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The Dutch Disease of the Euro Area Peripheral Member States

João André alcobiaRicardo Cabral

出版	SSRN, 2023
URL	http://books.google.com.hk/books?id=Jkf5zwEACAAJ&hl=&source=gbs_api

註釋

This paper analyzes explanations identified in the literature for the subpar economic performance of the so-called peripheral member states of the Euro Area since the mid-1990s. It argues that a key factor was a Dutch disease-like transmission mechanism, as the adoption of the euro led to a capital inflow shock. This resulted in a structural shift in the productive structure of the peripheral economies away from technologically advanced manufactured goods, which are characterized by higher productivity growth. As a consequence, the peripheral member states specialized in non-tradable sectors, and in low-technology and labor-intensive tradable goods sectors, which largely explains the peripherals' low economic growth, low productivity growth, and growing macroeconomic imbalances.