Exports and Property Prices in France: Are They Connected?

Autor: Balázs Égert, Rafal Kierzenkowski
Přispěvatelé: EconomiX, Université Paris Nanterre (UPN)-Centre National de la Recherche Scientifique (CNRS), HAL Nanterre, Administrateur
Jazyk: angličtina
Rok vydání: 2014
Předmět:
construction
Frankreich
resource allocation
Außenhandelswirtschaft
International trade
Export performance
Boom
Competition (economics)
OECD-Staaten
Empirical research
0502 economics and business
OECD
France
competitiveness
exports
export performance
construction
house prices
resource allocation

Economics
ddc:330
Production (economics)
F10
050207 economics
[SHS.ECO] Humanities and Social Sciences/Economics and Finance
exports
Immobilienpreis
050208 finance
competitiveness
Offshoring
business.industry
F14
05 social sciences
O52
Econometric analysis
jel:F10
Oecd countries
International economics
Exportindustrie
[SHS.ECO]Humanities and Social Sciences/Economics and Finance
jel:F14
O14
jel:O52
Bauwirtschaft
8. Economic growth
OECD
Allokation
house prices
Internationaler Wettbewerb
Bubbles
France
export performance
Vergleich
jel:O14
business
Zdroj: The World Economy
The World Economy, Wiley, 2014, 37, pp.387-409
The World Economy, 2014, 37, pp.387-409
ISSN: 0378-5920
1467-9701
Popis: France has seen a marked deterioration in its export performance in the last 10 years or so. Previous empirical research pointed out that weak export performance was due to i) vigorous domestic demand; ii) lower mark-ups due to head-to-head competition with Germany; iii) low non-price competitiveness of French export goods; iv) offshoring of entire production processes (especially in the automobile sector); and v) difficulties of French manufacturing firms to reach critical size for exporting. This paper adds an additional explanation to this list. We argue that resource reallocation from the exporting to the construction sector triggered by fast rising property prices hindered France to meet world export demand vis-Ã -vis its products. Our econometric analysis shows that the resource reallocation argument helps explain French export performance between the early 2000s and 2007, unexplained by traditional models. This result is confirmed for a set of OECD countries that experienced a marked decline in their export performance and sustained real-estate boom after 2000.
Databáze: OpenAIRE
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