The North-South divide, the euro and the world:
The European north-south divide has been an issue of a long-standing debate. We employ a Global VAR model for 28 developed and developing countries to examine the interaction between the global trade imbalances and their impact within the euro-area framework. The aim is to assess the propagation mec...
Gespeichert in:
| Hauptverfasser: | , , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Regensburg
Leibniz Institute for Eastern and Southeastern European Studies
November 2018
|
| Schriftenreihe: | IOS working papers
No. 377 |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | The European north-south divide has been an issue of a long-standing debate. We employ a Global VAR model for 28 developed and developing countries to examine the interaction between the global trade imbalances and their impact within the euro-area framework. The aim is to assess the propagation mechanisms of real shocks, focusing on the interconnections among the north euro area and the south euro area. We incorporate theory-based long-run restrictions and examine the effects of (i) non-export real output shocks, (ii) expansionary shocks and (iii) real exchange rate shocks. The results provide support for symmetric adjustment in the euro area; an expansionary policy of the north euro area and increased competitiveness in the south euro area can alleviate trade imbalances of the debtor euro area economies. From the south euro area perspective, internal devaluation is the most beneficial policy. North euro area and U.S. origin shocks to domestic output exert a dominant influence in the rest of the Europe and Asia while the strong linkage between trade flows within the euro area is confirmed. |
| Beschreibung: | 1 Online-Ressource (v, 58 Seiten) Diagramme |
Internformat
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| author | Chisiridis, Konstantinos Muratidēs, Kōstas Panagiōtidēs, Theodōros ca. 20./21. Jh |
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| spelling | Chisiridis, Konstantinos aut The North-South divide, the euro and the world Konstantinos Chisiridis, Kostas Mouratidis, and Theodore Panagiotidis Regensburg Leibniz Institute for Eastern and Southeastern European Studies November 2018 1 Online-Ressource (v, 58 Seiten) Diagramme txt rdacontent c rdamedia cr rdacarrier IOS working papers No. 377 The European north-south divide has been an issue of a long-standing debate. We employ a Global VAR model for 28 developed and developing countries to examine the interaction between the global trade imbalances and their impact within the euro-area framework. The aim is to assess the propagation mechanisms of real shocks, focusing on the interconnections among the north euro area and the south euro area. We incorporate theory-based long-run restrictions and examine the effects of (i) non-export real output shocks, (ii) expansionary shocks and (iii) real exchange rate shocks. The results provide support for symmetric adjustment in the euro area; an expansionary policy of the north euro area and increased competitiveness in the south euro area can alleviate trade imbalances of the debtor euro area economies. From the south euro area perspective, internal devaluation is the most beneficial policy. North euro area and U.S. origin shocks to domestic output exert a dominant influence in the rest of the Europe and Asia while the strong linkage between trade flows within the euro area is confirmed. Muratidēs, Kōstas (DE-588)171917189 aut Panagiōtidēs, Theodōros ca. 20./21. Jh. (DE-588)171901274 aut IOS working papers No. 377 (DE-604)BV040033175 377 http://www.dokumente.ios-regensburg.de/publikationen/wp/wp_377.pdf Verlag kostenfrei |
| spellingShingle | Chisiridis, Konstantinos Muratidēs, Kōstas Panagiōtidēs, Theodōros ca. 20./21. Jh The North-South divide, the euro and the world IOS working papers |
| title | The North-South divide, the euro and the world |
| title_auth | The North-South divide, the euro and the world |
| title_exact_search | The North-South divide, the euro and the world |
| title_full | The North-South divide, the euro and the world Konstantinos Chisiridis, Kostas Mouratidis, and Theodore Panagiotidis |
| title_fullStr | The North-South divide, the euro and the world Konstantinos Chisiridis, Kostas Mouratidis, and Theodore Panagiotidis |
| title_full_unstemmed | The North-South divide, the euro and the world Konstantinos Chisiridis, Kostas Mouratidis, and Theodore Panagiotidis |
| title_short | The North-South divide, the euro and the world |
| title_sort | the north south divide the euro and the world |
| url | http://www.dokumente.ios-regensburg.de/publikationen/wp/wp_377.pdf |
| volume_link | (DE-604)BV040033175 |
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