5S - House keeping (Seiri, Seiton, Seiso, Seiketsu, Shitsuke)
How Germany's Labor Market Reforms Crushed the French and the PIIGS
1. How Germany's Labor Market
Reforms Crushed the French and
the PIIGS
Stephanie Kelton, Associate Professor of Economics
University of Missouri – Kansas City
Avraham Baranes, Ph.D. Student, Dept. of Economics
University of Missouri – Kansas City
2. Current Account 1997
4.0%
3.0%
2.0%
1.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-1.0%
-2.0%
-3.0%
-4.0%
-5.0%
-6.0%
-7.0%
3. Current Account 1998
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
4. Current Account 1999
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
5. Current Account 2000
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
6. Current Account 2001
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
7. Current Account 2002
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
8. Current Account 2003
3.0%
2.0%
1.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
-1.0%
Percent of GDP
-2.0%
-3.0%
-4.0%
-5.0%
-6.0%
-7.0%
9. Current Account 2004
6.0%
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
10. Current Account 2005
6.0%
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
11. Current Account 2006
8.0%
6.0%
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
-14.0%
12. Current Account 2007
10.0%
5.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-5.0%
-10.0%
-15.0%
-20.0%
13. Current Account 2008
10.0%
5.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-5.0%
-10.0%
-15.0%
-20.0%
14. Current Account 2009
6.0%
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
-2.0%
Percent of GDP
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
-14.0%
15. Current Account 2010
8.0%
6.0%
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
16. Current Account 2011
8.0%
6.0%
4.0%
2.0%
0.0%
Portugal Italy Ireland Greece Spain Germany France
Percent of GDP
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%