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Economic Development and Performance of Eurozone Economies: The Growing Imbalances During the Crisis
Journal of the Knowledge Economy ( IF 1.815 ) Pub Date : 2021-03-01 , DOI: 10.1007/s13132-021-00768-z
Pantelis C. Kostis

The recent global financial crisis in Europe is defined as a debt crisis and a crisis of sudden stops in capital flows. But to a large extent, it was also a competitiveness crisis, which separated the core and the periphery Eurozone countries. The main issue under consideration in this paper is whether the crisis has exacerbated economic performance and imbalances. The data used in the analysis refer to the Eurozone countries, for the period from 2000 up to the last recessionary year for Eurozone (2013), which is divided into the period before and the period after the outbreak of the crisis. To test this hypothesis, an Index of Economic Performance is calculated based on the stability and growth of five indicators that determine the level of competitiveness. The main conclusions of the analysis are as follows: Countries that increase production, improve productivity, maintain or increase employment levels, reduce hourly wages, and reduce working hours instead of laying off people and increase their share of exports are considered the most successful. There is a widening of imbalances in the Eurozone, especially after the outbreak of the financial crisis, highlighting the reasons why some economies have been hit more or less by the recent global financial crisis, affecting in that way their economic development process. The management of the crisis has failed to reduce these imbalances, with the result that the European South and the European North of the Eurozone are diverging, delaying the process of European integration.



中文翻译:

欧元区经济的经济发展和绩效:危机期间日益严重的失衡

欧洲最近的全球金融危机被定义为债务危机和资本流动突然停止的危机。但是在很大程度上,这也是一场竞争危机,将核心和周边欧元区国家分开了。本文考虑的主要问题是危机是否加剧了经济表现和失衡。分析中使用的数据是指欧元区国家,从2000年到欧元区最后一个衰退年(2013年),该时期分为危机爆发前的时期和危机爆发后的时期。为了检验这一假设,根据确定竞争力水平的五个指标的稳定性和增长来计算经济绩效指数。分析的主要结论如下:提高生产率,维持或增加就业水平,降低小时工资和减少工作时间而不是解雇人员并增加其出口份额被认为是最成功的方法。欧元区的失衡现象正在扩大,尤其是在金融危机爆发之后。这突出表明了一些经济体或多或少受到最近的全球金融危机打击,从而以这种方式影响其经济发展进程的原因。危机的管理未能减少这些不平衡,结果是欧元区的欧洲南部和欧洲北部正在分化,从而延迟了欧洲一体化进程。减少工作时间而不是解雇人员并增加其出口份额被认为是最成功的。欧元区的失衡现象正在扩大,尤其是在金融危机爆发后,这突出表明了一些经济体或多或少受到最近的全球金融危机打击,从而以这种方式影响其经济发展进程的原因。危机的管理未能减少这些不平衡,结果是欧元区的欧洲南部和欧洲北部正在分化,从而延迟了欧洲一体化进程。减少工作时间而不是解雇人员并增加其出口份额被认为是最成功的。欧元区的失衡现象正在扩大,尤其是在金融危机爆发后,这突出表明了一些经济体或多或少受到最近的全球金融危机打击,从而以这种方式影响其经济发展进程的原因。危机的管理未能减少这些不平衡,结果是欧元区的欧洲南部和欧洲北部正在分化,从而延迟了欧洲一体化进程。强调了一些经济体受到最近的全球金融危机或多或少打击,以这种方式影响其经济发展进程的原因。危机的管理未能减少这些不平衡,结果是欧元区的欧洲南部和欧洲北部正在分化,从而延迟了欧洲一体化进程。强调了一些经济体受到最近的全球金融危机或多或少打击,以这种方式影响其经济发展进程的原因。危机的管理未能减少这些不平衡,结果是欧元区的欧洲南部和欧洲北部正在分化,从而延迟了欧洲一体化进程。

更新日期:2021-03-14
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