{"id":119716,"date":"2024-01-22T22:41:14","date_gmt":"2024-01-22T21:41:14","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/119716\/"},"modified":"2024-11-07T05:07:25","modified_gmt":"2024-11-07T04:07:25","slug":"the-euro-plus-pact-cost-competitiveness-and-external-capital-flows-in-the-eu-countries-wwwforeurope-policy-paper-no-15","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/119716\/","title":{"rendered":"The Euro Plus Pact: Cost Competitiveness and External Capital Flows in the EU Countries. WWWforEurope Policy Paper No. 15"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-119716","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses Granger causality tests and vector autoregressive models to assess the short-term linkages between changes in the relative unit labour cost and changes in the current account balance. The sample consists of annual data for 27 EU countries for the period 1995-2012. The main finding is that changes in the current account balance precede changes in relative unit labour costs, while there is no discernable effect in the opposite direction. The divergence in unit labour costs between the countries in northern Europe and the countries in southern and eastern Europe may thus partly be the result of capital flows from the core of Europe to the periphery prior to the global financial crisis. The results also suggest that the measures in the Euro Plus Pact to restrain the growth of unit labour costs may not affect the current account balance in the short term.","onlinedate":"2014-07-01 02:00:00","lang":"English","publication_series":"WWWforEurope: Welfare, Wealth and Work for Europe","publication_date":"20140701","publication_date_year":"","publication_date_full":false,"publication_num_pages":"34","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":354971,"zip":null,"link":"","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[81966],"research_groups":[3491],"collaboration":"","persons":[15581,12773],"persons_data":"[{\"personId\":15581,\"personName\":\"Hubert Gabrisch\",\"organisationNames\":[\"IWH\"]},{\"personId\":12773,\"personName\":\"Karsten Staehr\",\"organisationNames\":[\"Tallinn University of Technology\"]}]","clients":[10692,10704,10722,32851],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_bookanthology rendering_apa rendering_bookanthology_apa\\\">Gabrisch, H., &amp; Staehr, K. (2014). <span><em>The Euro Plus Pact: Cost Competitiveness and External Capital Flows in the EU Countries. WWWforEurope Policy Paper No. 15<\\\/em><\\\/span>. (WWWforEurope: Welfare, Wealth and Work for Europe). Halle Institute for Economic Research, Tallinn University of Technology. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/47496\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/47496<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_bookanthology rendering_vancouver rendering_bookanthology_vancouver\\\">Gabrisch H, Staehr K. <span class=\\\"title\\\"><span>The Euro Plus Pact: Cost Competitiveness and External Capital Flows in the EU Countries. WWWforEurope Policy Paper No. 15<\\\/span><\\\/span>. Halle Institute for Economic Research, Tallinn University of Technology; 2014.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_bookanthology rendering_bibtex rendering_bookanthology_bibtex\\\"><div>@book{9893925f57c843e0b763e8c3866d65d6,<\\\/div><div>  title     = \\\"The Euro Plus Pact: Cost Competitiveness and External Capital Flows in the EU Countries. WWWforEurope Policy Paper No. 15\\\",<\\\/div><div>  abstract  = \\\"The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses Granger causality tests and vector autoregressive models to assess the short-term linkages between changes in the relative unit labour cost and changes in the current account balance. The sample consists of annual data for 27 EU countries for the period 1995-2012. The main finding is that changes in the current account balance precede changes in relative unit labour costs, while there is no discernable effect in the opposite direction. The divergence in unit labour costs between the countries in northern Europe and the countries in southern and eastern Europe may thus partly be the result of capital flows from the core of Europe to the periphery prior to the global financial crisis. The results also suggest that the measures in the Euro Plus Pact to restrain the growth of unit labour costs may not affect the current account balance in the short term.\\\",<\\\/div><div>  author    = \\\"Hubert Gabrisch and Karsten Staehr\\\",<\\\/div><div>  note      = \\\"The Euro Plus Pact\\\",<\\\/div><div>  year      = \\\"2014\\\",<\\\/div><div>  month     = jul,<\\\/div><div>  language  = \\\"English\\\",<\\\/div><div>  series    = \\\"WWWforEurope: Welfare, Wealth and Work for Europe\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_bookanthology rendering_ris rendering_bookanthology_ris\\\"><p>TY  - BOOK<\\\/p><p>T1  - The Euro Plus Pact: Cost Competitiveness and External Capital Flows in the EU Countries. WWWforEurope Policy Paper No. 15<\\\/p><p>AU  - Gabrisch, Hubert<\\\/p><p>AU  - Staehr, Karsten<\\\/p><p>N1  - The Euro Plus Pact<\\\/p><p>PY  - 2014\\\/7<\\\/p><p>Y1  - 2014\\\/7<\\\/p><p>N2  - The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses Granger causality tests and vector autoregressive models to assess the short-term linkages between changes in the relative unit labour cost and changes in the current account balance. The sample consists of annual data for 27 EU countries for the period 1995-2012. The main finding is that changes in the current account balance precede changes in relative unit labour costs, while there is no discernable effect in the opposite direction. The divergence in unit labour costs between the countries in northern Europe and the countries in southern and eastern Europe may thus partly be the result of capital flows from the core of Europe to the periphery prior to the global financial crisis. The results also suggest that the measures in the Euro Plus Pact to restrain the growth of unit labour costs may not affect the current account balance in the short term.<\\\/p><p>AB  - The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses Granger causality tests and vector autoregressive models to assess the short-term linkages between changes in the relative unit labour cost and changes in the current account balance. The sample consists of annual data for 27 EU countries for the period 1995-2012. The main finding is that changes in the current account balance precede changes in relative unit labour costs, while there is no discernable effect in the opposite direction. The divergence in unit labour costs between the countries in northern Europe and the countries in southern and eastern Europe may thus partly be the result of capital flows from the core of Europe to the periphery prior to the global financial crisis. The results also suggest that the measures in the Euro Plus Pact to restrain the growth of unit labour costs may not affect the current account balance in the short term.<\\\/p><p>M3  - Study<\\\/p><p>T3  - WWWforEurope: Welfare, Wealth and Work for Europe<\\\/p><p>BT  - The Euro Plus Pact: Cost Competitiveness and External Capital Flows in the EU Countries. WWWforEurope Policy Paper No. 15<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Euro Plus Pact: Cost Competitiveness and External Capital Flows in the EU Countries. 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