Exports and Property Prices in France: Are They Connected?
Autor: | Balázs Égert, Rafal Kierzenkowski |
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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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