Title France, Germany, Italy, and Spain : explaining differences in external sector performance among large euro area countries / prepared by Céline Allard [and others]

Published Washington, D.C. : International Monetary Fund, 2005

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Description 1 online resource (25 pages) : color illustrations Series IMF country report ; no. 05/401 IMF country report ; no. 05/401. Contents Abstract -- Contents -- I. INTRODUCTION -- II. DEVELOPMENTS IN KEY DETERMINANTS OF TRADE -- III. ECONOMETRIC ANALYSIS -- IV. CONCLUDING REMARKS AND IMPLICATIONS -- Annexes 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 Bibliography Includes bibliographical references (page 25) Notes Print version record Subject Imports -- France -- Econometric models Imports -- Germany -- Econometric models Imports -- Italy -- Econometric models Imports -- Spain -- Econometric models Exports -- France -- Econometric models Exports -- Germany -- Econometric models Exports -- Italy -- Econometric models Exports -- Spain -- Econometric models Exports -- Econometric models Imports -- Econometric models France Germany Italy Spain Form Electronic book Author Allard, Céline. International Monetary Fund. ISBN 1280884657 9781280884658 9781451879940 1451879946 9781451813036 1451813031

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