Trade costs limit effects of internal devaluations – ECB paper

Researcher says trade costs explain Greek failure to boost exports

The European Central Bank

A working paper published by the European Central Bank looks at the extent to which trade costs can limit the pass-through of lower costs achieved by internal devaluations to export prices.

In Internal devaluation in currency unions: the role of trade costs and taxes, Filippos Petroulakis considers what he terms the “hitherto ignored role” played by trade costs and taxes in internal devaluations. These factors played a significant role during the recent crisis in peripheral countries in the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account