TY  - UNPD
A1  - Bornhorst, Fabian
A1  - Mody, Ashoka
T1  - Test of the German Resilience
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2012,14
N2  - From its early post-war catch-up phase, Germany’s formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and helped emerge from stagnation. Volatile external demand, in turn, has elevated German GDP growth volatility by advanced countries’ standards, keeping domestic consumption growth at surprisingly low levels. As a consequence, despite the size of its economy and important labor market reforms, Germany’s ability to act as global locomotive has been limited. With increasing competition in its traditional areas of manufacturing, a more domestically-driven growth dynamic, especially in the production and delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain constrained, and Germany will play only a modest role in spurring growth elsewhere.
T3  - CFS working paper series - 2012, 14 
KW  - Economic Performance
KW  - Economic Reforms
KW  - Economic Recovery
KW  - Current Account
KW  - Productivity
KW  - Labor Market
KW  - Spillovers
KW  - Germany
Y1  - 2012
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/26877
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-268775
IS  - Version October 2012
PB  - CFS
CY  - Frankfurt, Main
ER  -