Slovakia: A Catching Up Euro Area Member In and Out of the Crisis [electronic resource] / Jarko Fidrmuc ... [et al] = Slovaquie: un membre de la zone euro en rattrapage pendant et après la crise / Jarko Fidrmuc ... [et al]

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Fidrmuc, Jarko

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ArticleSeries: OECD Economics Department Working Papers ; no.1019.Publication details: Paris : OECD Publishing, 2013.Description: 28 p. ; 21 x 29.7cmOther title:

Slovaquie: un membre de la zone euro en rattrapage pendant et après la crise

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Abstract: The Slovak economy experienced a strong but short recession in 2009. The recovery afterwards was driven by exports and investment. While GDP growth was one of the strongest in OECD, employment did not reach the pre-crisis level and unemployment remains stubbornly high. This paper argues that Slovakia joined the euro area after a period of unprecedented real appreciation, which generated a threat for competitiveness of its export-oriented manufacturing industry. The response combined internal devaluation with productivity increasing measures, including capital deepening and laying off low productivity workers. While this strategy was successfully restoring an external equilibrium, its consequences for domestic demand and employment are less positive. This development is compared with Estonia and Slovenia, two other small and very open economies, recently entering the euro area.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección OECD	OECD 5k4c9ktpf47g-en (Browse shelf(Opens below))	Not For Loan

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The Slovak economy experienced a strong but short recession in 2009. The recovery afterwards was driven by exports and investment. While GDP growth was one of the strongest in OECD, employment did not reach the pre-crisis level and unemployment remains stubbornly high. This paper argues that Slovakia joined the euro area after a period of unprecedented real appreciation, which generated a threat for competitiveness of its export-oriented manufacturing industry. The response combined internal devaluation with productivity increasing measures, including capital deepening and laying off low productivity workers. While this strategy was successfully restoring an external equilibrium, its consequences for domestic demand and employment are less positive. This development is compared with Estonia and Slovenia, two other small and very open economies, recently entering the euro area.

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