TY  - GEN
TI  - The Impact of Market Regulations on Intra-European Real Exchange Rates
AU  - Bénassy-Quéré, Agnès
AU  - COULIBALY, Dramane
PY  - 2014
PB  - HAL CCSD; Springer Verlag
LA  - eng
KW  - Balassa-Samuelson effect
KW  - Real exchange rate
KW  - Employment protection
KW  - Product market regulations
KW  - JEL: F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F41 - Open Economy Macroeconomics
KW  - JEL: J - Labor and Demographic Economics/J.J5 - Labor–Management Relations
KW  - Trade Unions
KW  - and Collective Bargaining/J.J5.J50 - General
KW  - JEL: L - Industrial Organization/L.L4 - Antitrust Issues and Policies/L.L4.L40 - General
KW  - [SHS.ECO]Humanities and Social Sciences/Economics and Finance
AB  - International audience ; We study the contribution of market regulations in the dynamics of the real exchange rate within the European Union. Based on a model proposed by De Gregorio et al. (1994a), we show that both product market regulations in nontradable sectors and employment protection tend to inflate the real exchange rate. We then carry out an econometric estimation for European countries over 1985-2006 to quantify the contributions of the pure Balassa-Samuelson effect and those of market regulations in real exchange-rate variations. Based on this evidence and on a counter-factual experiment, we conclude that the relative evolution of product market regulations and employment protection across countries play a very significant role in real exchange-rate variations within the European Union and especially within the Euro area, through theirs impacts on the relative price of nontradable goods.
UR  - https://hal-pse.archives-ouvertes.fr/hal-00961713
DO  - 10.1007/s10290-014-0185-6
UR  - https://www.pollux-fid.de/r/base-ftunivparis10:oai:HAL:hal-00961713v1
H1  - Pollux (Fachinformationsdienst Politikwissenschaft)
ER  -