TIPO DE CAMBIO REAL Y VENTAJA ABSOLUTA DE COSTO: ESPAÑA, 2000-2014
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Abstract
RESUMEN
En esta investigación se busca contrastar la hipótesis de que el tipo de cambio real efectivo entre los sectores manufactureros de España y el de sus socios de la Unión Europea se encuentra regulado, en el periodo 2000-2014, por los costos laborales unitarios verticalmente integrados relativos y las diferencias intrasectoriales de la tasa de ganancia. Utilizando técnicas de cointegración en datos de panel, los resultados apuntan a que entre las tres variables existe una relación estable en el largo plazo. De igual manera, los vectores de cointegración indican que la posición competitiva de los sectores manufactureros españoles está asociada de forma positiva con la disminución de los costos unitarios de producción, en tanto que se relaciona de forma negativa con el incremento de la brecha de rentabilidad intrasectorial.
REAL EXCHANGE RATE AND ABSOLUTE COST ADVANTAGE: SPAIN, 2000-2014
ABSTRACT
This research is aimed to test the hypothesis that the real effective exchange rate between Spain’s manufacturing sectors and its European Union partners has been governed by the relative vertically integrated unit labor costs and the intrasectoral differences of the profit rate during 2000-2014. Using panel cointegration techniques, the results suggest that there exists a stable long-run relationship between those three variables. Likewise, cointegration vectors indicate that the Spanish manufacturing competitiveness is positively associated with the decrease in unit costs of production, while it is negatively related to the increase in the intrasectoral profitability gap.Article Details
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