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Europe > Ireland

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Cover IMF Working Papers
Euro Area Export Performance and Competitiveness
Mr. Jarkko Turunen
,
Mr. Richard T. Harmsen
, and
Mr. Tamim Bayoumi
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.
Keywords:
WP; euro; CPI; exchange rate; export; Exports; Competitiveness; Trade equations; Euro area; export equation; area trade; PPI datum; CPI price series; area export; export volume; Real effective exchange rates; Competition; Exchange rates; Consumer price indexes