Hidden Bibliographic Details
| Other authors / contributors: | Allard, CeĢline.
International Monetary Fund.
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| ISBN: | 1280884657
9781280884658
9781451879940
1451879946
9781451813036
1451813031
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| Notes: | Includes bibliographical references (page 25).
Print version record.
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| Summary: | During 2001-04, the performance of the external sector differed markedly among the four largest euro area countries. This study describes the evolution of the traditional determinants of exports and import--domestic and foreign demand and cost and price competitiveness--and econometrically assesses their contributions to the evolution of trade volumes during this period. While it is found that these factors go a long way in explaining differences across countries, considerable unexplained residuals remain, indicating that, barring data problems, other factors, unobservable or omitted, also played an important role during 2001-04. Several stylized facts stand out. Imports were well explained by the import content of domestic and foreign demand, while competitiveness played only a secondary role. For exports, all countries benefited from rising global demand, with Spain profiting the most and France the least. Similarly, all countries endured real exchange rate appreciation, with Italy suffering the most and Germany the least. Interestingly, the unexplained part of exports was positive for German--thus exports behaved stronger than expecte--and negative for the other three countries.
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| Other form: | Print version: France, Germany, Italy, and Spain. Washington, D.C. : International Monetary Fund, 2005
Microform version: France, Germany, Italy, and Spain. Washington, D.C. : International Monetary Fund, 2005
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