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Fiscal Austerity and Export Performance: The Case of Greece

机译：财政紧缩与出口表现：以希腊为例

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Financial integration and common monetary policy, along with improved prospects for the EMU member countries, instigated a flow of funds from north to south, causing a positive aggregate demand shock in those countries that absorbed the funds. The result was a surge in imports and prices of non-tradable and tradable goods, effective exchange rate appreciation and external imbalances. Greece was one of the southern countries that experienced a significant decline in competitiveness. The resulting large and persistent current account deficits contributed to the accumulation of a sizeable external debt. The financial crisis that erupted in 2008 resulted in the macroeconomic imbalances of the Greek economy, the downgrading of Greek sovereign debt and the consequent debt and economic crises. The recommendation of European Central Bank (ECB), European Commission (EC) and International Monetary Fund (IMF) for the restructuring of the Greek economy and an improvement in competitiveness was "internal devaluation" through fiscal austerity and structural reforms. These recommendations were designed to restore the lost competitiveness of the tradable sector, reallocate resources to the production of exportable goods, raise exports, eliminate the current account deficit and reduce external debt. However, the performance of Greek exports has been worse than expected. Among other factors, some economists argue that the unprecedented fiscal contraction imposed by Greece's creditors has been an obstacle to export growth.
机译：金融一体化和共同的货币政策，以及欧洲货币联盟成员国的前景改善，促使资金从北向南流动，从而在吸收资金的国家引起了积极的总需求冲击。结果是非贸易和可贸易商品的进口和价格激增，有效的汇率升值和外部失衡。希腊是南部地区竞争力显着下降的国家之一。随之而来的庞大而持续的经常账户赤字导致大量外债的积累。 2008年爆发的金融危机导致希腊经济出现宏观经济失衡，希腊主权债务降级以及随之而来的债务和经济危机。欧洲中央银行（ECB），欧洲委员会（EC）和国际货币基金组织（IMF）关于重组希腊经济和提高竞争力的建议是通过财政紧缩和结构改革进行的“内部贬值”。这些建议旨在恢复可贸易部门丧失的竞争力，将资源重新分配给可出口商品的生产，增加出口，消除经常账户赤字并减少外债。但是，希腊出口表现差于预期。除其他因素外，一些经济学家认为，希腊债权人实施的前所未有的财政收缩已经成为出口增长的障碍。

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