Von der Euroeinführung zur Schuldenkrise: Ergebnisse einer Wachstumszerlegung für ausgewählte Länder des Euroraums
n the aftermath of the Great Recession, the Euro Area turned into a deep financial and currency crisis. Depending on their economic structures, however, member countries have been affected in different ways. Performing a growth accounting for Germany, France, Italy, Spain, Greece and Portugal, it turns out that large capital investments paved the way for growth in pre-crisis years. While this led to productivity-enhancing structural change in Greece and Portugal, overcapacities were created in the Spanish construction sector. Eliminating these overcapacities led to declining production in post-crisis years albeit to a highly different extent in the considered countries. Despite employment being still on the decline in several countries, structural reforms should be pursued to stop further labor and capital outflow.
An de Meulen, P. and T. Schmidt (2013), Von der Euroeinführung zur Schuldenkrise: Ergebnisse einer Wachstumszerlegung für ausgewählte Länder des Euroraums. Vierteljahrshefte zur Wirtschaftsforschung , 82, 2, 77–96
DOI: 10.3790/vjh.82.2.77