Autori
Bugamelli, Matteo
Schivardi, Fabiano
Zizza, Roberta

Titolo
The euro and firm restructuring
Periodico
Ministero dell'Economia e delle Finanze. Dipartimento del Tesoro. Working paper
Anno: 2009 - Volume: 12 - Fascicolo: 10 - Pagina iniziale: 1 - Pagina finale: 53

We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected member states’ productive structures, distinguishing between within and across sector reallocation. We find evidence that the euro has been accompanied by a reallocation of activity within rather than across sectors. Shit its adoption. productivity growth has been relatively stronger in country-sectors that once relied more on competitive devaluations to regain price competitiveness. This effect is robust to potential omitted-variable bias and correlated effects. Firm-level ev¬idence from Italian manifacturing confirms that low-tech businesses, which arguably benefitted most from devaluations, have been restructuring more since the adoption of the euro. Restructuring has entailed a shift of business focus from production to up¬stream and downstream activities, such as product design, advertising, marketing and distribution, and a corresponding reduction in the share of blue collar workers.



SICI: 1972-411X(2009)12:10<1:TEAFR>2.0.ZU;2-2
Testo completo: http://www.dt.tesoro.it/export/sites/sitodt/modules/documenti_it/analisi_progammazione/working_papers/WP_The_Euro_and_Firm_Restructuring.pdf

Esportazione dati in Refworks (solo per utenti abilitati)