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7th IOS Annual Conference: Firms and Social Change in Eastern and South-Eastern Europe. Historical, Political and Economic Perspectives
: Donnerstag, 23.05. bis Samstag, 25.05.2019
: Leibniz-Institut für Ost- und Südosteuropaforschung (IOS)

Summer Academy 2019: Socioeconomic consequences of climate change, disasters, and extreme events: Individual outcomes, regional development, and mitigation policies.

11th Joint IOS/APB/EACES Summer Academy on Central and Eastern Europe.
Dates: July 8-10, 2019
Location: Akademie für Politische Bildung Tutzing on Lake Starnberg near Munich
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29. Mai 2018

The European Imbalances, the North-South Divide and the International Linkages: A Global VAR Approach

Ein Vortrag von Theodore Panagiotidis (University of Macedonia, Greece)  im Rahmen der Seminarreihe des AB Ökonomie am IOS.
Datum: 29. Mai 2018
Zeit: 13.30 Uhr
Ort: Leibniz-Institut für Ost-und Südosteuropaforschung (IOS), Landshuter Str. 4 (Raum 109)

The north-south divide of the European economies has been the subject of debate. Motivated by the global trade imbalances and their impact under the EMU framework, we employ a Global Vector Auto-Regressive (GVAR) model for 28 developed and developing countries in order to assess the propagation mechanisms of real trade and macroeconomic shocks, focusing on the interconnections among the North Euro Area (NEA) and the South Euro Area (SEA). We incorporate theory-based long-run restrictions and examine various scenarios such: non-export real output shocks, expansionary shocks and real exchange rate shocks. The results provide support for a symmetric adjustment in the Euro area; an expansionary policy of the NEA and increased competitiveness in the SEA should establish a common framework to encounter trade imbalances of the debtor Euro area economies. We show that NEA and U.S. origin shocks to domestic output exert a dominant influence in the rest of Europe and Asia while the strong linkage between trade flows within the Euro area is confirmed.