Progress Towards External Adjustment in the Euro Area Periphery and the Baltics:
The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher productiv...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 14/131 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher productivity relative to trading partners ("internal devaluation"), which contributed to narrowing current account deficits and shifting output towards the tradables sector. While some early adjusters cut wages more rapidly followed by productivity improvement, others have only slowly improved productivity largely through labor shedding. This adjustment for most countries has come along with a substantial recession as the unit labor cost improvement has largely come from falling employment and much of the current account improvement from import compression. Going forward, these countries still need to generate growing tradables sector employment and to continue adjustment to prevent imbalances from returning as output gaps close |
| Beschreibung: | 1 Online-Ressource (31 p) |
| ISBN: | 1498364713 9781498364713 |
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| 520 | 3 | |a The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher productivity relative to trading partners ("internal devaluation"), which contributed to narrowing current account deficits and shifting output towards the tradables sector. While some early adjusters cut wages more rapidly followed by productivity improvement, others have only slowly improved productivity largely through labor shedding. This adjustment for most countries has come along with a substantial recession as the unit labor cost improvement has largely come from falling employment and much of the current account improvement from import compression. Going forward, these countries still need to generate growing tradables sector employment and to continue adjustment to prevent imbalances from returning as output gaps close | |
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| index_date | 2024-07-03T20:13:35Z |
| indexdate | 2024-07-10T09:35:45Z |
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| series2 | IMF Working Papers |
| spelling | Kang, Joong Shik Verfasser aut Progress Towards External Adjustment in the Euro Area Periphery and the Baltics Kang, Joong Shik Washington, D.C International Monetary Fund 2014 1 Online-Ressource (31 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/131 The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher productivity relative to trading partners ("internal devaluation"), which contributed to narrowing current account deficits and shifting output towards the tradables sector. While some early adjusters cut wages more rapidly followed by productivity improvement, others have only slowly improved productivity largely through labor shedding. This adjustment for most countries has come along with a substantial recession as the unit labor cost improvement has largely come from falling employment and much of the current account improvement from import compression. Going forward, these countries still need to generate growing tradables sector employment and to continue adjustment to prevent imbalances from returning as output gaps close Online-Ausg Shambaugh, Jay C. Sonstige oth http://elibrary.imf.org/view/IMF001/21512-9781498364713/21512-9781498364713/21512-9781498364713.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Kang, Joong Shik Progress Towards External Adjustment in the Euro Area Periphery and the Baltics |
| title | Progress Towards External Adjustment in the Euro Area Periphery and the Baltics |
| title_auth | Progress Towards External Adjustment in the Euro Area Periphery and the Baltics |
| title_exact_search | Progress Towards External Adjustment in the Euro Area Periphery and the Baltics |
| title_exact_search_txtP | Progress Towards External Adjustment in the Euro Area Periphery and the Baltics |
| title_full | Progress Towards External Adjustment in the Euro Area Periphery and the Baltics Kang, Joong Shik |
| title_fullStr | Progress Towards External Adjustment in the Euro Area Periphery and the Baltics Kang, Joong Shik |
| title_full_unstemmed | Progress Towards External Adjustment in the Euro Area Periphery and the Baltics Kang, Joong Shik |
| title_short | Progress Towards External Adjustment in the Euro Area Periphery and the Baltics |
| title_sort | progress towards external adjustment in the euro area periphery and the baltics |
| url | http://elibrary.imf.org/view/IMF001/21512-9781498364713/21512-9781498364713/21512-9781498364713.xml |
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