Jump to ContentJump to Main Navigation
Europe and the Euro$
Users without a subscription are not able to see the full content.

Alberto Alesina and Francesco Giavazzi

Print publication date: 2010

Print ISBN-13: 9780226012834

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226012858.001.0001

Show Summary Details
Page of

PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 01 July 2022

The Euro and Firm Restructuring

The Euro and Firm Restructuring

(p.99) 3 The Euro and Firm Restructuring
Europe and the Euro

Matteo Bugamelli

Fabiano Schivardi

Roberta Zizza

University of Chicago Press

One of the main drivers of European integration was the idea that a more integrated European economy would promote economic efficiency, allowing countries to fully exploit their competitive advantages, fostering factor mobility and increasing allocational efficiency. The euro was a crucial milestone along this path. The productivity growth has been relatively stronger in those countries and sectors that relied more on competitive devaluations to regain price competitiveness before the euro was adopted. This finding is confirmed by an analysis of firm-level data from the Italian manufacturing sector. This study finds that low-tech businesses, which arguably benefited most from devaluations, have been restructuring more since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream and downstream activities, such as product design, advertising, marketing, and distribution, and a corresponding reduction in the share of blue-collar workers.

Keywords:   allocational efficiency, restructuring, euro, European integration, blue-collar workers

Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.