Economia
Empirical and Thematic Perspectives
Germany’s “Windfall” from Euro-Area Membership and European
Imbalances
In an essay published last week, we argued that European monetary union, coupled
with Germany’s extraordinary wage restraint, has resulted in a real effective exchange
rate for Germany that is now 15 to 20 percent lower than what would have prevailed if
Germany had its own floating currency. We further argued that this weaker real
exchange rate is providing a significant windfall for Germany’s export sector.
In this essay, we examine German trade performance since the introduction of the euro
in more detail. We show that Germany’s external surpluses have widened significantly,
led by rapid export growth. With the evolution of the euro keeping trade for the euro
area as a whole near balance, the counterpart to Germany’s rising surplus has been
mounting deficits in the peripheral countries, where the growth of wages has
significantly outpaced that of productivity.
Mais
Veja também
Antony Mueller: "Euro: que moeda é essa? "
Antony Mueller: "What's behind the euro crisis and how will it end?"
Mueller e Nacimento: "O papel da política monetária e cambial no processo de integração e desenvolvimento da América Latina"
- A Posição Atual Da Alemanha Na Europa
Europe’s reluctant hegemon Germany, now the dominant country in Europe, needs to rethink the way it sees itself and the world, says Zanny Minton Beddoes Jun 15th 2013 |From the print edition From the football pitch to politics to...
- Austeridade Funciona Bem Diz Barro
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- O Que Está Por Trás Da "crise Do Euro"?
Published on FINANCIAL SENSE (http://www.financialsense.com)What’s Behind the Euro Crisis and How Will It End?By Antony P. Mueller12/30/2011While the pronouncement of the “euro crisis” has become a main topic in the newsrooms and while a plethora...
- Alemanha - Mercado De Trabalho
How Germany retained jobs despite downturn — and what it means for usBy Zachary RothAs the United States struggles to replace the 8 million jobs lost in the Great Recession, it makes sense to look at the one developed nation that came out of the global...
- China Número 1 Em Exportações
FRANKFURT (AFP) - – China and its population of 1.3 billion has overtaken Germany, population 82 million, as the world's top exporter, trade figures from the German national statistics office showed on Friday. From January to November, Chinese exports...
Economia
Foi a Alemanha que mais ganhou com o euro
Empirical and Thematic Perspectives
Germany’s “Windfall” from Euro-Area Membership and European
Imbalances
In an essay published last week, we argued that European monetary union, coupled
with Germany’s extraordinary wage restraint, has resulted in a real effective exchange
rate for Germany that is now 15 to 20 percent lower than what would have prevailed if
Germany had its own floating currency. We further argued that this weaker real
exchange rate is providing a significant windfall for Germany’s export sector.
In this essay, we examine German trade performance since the introduction of the euro
in more detail. We show that Germany’s external surpluses have widened significantly,
led by rapid export growth. With the evolution of the euro keeping trade for the euro
area as a whole near balance, the counterpart to Germany’s rising surplus has been
mounting deficits in the peripheral countries, where the growth of wages has
significantly outpaced that of productivity.
Mais
Veja também
Antony Mueller: "Euro: que moeda é essa? "
Antony Mueller: "What's behind the euro crisis and how will it end?"
Mueller e Nacimento: "O papel da política monetária e cambial no processo de integração e desenvolvimento da América Latina"
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- A Posição Atual Da Alemanha Na Europa
Europe’s reluctant hegemon Germany, now the dominant country in Europe, needs to rethink the way it sees itself and the world, says Zanny Minton Beddoes Jun 15th 2013 |From the print edition From the football pitch to politics to...
- Austeridade Funciona Bem Diz Barro
Stimulus Spending Keeps Failing Robert Barro, WSJ The weak economic recovery in the U.S. and the even weaker performance in much of Europe have renewed calls for ending budget austerity and returning to larger fiscal deficits. Curiously, this...
- O Que Está Por Trás Da "crise Do Euro"?
Published on FINANCIAL SENSE (http://www.financialsense.com)What’s Behind the Euro Crisis and How Will It End?By Antony P. Mueller12/30/2011While the pronouncement of the “euro crisis” has become a main topic in the newsrooms and while a plethora...
- Alemanha - Mercado De Trabalho
How Germany retained jobs despite downturn — and what it means for usBy Zachary RothAs the United States struggles to replace the 8 million jobs lost in the Great Recession, it makes sense to look at the one developed nation that came out of the global...
- China Número 1 Em Exportações
FRANKFURT (AFP) - – China and its population of 1.3 billion has overtaken Germany, population 82 million, as the world's top exporter, trade figures from the German national statistics office showed on Friday. From January to November, Chinese exports...