The Euro Plus Pact: Competitiveness and External Capital Flows in the EU Countries
The Euro Plus Pact was approved by the European Union countries in March 2011. The pact stipulates various measures to strengthen competitiveness with the ultimate aim of preventing accumulation of unsustainable external imbalances. This article uses Granger causality tests to assess the short‐term...
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| Veröffentlicht in: | Journal of common market studies 2015-05, Vol.53 (3), p.558-576 |
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| container_title | Journal of common market studies |
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| creator | Gabrisch, Hubert Staehr, Karsten |
| description | The Euro Plus Pact was approved by the European Union countries in March 2011. The pact stipulates various measures to strengthen competitiveness with the ultimate aim of preventing accumulation of unsustainable external imbalances. This article uses Granger causality tests to assess the short‐term linkages between changes in relative unit labour costs and changes in the current account balance for the period 1995–2011. The main finding is that changes in the current account balance precede changes in relative unit labour costs, while there is no discernible effect in the opposite direction. This suggests that capital flows from the European core to the periphery contributed to the divergence in unit labour costs across Europe prior to the global financial crisis. The results also suggest that the measures to restrain unit labour costs may have only limited effect on the current account balance in the short term. |
| doi_str_mv | 10.1111/jcms.12220 |
| format | Article |
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The pact stipulates various measures to strengthen competitiveness with the ultimate aim of preventing accumulation of unsustainable external imbalances. This article uses Granger causality tests to assess the short‐term linkages between changes in relative unit labour costs and changes in the current account balance for the period 1995–2011. The main finding is that changes in the current account balance precede changes in relative unit labour costs, while there is no discernible effect in the opposite direction. This suggests that capital flows from the European core to the periphery contributed to the divergence in unit labour costs across Europe prior to the global financial crisis. The results also suggest that the measures to restrain unit labour costs may have only limited effect on the current account balance in the short term.</description><identifier>ISSN: 0021-9886</identifier><identifier>EISSN: 1468-5965</identifier><identifier>DOI: 10.1111/jcms.12220</identifier><language>eng</language><publisher>Oxford: Blackwell Publishing Ltd</publisher><subject>Accumulation ; Capital flow ; Capital movement ; Center and Periphery ; Common markets ; Competition ; Competitiveness ; Divergence ; Economic Crises ; Europe ; European Monetary Union ; European Union ; Financial crisis ; Labor costs ; Labour costs ; Money ; Studies</subject><ispartof>Journal of common market studies, 2015-05, Vol.53 (3), p.558-576</ispartof><rights>2014 The Author(s) JCMS: Journal of Common Market Studies © 2014 John Wiley & Sons Ltd</rights><rights>Copyright © 2015 John Wiley & Sons, Ltd.</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1111%2Fjcms.12220$$EPDF$$P50$$Gwiley$$H</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1111%2Fjcms.12220$$EHTML$$P50$$Gwiley$$H</linktohtml><link.rule.ids>314,776,780,1411,27901,27902,45550,45551</link.rule.ids></links><search><creatorcontrib>Gabrisch, Hubert</creatorcontrib><creatorcontrib>Staehr, Karsten</creatorcontrib><title>The Euro Plus Pact: Competitiveness and External Capital Flows in the EU Countries</title><title>Journal of common market studies</title><addtitle>J Common Mark Stud</addtitle><description>The Euro Plus Pact was approved by the European Union countries in March 2011. 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The results also suggest that the measures to restrain unit labour costs may have only limited effect on the current account balance in the short term.</description><subject>Accumulation</subject><subject>Capital flow</subject><subject>Capital movement</subject><subject>Center and Periphery</subject><subject>Common markets</subject><subject>Competition</subject><subject>Competitiveness</subject><subject>Divergence</subject><subject>Economic Crises</subject><subject>Europe</subject><subject>European Monetary Union</subject><subject>European Union</subject><subject>Financial crisis</subject><subject>Labor costs</subject><subject>Labour costs</subject><subject>Money</subject><subject>Studies</subject><issn>0021-9886</issn><issn>1468-5965</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2015</creationdate><recordtype>article</recordtype><sourceid>7UB</sourceid><recordid>eNqFkTtPwzAUhS0EEqWw8AsssbCk-NrxI2woaguoPERBSCyWSR1wSZMQOzz-PQlFDCzc5ZzhO0e6OgjtAxlBd0fLbOVHQCklG2gAsVARTwTfRANCKESJUmIb7Xi_JIQAJ3yAbm6fLR63TYWvi9bja5OFY5xWq9oGF9ybLa332JQLPP4ItilNgVNTu9DppKjePXYlDn3DXRdqy9A463fRVm4Kb_d-dIjuJuPb9DSaXU3P0pNZ9BRzSqI8iWlmeWIejZAyXtBMsAxYrJJc5oSKmHALHEQuGecLGWfyUSasMx2urAI2RIfr3rqpXlvrg145n9miMKWtWq9BgiKCApX_o0IREFxJ0aEHf9Bl1faP95SkMUuEoh0Fa-rdFfZT141bmeZTA9H9DLqfQX_PoM_Ti_m36zLROuN8sB-_GdO8aCGZ5Pr-cqrnMIOHGzbRc_YFuKWJFQ</recordid><startdate>201505</startdate><enddate>201505</enddate><creator>Gabrisch, Hubert</creator><creator>Staehr, Karsten</creator><general>Blackwell Publishing Ltd</general><scope>BSCLL</scope><scope>7UB</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>201505</creationdate><title>The Euro Plus Pact: Competitiveness and External Capital Flows in the EU Countries</title><author>Gabrisch, Hubert ; Staehr, Karsten</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-g4520-f942ce59aba6774d2c63c13489f7f026405e1516f7355d74c7b793d74a678e813</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2015</creationdate><topic>Accumulation</topic><topic>Capital flow</topic><topic>Capital movement</topic><topic>Center and Periphery</topic><topic>Common markets</topic><topic>Competition</topic><topic>Competitiveness</topic><topic>Divergence</topic><topic>Economic Crises</topic><topic>Europe</topic><topic>European Monetary Union</topic><topic>European Union</topic><topic>Financial crisis</topic><topic>Labor costs</topic><topic>Labour costs</topic><topic>Money</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Gabrisch, Hubert</creatorcontrib><creatorcontrib>Staehr, Karsten</creatorcontrib><collection>Istex</collection><collection>Worldwide Political Science Abstracts</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of common market studies</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Gabrisch, Hubert</au><au>Staehr, Karsten</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The Euro Plus Pact: Competitiveness and External Capital Flows in the EU Countries</atitle><jtitle>Journal of common market studies</jtitle><addtitle>J Common Mark Stud</addtitle><date>2015-05</date><risdate>2015</risdate><volume>53</volume><issue>3</issue><spage>558</spage><epage>576</epage><pages>558-576</pages><issn>0021-9886</issn><eissn>1468-5965</eissn><abstract>The Euro Plus Pact was approved by the European Union countries in March 2011. 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| ispartof | Journal of common market studies, 2015-05, Vol.53 (3), p.558-576 |
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| language | eng |
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| source | Political Science Complete; Wiley Online Library Journals Frontfile Complete; Worldwide Political Science Abstracts; HeinOnline Law Journal Library; EBSCOhost Business Source Complete |
| subjects | Accumulation Capital flow Capital movement Center and Periphery Common markets Competition Competitiveness Divergence Economic Crises Europe European Monetary Union European Union Financial crisis Labor costs Labour costs Money Studies |
| title | The Euro Plus Pact: Competitiveness and External Capital Flows in the EU Countries |
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