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dc.contributor.authorALBONICO ALICEen_GB
dc.contributor.authorCALÈS LUDOVICen_GB
dc.contributor.authorCARDANI ROBERTAen_GB
dc.contributor.authorCROITOROV OLGAen_GB
dc.contributor.authorFERRONI FILIPPOen_GB
dc.contributor.authorGIOVANNINI MASSIMOen_GB
dc.contributor.authorHOHBERGER STEFANen_GB
dc.contributor.authorPATARACCHIA BEATRICEen_GB
dc.contributor.authorPERICOLI FILIPPOen_GB
dc.contributor.authorRACIBORSKI RAFALen_GB
dc.contributor.authorRATTO MARCOen_GB
dc.contributor.authorROEGER WERNERen_GB
dc.contributor.authorVOGEL LUKASen_GB
dc.date.accessioned2019-09-10T00:31:35Z-
dc.date.available2019-09-09en_GB
dc.date.available2019-09-10T00:31:35Z-
dc.date.created2018-07-19en_GB
dc.date.issued2019en_GB
dc.date.submitted2018-05-29en_GB
dc.identifier.citationECONOMIC MODELLING vol. 81 p. 242-273en_GB
dc.identifier.issn0264-9993 (online)en_GB
dc.identifier.urihttps://www.sciencedirect.com/science/article/pii/S0264999318307958?via%3Dihuben_GB
dc.identifier.urihttp://publications.jrc.ec.europa.eu/repository/handle/JRC112059-
dc.description.abstractFollowing the global financial crisis, the Euro Area (EA) has experienced a persistent slump and notable tradebalance adjustments, but with pronounced differences across EA Member States. We estimate a multi-countrystructural macroeconomic model to assess and compare the main drivers of GDP growth and trade balanceadjustment across Germany, France, Italy, and Spain. We find that the pronounced post-crisis slump in Italyand Spain was mainly driven by positive saving shocks (‘deleveraging’) and by an increase in investment andintra-euro risk premia. Fiscal austerity in Spain and the productivity slowdown in Italy have been additionalsizable contributors to the economic downturn. The results further suggest that euro depreciation, heightenedintra-euro risk premia and subdued investment had a sizable impact on the trade balance reversals in Italy andSpain, which has been offset in France by a strong increase in imports and lower exports.en_GB
dc.description.sponsorshipJRC.B.1-Finance and Economyen_GB
dc.format.mediumOnlineen_GB
dc.languageENGen_GB
dc.publisherELSEVIER SCIENCE BVen_GB
dc.relation.ispartofseriesJRC112059en_GB
dc.titleComparing post-crisis dynamics across Euro Area countries with the Global Multi-country modelen_GB
dc.typeArticles in periodicals and booksen_GB
dc.identifier.doi10.1016/j.econmod.2019.04.016 (online)en_GB
JRC Directorate:Growth and Innovation

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