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Rebalancing der Leistungsbilanzdefizite in den Peripheriestaaten des Euroraums

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  • Matthes, Jürgen

Abstract

In den südeuropäischen Krisenländern Griechenland, Portugal und Spanien erfolgen bereits merkliche Anpassungen, die dort infolge der Leistungsbilanzdefizite und der hohen Auslandsverschuldung notwendig sind. Die Wachstumsraten der realen Exporte waren zuletzt überaus kräftig. Zum Teil konnten die Krisenländer sogar die Anteile an ihren Exportmärkten ausbauen. Da sich zugleich die Importdynamik abschwächte, zeigen sich deutliche Fortschritte bei der Verminderung der Handelsbilanzdefizite. Dies gilt vor allem für Spanien. Diese Korrekturen relativieren zugleich die Bedeutung der Wettbewerbsfähigkeit. Lohnsenkungen in einer Größenordnung von mehr als 20 Prozent sind wohl nicht notwendig. Insgesamt dürften sich im Gefolge dieser Korrekturen auch die Netto-Auslandsschulden stabilisieren.

Suggested Citation

  • Matthes, Jürgen, 2012. "Rebalancing der Leistungsbilanzdefizite in den Peripheriestaaten des Euroraums," IW-Trends – Vierteljahresschrift zur empirischen Wirtschaftsforschung, Institut der deutschen Wirtschaft (IW) / German Economic Institute, vol. 39(1), pages 71-88.
    • Handle: RePEc:zbw:iwktre:157047
    DOI: 10.2373/1864-810X.12-01-05
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    References listed on IDEAS

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    1. Mr. Helge Berger & Volker Nitsch, 2010. "The Euro’s Effecton Trade Imbalances," IMF Working Papers 2010/226, International Monetary Fund.
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    More about this item

    Keywords

    Außenwirtschaft; Leistungsbilanz;

    JEL classification:

    • F1 - International Economics - - Trade
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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