Gross trade accounting: A transparent method to discover global value chain-related information behind official trade data: Part 2

Zhi Wang, Shang-Jin Wei, Kunfu Zhu, 16 April 2014

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Analytical background

Topics: International trade
Tags: comparative advantage, competitiveness, global supply chain, global value chains, globalisation, statistics, trade

Tracking the causes of Eurozone external imbalances: New evidence

Jose Luis Diaz Sanchez, Aristomene Varoudakis, 6 February 2014

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The Eurozone sovereign debt crisis, triggered by the 2008–09 global financial crisis, exposed macroeconomic imbalances in member countries that had accrued gradually following the advent of the euro in 1999.

Topics: International finance
Tags: competitiveness, European sovereign debt crisis, eurozone, global financial crisis, global imbalances

Going beyond the mystery of Italy’s price-competitiveness indicators

Claire Giordano, Francesco Zollino, 18 July 2013

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Assessing Italy’s price competitiveness is becoming a puzzling challenge. Among others, Paul Krugman (2012) has questioned the reliability of the Italian cost-based indicators pinpointing their links with the “[country’s] mysterious productivity collapse”. Bayoumi et al.

Topics: Exchange rates, International trade
Tags: competitiveness, economic indicators, Italy

The roots of the Italian stagnation

Paolo Manasse, 19 June 2013

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Italy is currently facing its worst recession in recent history, having lost about 8.5% of GDP between 2007 and 2013. The current situation is, to a large extent, the result of the Eurozone crisis and of the tough fiscal-austerity measures introduced across Europe, and particularly in Italy.

Topics: Europe's nations and regions
Tags: competitiveness, Eurozone crisis, Italy

European imbalances

Hans-Werner Sinn, Akos Valentinyi, 9 March 2013

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Europe is in the grip of three interrelated crises: a balance-of-payments crisis, a sovereign-debt crisis and a banking crisis. Policymakers have primarily focused on the sovereign-debt and banking crises. However, a credible strategy for getting the Eurozone back on track needs to address the problem of its large internal imbalances.

Topics: Europe's nations and regions
Tags: competitiveness, devaluation, Eurozone crisis, imbalances

The Brazilian competitiveness cliff

Otaviano Canuto, Matheus Cavallari, José Guilherme Reis, 27 February 2013

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The Brazilian economy is facing considerable competitiveness challenges (Bonelli and Pinheiro 2012). After several years of strong expansion, the recent slowdown seems related to supply-side difficulties stemming from a wide range of inefficiencies and rising costs, rather than insufficient aggregate demand.

Topics: International trade, Monetary policy
Tags: BRICs, capital controls, competitiveness, MIST

Why do large movements in exchange rates have small effects on international prices?

Mary Amiti, Oleg Itskhoki, Jozef Konings, 19 February 2013

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Exchange rate moves have surprisingly small effects on prices. This apparent ‘disconnect’ is one of the central puzzles in international macroeconomics. It is also a continual headache for policymakers who rely on exchange rates to accommodate the adjustment of global (current account) imbalances.

Topics: Exchange rates
Tags: competitiveness, euro, Eurozone crisis, exports, imports

Value-added exchange rates

Rudolfs Bems, Robert Johnson, 6 December 2012

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Real effective exchange rates (REERs) are widely used to gauge competitiveness. Yet conventional REERs, based on gross trade flows and consumer price indexes (CPIs), are not well suited to that role when imports are used to produce exports – i.e., with vertical specialisation in trade.

Topics: Competition policy, Global economy, International trade
Tags: China, competitiveness, Germany, global imbalances, globalisation, iPhone, supply chains, trade

Export shares, price competitiveness and the ‘Spanish paradox’

Miguel Cardoso, Mónica Correa-López, Rafael Doménech, 24 November 2012

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Since the launch of the euro, Spanish exporters have been successful in containing the loss of their export share in world markets. This is in contrast to several advanced economies that have experienced significant losses as a result of globalisation and the gain of exports shares by many emerging countries.

Topics: Europe's nations and regions, International trade
Tags: competitiveness, export market shares, Spain

Triggering competitiveness: A 'decalogue' from new firm-level evidence

Carlo Altomonte, Tommaso Aquilante, Gianmarco I.P. Ottaviano, 23 August 2012

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The ability to 'grow out' of the crisis is now widely recognised as the only viable long-term option for maintaining the Eurozone (Delbecque 2012), keeping the EU vibrant and assuring the sustainability of the European social-market-economy model.

Topics: International trade
Tags: competitiveness, firm-level, heterogeneous firms

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