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Journal articles

Combien nous coûte l’appréciation de l’euro ?

Abstract : Contribution of net exports to growth was markedly negative in 2003 in the euro area (– 0.6 percentage point). These evolutions have been caused — despite the recovery of the second semester — by the persistence of moderate growth rates of world exchanges observed since 2000 and by the euro’s appreciation, the effect of which has become negative in 2003. Euro appreciation has reduced the growth rate of the euro area by 0.7 percentage point in 2003. Albeit our forecasts are based on a normalization of the euro/dollar echange rate, lagged effects of the appreciation would reduce the growth rate of the euro area by 0.9 percentage point in 2004. These global results hide nevertheless heterogeneity in the performances of the member countries, resistance of Germany contrasting with the structural weaknesses of the international integration of e.g. France and Italy.
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Submitted on : Tuesday, November 30, 2021 - 10:17:05 PM
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Elena Stancanelli, Valerie Chauvin, Guillaume Chevillon, Odile Chagny, Hélène Baudchon, et al.. Combien nous coûte l’appréciation de l’euro ?. Revue de l'OFCE, Presses de Sciences Po, 2004, pp.205 - 215. ⟨10.3917/reof.089.0205⟩. ⟨hal-03458735⟩



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