{"id":123380,"date":"2024-01-23T08:30:35","date_gmt":"2024-01-23T07:30:35","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/123380\/"},"modified":"2024-11-07T05:25:06","modified_gmt":"2024-11-07T04:25:06","slug":"growth-patterns-and-trade-imbalances-in-the-emu-a-global-value-chain-analysis","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/123380\/","title":{"rendered":"Growth Patterns and Trade Imbalances in the EMU. A Global Value Chain Analysis"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-123380","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"This paper assesses whether or to what extent the macroeconomic imbalances, which emerged in the \"North\" and \"South\" of the European Monetary Union before the financial and economic crisis of 2008-09, are symmetric. First, we show that the imbalances stemmed from different growth patterns and quantify the contributions of foreign and domestic demand to GDP growth in the EMU countries. Second, we calculate bilateral exports and imports between all EU countries, applying the concept of \"trade in value added\", and discuss their role in the emergence of trade surpluses and deficits. Third, we quantify to what extent an increase in domestic demand in the North and a decrease in the South would support the elimination of these imbalances. Finally, we calculate a hypothetical scenario in which final demand expands to such extent that all intra-EMU trade is balanced. We thereby evaluate whether or to what extent the macroeconomic imbalances can be eliminated by demand adjustments in the EMU countries.","onlinedate":"2016-01-21 12:00:00","lang":"English","publication_series":"","publication_date":"20160101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"28","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":361368,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"509","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2016-01-21 12:00:00","types":[44410],"research_groups":[3500],"collaboration":"","persons":[3567,3808],"persons_data":"[{\"personId\":3567,\"personName\":\"Stefan Ederer\",\"organisationNames\":[]},{\"personId\":3808,\"personName\":\"Peter Reschenhofer\",\"organisationNames\":[]}]","clients":[],"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_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Ederer, S.<\\\/span><span>, &amp; Reschenhofer, P.<\\\/span> (2016). <span>Growth Patterns and Trade Imbalances in the EMU. A Global Value Chain Analysis<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (509). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/58642\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/58642<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Ederer S<\\\/span><span>, Reschenhofer P<\\\/span>. <span class=\\\"title\\\"><span>Growth Patterns and Trade Imbalances in the EMU. A Global Value Chain Analysis<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2016 Jan;(509).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{2a2b83dac7c04c9c9ff5145b6a5adacb,<\\\/div><div>  title    = \\\"Growth Patterns and Trade Imbalances in the EMU. A Global Value Chain Analysis\\\",<\\\/div><div>  abstract = \\\"This paper assesses whether or to what extent the macroeconomic imbalances, which emerged in the {\\\"}North{\\\"} and {\\\"}South{\\\"} of the European Monetary Union before the financial and economic crisis of 2008-09, are symmetric. First, we show that the imbalances stemmed from different growth patterns and quantify the contributions of foreign and domestic demand to GDP growth in the EMU countries. Second, we calculate bilateral exports and imports between all EU countries, applying the concept of {\\\"}trade in value added{\\\"}, and discuss their role in the emergence of trade surpluses and deficits. Third, we quantify to what extent an increase in domestic demand in the North and a decrease in the South would support the elimination of these imbalances. Finally, we calculate a hypothetical scenario in which final demand expands to such extent that all intra-EMU trade is balanced. We thereby evaluate whether or to what extent the macroeconomic imbalances can be eliminated by demand adjustments in the EMU countries.\\\",<\\\/div><div>  keywords = \\\"European Monetary Union, macroeconomic imbalances, global value chains, input-output analysis\\\",<\\\/div><div>  author   = \\\"Stefan Ederer and Peter Reschenhofer\\\",<\\\/div><div>  note     = \\\"Growth Patterns and Trade Imbalances in the EMU\\\",<\\\/div><div>  year     = \\\"2016\\\",<\\\/div><div>  month    = jan,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Growth Patterns and Trade Imbalances in the EMU. A Global Value Chain Analysis<\\\/p><p>AU  - Ederer, Stefan<\\\/p><p>AU  - Reschenhofer, Peter<\\\/p><p>N1  - Growth Patterns and Trade Imbalances in the EMU<\\\/p><p>PY  - 2016\\\/1<\\\/p><p>Y1  - 2016\\\/1<\\\/p><p>N2  - This paper assesses whether or to what extent the macroeconomic imbalances, which emerged in the \\\"North\\\" and \\\"South\\\" of the European Monetary Union before the financial and economic crisis of 2008-09, are symmetric. First, we show that the imbalances stemmed from different growth patterns and quantify the contributions of foreign and domestic demand to GDP growth in the EMU countries. Second, we calculate bilateral exports and imports between all EU countries, applying the concept of \\\"trade in value added\\\", and discuss their role in the emergence of trade surpluses and deficits. Third, we quantify to what extent an increase in domestic demand in the North and a decrease in the South would support the elimination of these imbalances. Finally, we calculate a hypothetical scenario in which final demand expands to such extent that all intra-EMU trade is balanced. We thereby evaluate whether or to what extent the macroeconomic imbalances can be eliminated by demand adjustments in the EMU countries.<\\\/p><p>AB  - This paper assesses whether or to what extent the macroeconomic imbalances, which emerged in the \\\"North\\\" and \\\"South\\\" of the European Monetary Union before the financial and economic crisis of 2008-09, are symmetric. First, we show that the imbalances stemmed from different growth patterns and quantify the contributions of foreign and domestic demand to GDP growth in the EMU countries. Second, we calculate bilateral exports and imports between all EU countries, applying the concept of \\\"trade in value added\\\", and discuss their role in the emergence of trade surpluses and deficits. Third, we quantify to what extent an increase in domestic demand in the North and a decrease in the South would support the elimination of these imbalances. Finally, we calculate a hypothetical scenario in which final demand expands to such extent that all intra-EMU trade is balanced. We thereby evaluate whether or to what extent the macroeconomic imbalances can be eliminated by demand adjustments in the EMU countries.<\\\/p><p>KW  - European Monetary Union<\\\/p><p>KW  -  macroeconomic imbalances<\\\/p><p>KW  -  global value chains<\\\/p><p>KW  -  input-output analysis<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/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>Growth Patterns and Trade Imbalances in the EMU. 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