Strategies of Success for the European Periphery. Insights from Regional Economics for Southern Europe
The crisis-ridden countries of southern Europe find themselves in a situation comparable to the one of flagging regions within a country: both are members of a currency union – the euro area in the first case, and the common national currency in the second. In both cases, a key policy instrument in times of crisis, i.e., currency devaluation, is not available and can only be substituted internally via a correction of price-per-output levels. In most cases this requires wage cuts since productivity increases which could also reduce unit labour costs cannot be achieved in sufficiently short time.
Year of publication: |
2013
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Authors: | Aiginger, Karl ; Firgo, Matthias ; Huber, Peter |
Published in: |
WIFO Monatsberichte (monthly reports). - Österreichisches Institut für Wirtschaftsforschung (WIFO), ISSN 0029-9898. - Vol. 86.2013, 6, p. 509-521
|
Publisher: |
Österreichisches Institut für Wirtschaftsforschung (WIFO) |
Subject: | Regionalökonomie Währungsunion |
Description of contents: | Abstract [wifo.ac.at] |
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