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Shedding Light on Price- and Non-Price-Competitiveness Determinants of Foreign Trade in the Four Largest Euro-Area Countries

Claire GiordanoFrancesco Zollino

出版	SSRN, 2016
URL	http://books.google.com.hk/books?id=3bHazwEACAAJ&hl=&source=gbs_api

註釋

Since the mid-2000s standard price-competitiveness indicators for euro-area countries have recently provided conflicting signals, particularly in Italy. The manufacturing unit labor cost (ULCM)-based indicator reports a major competitiveness loss in Italy. Owing to the internationalization of production processes and to the fading representativeness of labor on overall costs we argue that price-based measures are more appropriate than those based on ULCMs to assess external competitiveness and play a more important role in explaining export growth. Measuring non-price competitiveness and considering global value chains are also crucial to correctly identify the determinants of trade flows in the four largest euro-area countries.