Drivers of Spain’s Export Performance and the Role of the Labor Market Reforms
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Summary:
Spain’s export performance strengthened after the global financial crisis, and exports now represent more than a third of GDP. This paper argues that several factors contributed to that achievement: external demand, supported by greater diversification of destination markets; enhanced export orientation of Spanish firms, partly as a response to lower domestic demand after the crisis; and competitiveness gains, reflecting in part changes in the labor market following structural reforms adopted in 2010 and 2012. Based on cross-country panel regressions linking real export growth to employment protection indicators, those labor market reforms are estimated to account for nearly one-tenth to above one-quarter of Spain’s total export growth rate from 2010 to 2013.
Series:
Working Paper No. 2018/283
Subject:
Export performance Exports International trade Labor Labor market flexibility Labor market reforms National accounts Real exports
English
Publication Date:
December 13, 2018
ISBN/ISSN:
9781484386941/1018-5941
Stock No:
WPIEA2018283
Pages:
23
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