How Germany's Labor Market Reforms Crushed the French and the PIIGS

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How Germany's Labor Market Reforms Crushed the French and the PIIGS

  1. 1. How Germanys Labor MarketReforms 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. 2. Current Account 1997 4.0% 3.0% 2.0% 1.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0%
  3. 3. Current Account 1998 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0%
  4. 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. 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. 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. 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. 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. 9. Current Account 2004 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0%
  10. 10. Current Account 2005 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0% -12.0%
  11. 11. Current Account 2006 8.0% 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0%
  12. 12. Current Account 2007 10.0% 5.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -5.0% -10.0% -15.0% -20.0%
  13. 13. Current Account 2008 10.0% 5.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -5.0% -10.0% -15.0% -20.0%
  14. 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. 15. Current Account 2010 8.0% 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0% -12.0%
  16. 16. Current Account 2011 8.0% 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0% -12.0%

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