We illustrate the...

Persistent link: https://www.econbiz.de/10012201031

Capital prices and Eurozone competitiveness differentials

Askenazy, Philippe - 2013

Competitiveness differentials are blamed for the instability of the Eurozone. Most of the analyses focus on labour … beginning of the century. Germany is an exception. A large increase in the prices of buildings, structures and lands for private … additional dividends. The yearly charge counts for at least 4% of their value added. -- Eurozone ; competitiveness ; non …

Persistent link: https://www.econbiz.de/10009715724

Welfare effects of the euro cash changeover

Wunder, Christoph; Schwarze, Johannes; Krug, Gerhard; … - 2006

Using merged data from the British Household Panel Survey (BHPS) and the German Socio-Economic Panel (SOEP), this paper applies a parametric difference-in-differences approach to assess the real effects of the introduction of the euro on subjective well-being. A complementary nonparametric...

Persistent link: https://www.econbiz.de/10003522939

Completing the monetary union of Europe as mid-term solution of the Euro crisis

Fischer, Justina A. V.; Pastore, Francesco - 2015

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....

Persistent link: https://www.econbiz.de/10011308548