The Euro and Firm Restructuring

Bugamelli, Matteo; Schivardi, Fabiano; Zizza, Roberta

doi:10.7208/chicago/9780226012858.003.0004

Cited by 244 publications

(35 citation statements)

References 15 publications

(29 reference statements)

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“…Surprisingly, in the academic literature the evidence on the macroeconomic effects of the euro on growth and productivity are scant at best, a notable exception being a recent paper by Bugamelli et al (2010) which convincingly shows that the euro has led to stronger labour productivity growth in sectors that used to compete mostly in prices and in countries that tended to rely more on competitive devaluations. 1 In this paper we aim to contribute to the debate on the economic effects of the euro by estimating the effect of the euro adoption on per capita GDP with yearly data for a set of seventeen European countries over the period 1990-2010 using a simple differences-in-differences framework.…”

Section: Introductionmentioning

confidence: 99%

The Introduction of the Euro and Economic Growth: Some Panel Data Evidence

Conti

2014

Journal of Applied Economics

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We use a difference in difference estimation framework to analyse the effects of the adoption of the euro on the level of per capita GDP for a sample of seventeen European countries (the EU15 plus Norway and Iceland) over the period 1990-2010. We find that the adoption of the euro may have raised the level of per capita GDP (and labour productivity) by about 4 percent. There is also some evidence that the impact of the euro has been smaller in the case of countries with a high debt-to-GDP ratio in 1999 when the euro was introduced. Results are robust to controlling for country fixed effects, time trends and to estimation strategies that control for crosscountry parameter heterogeneity.

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Section: Introductionmentioning

confidence: 99%

The Introduction of the Euro and Economic Growth: Some Panel Data Evidence

Conti

2014

Journal of Applied Economics

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“…33 Several studies suggest that the "China shock" and, more generally, the increasing competition of low-wage countries did indeed have a significant impact on advanced economies (for a survey, see Autor, Dorn and Hanson, 2016). Focusing on Italy, there is evidence of an impact on sector-level productivity (Bugamelli and Rosolia, 2006;Bugamelli, Schivardi and Zizza, 2009), on firms' pricing strategies (Bugamelli, Fabiani and Sette, 2015), on output and employment in the manufacturing sector, including inter-sectoral effects via input-output linkages (Federico 2014), on exports (Giovannetti, Sanfilippo and Velucchi, 2011) and on export unit values (Giovannetti and Sanfilippo, 2016). 34 The analysis is based on more than 4,500 products defined at the HS 6-digit level.…”

Section: Structure Interaction Adaptation Competitivenessmentioning

confidence: 99%

Back on Track? A Macro-Micro Narrative of Italian Exports

et al. 2017

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We provide an in-depth analysis of Italy's export performance relative to the other main euro-area countries over the last two decades, using both macro and micro data. We argue that the relatively unsatisfactory performance of Italian goods exports until the eve of the 2008-09 crisis is the result of the interplay between the appreciation of the real effective exchange rate, the initial specialization in types of production that were particularly exposed to increasing competition from low-wage countries, and the size distribution of exporters, skewed towards small firms. Since 2010 signs of structural improvement have emerged, alongside cyclical factors, in connection with a shift in the specialization of exports towards sectors that are less exposed to competitive pressures and particularly effective in activating domestic value added. Moreover, the selection process triggered by the exceptional difficulties encountered by micro and small firms both before and during the global financial crisis might have structurally strengthened the population of Italian exporters, making it more resilient to negative shocks and more capable of keeping pace with external demand.

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“…One of the reasons why a country joining the EMU may want to adopt structural reforms is that the competitive devaluation channel is not available anymore as a tool (or a palliative) to regain competitiveness. 15 In Table 2, we explore this idea. Lacking competitiveness indicators at the country-sector-year level for the period 1975-2003 for the energy, communications, and transport sectors, we measure competitiveness with variables varying only along the country-year dimension.…”

Section: Why Should the Euro Matter? -Empirical Evidencementioning

confidence: 99%

The Euro and Structural Reforms*

2008

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and our discussant Otmar Issing for very useful comments and Carlo Prato and Roberto Robatto for excellent research assistantship. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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The Euro and Firm Restructuring

Cited by 244 publications

References 15 publications

The Introduction of the Euro and Economic Growth: Some Panel Data Evidence

The Introduction of the Euro and Economic Growth: Some Panel Data Evidence

Back on Track? A Macro-Micro Narrative of Italian Exports

The Euro and Structural Reforms*

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