期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：During economic downturns, weak domestic demand developments seem to be an additional driver ofexports, as firms increase their efforts to serve markets abroad to compensate the fall in domestic sales.This may constitute an additional mechanism adjustment for the euro area countries where real exchangerate variations are limited by the common currency itself and the present low inflation environment.However, this substitution effect between domestic and foreign sales could be different across euro areamembers. This paper uses panel data techniques to assess the role of the export structure in explainingthese differences. Building a novel indicator for product concentration, the results suggest that domesticdemand developments are more relevant to explain exports in countries with a lower productconcentration index (that is, more diversified exports). This contributes to explain why euro area countriesunder stress registered different economic performance during the most recent years
