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首页> 外文期刊>Applied Economics >Internal Devaluations and Equilibrium Exchange Rates: new evidences and perspectives for the EMU
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Internal Devaluations and Equilibrium Exchange Rates: new evidences and perspectives for the EMU

机译：内部贬值和均衡汇率：动车组的新证据和新观点

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摘要

From the onset of the euro crisis to the Brexit vote, we have witnessed impressive reductions of current account imbalances in peripheral countries of the euro area. These reductions can be the result of either a compression of internal demand or an improvement in external competitiveness. In this paper, we compute exchange rate misalignments within the euro area to assess whether peripheral countries have managed to improve their external competitiveness. After controlling for the reduction of business cycle synchronization within the EMU, we find that peripheral countries have managed to reduce their exchange rate misalignments thanks to internal devaluations. To some extent, these favourable evolutions reflect improvements in external competitiveness. Nevertheless, these gains could only be temporary if peripheral countries do not improve their non-price competitiveness, their trade structures and their international specializations in the long run.
机译：从欧元危机爆发到英国脱欧公投，我们目睹了欧元区外围国家经常账户失衡的惊人减少。这些减少可能是内部需求压缩或外部竞争力提高的结果。在本文中，我们计算了欧元区内的汇率错位，以评估外围国家是否已设法提高其外部竞争力。在控制了EMU内部的商业周期同步减少之后，我们发现外围国家由于内部贬值而设法减少了汇率错位。这些有利的变化在某种程度上反映了外部竞争力的提高。然而，这些收益只有在外围国家长远而言不提高其非价格竞争力，贸易结构和国际专长的情况下才是暂时的。

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