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Euro Area Export Performance and Competitiveness

Euro Area Export Performance and Competitiveness by Jarkko Turunen
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Concerns about export growth within the euro area peripheral countries due to a lack of competitiveness within the euro area are a key policy issue. Our analysis suggests that: (i) Long-term price elasticities for intra-euro area exports are at least double those for extra-euro area exports, so traditional real effective exchange rate indexes may overstate the effectiveness of euro depreciation in restoring exports growth in the euro area periphery and; (ii) There are surprisingly wide divergences across alternative relative price measures and even when relative price data suggest a steady loss in intra- (and extra-) euro area competitiveness, the pace of deterioration depends on the measure of relative prices used.
International Monetary Fund; June 2011
16 pages; ISBN 9781462370788
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Title: Euro Area Export Performance and Competitiveness
Author: Jarkko Turunen; Richard T. Harmsen; Tamim Bayoumi