Economic relations between Germany and southern Europe
Economic relations between Germany and southern Europe
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DOI：
10.1093/cje/bet010
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发表时间：
2013-05-01
影响因子：
2
通讯作者：
Nocella, Gianluigi
中科院分区：
文献类型：
--
作者：
Simonazzi, Annamaria;Ginzburg, Andrea;Nocella, Gianluigi
对于德国持续的经常账户盈余转化为欧洲外围国家同样持续的赤字，人们提出了两种解释。根据第一种观点，德国的盈余是一种良性储蓄行为的表现，这种行为将延伸到外围国家。第二种观点认为，净出口的增长反映了德国国内需求的停滞。本文认为，价格竞争力的差异只是不平衡的部分原因，德国国内需求的扩大，尽管是必要的，将不足以提供一个可行的应对欧元区的长期可持续性。采用多层次的视角，本文认为，要理解的赤字在欧洲外围国家的持续性，德国经济体系的重组，包括其收入再分配和需求的影响，应考虑的主要特征。文章指出了三个因素：东扩的影响、周边国家生产矩阵的扩大和贸易流量的质量构成。有人认为，这一分析是制定贸易和产业政策的重要前提，这些政策旨在纠正欧盟贸易日益严重的倾斜，特别是通过扩大赤字国家之间的贸易。
Two interpretations have been advanced to account for persistent German current account surpluses that translate into equally persistent deficits of countries in the European periphery. According to the first, the German surplus is the expression of a virtuous savings behaviour, to be extended to the periphery. The second maintains that the increase in net exports reflects the stagnation of German domestic demand. The paper argues that differences in price competitiveness are only part of the explanation of the disequilibria and that an expansion of German internal demand, albeit necessary, would not suffice to provide a viable response to the long-term sustainability of the euro area. Adopting a multilevel perspective, the paper argues that to understand the persistence of deficits in the European periphery, the main features of the reorganisation of the German economic system, including its income redistribution and demand implications, should be considered. Three elements are singled out: the effects of eastward enlargement, the impoverishment of the productive matrix of peripheral countries and the quality composition of trade flows. This analysis, it is argued, is a crucial premise for devising trade and industrial policies targeted on redressing the increasing skewness of EU trade, especially through greater trade among the deficit countries.