Policy Options to Durably Resolve Euro Area Imbalances:
A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and illustrate t...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2013
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal balances required in the euro area periphery to bring structural current account balances to levels compatible with sustainable net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to improve by about 30%, and by more than twice that in Greece. In peripheral countries, a combination of structural reforms to boost productivity and enhance the flexibility of labour markets, ambitious fiscal consolidation and reductions in labour taxes could substantially facilitate the rebalancing process and reduce the extent to which the burden of adjustment is reliant on further prolonged demand weakness. Surplus and/or strong competitiveness countries could help by likewise making labour and product markets more flexible, accepting above-normal inflation for an extended period and boosting demand, perhaps through reduced fiscal austerity |
| Beschreibung: | 1 Online-Ressource (26 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5k49lcnzkn20-en |
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| 520 | |a A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal balances required in the euro area periphery to bring structural current account balances to levels compatible with sustainable net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to improve by about 30%, and by more than twice that in Greece. In peripheral countries, a combination of structural reforms to boost productivity and enhance the flexibility of labour markets, ambitious fiscal consolidation and reductions in labour taxes could substantially facilitate the rebalancing process and reduce the extent to which the burden of adjustment is reliant on further prolonged demand weakness. Surplus and/or strong competitiveness countries could help by likewise making labour and product markets more flexible, accepting above-normal inflation for an extended period and boosting demand, perhaps through reduced fiscal austerity | ||
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| spelling | Guillemette, Yvan Verfasser aut Policy Options to Durably Resolve Euro Area Imbalances Yvan Guillemette and David Turner = Options de politiques publiques pour réduire durablement les déséquilibres de la zone euro / Yvan Guillemette et David Turner Options de politiques publiques pour réduire durablement les déséquilibres de la zone euro Paris OECD Publishing 2013 1 Online-Ressource (26 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal balances required in the euro area periphery to bring structural current account balances to levels compatible with sustainable net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to improve by about 30%, and by more than twice that in Greece. In peripheral countries, a combination of structural reforms to boost productivity and enhance the flexibility of labour markets, ambitious fiscal consolidation and reductions in labour taxes could substantially facilitate the rebalancing process and reduce the extent to which the burden of adjustment is reliant on further prolonged demand weakness. Surplus and/or strong competitiveness countries could help by likewise making labour and product markets more flexible, accepting above-normal inflation for an extended period and boosting demand, perhaps through reduced fiscal austerity Governance Economics Euro Area Turner, David ctb https://doi.org/10.1787/5k49lcnzkn20-en Verlag kostenfrei Volltext |
| spellingShingle | Guillemette, Yvan Policy Options to Durably Resolve Euro Area Imbalances Governance Economics Euro Area |
| title | Policy Options to Durably Resolve Euro Area Imbalances |
| title_alt | Options de politiques publiques pour réduire durablement les déséquilibres de la zone euro |
| title_auth | Policy Options to Durably Resolve Euro Area Imbalances |
| title_exact_search | Policy Options to Durably Resolve Euro Area Imbalances |
| title_exact_search_txtP | Policy Options to Durably Resolve Euro Area Imbalances |
| title_full | Policy Options to Durably Resolve Euro Area Imbalances Yvan Guillemette and David Turner = Options de politiques publiques pour réduire durablement les déséquilibres de la zone euro / Yvan Guillemette et David Turner |
| title_fullStr | Policy Options to Durably Resolve Euro Area Imbalances Yvan Guillemette and David Turner = Options de politiques publiques pour réduire durablement les déséquilibres de la zone euro / Yvan Guillemette et David Turner |
| title_full_unstemmed | Policy Options to Durably Resolve Euro Area Imbalances Yvan Guillemette and David Turner = Options de politiques publiques pour réduire durablement les déséquilibres de la zone euro / Yvan Guillemette et David Turner |
| title_short | Policy Options to Durably Resolve Euro Area Imbalances |
| title_sort | policy options to durably resolve euro area imbalances |
| topic | Governance Economics Euro Area |
| topic_facet | Governance Economics Euro Area |
| url | https://doi.org/10.1787/5k49lcnzkn20-en |
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