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The export performance of the euro area: A panel quantile regression approach

This paper examines the impact of relevant factors on merchandise exports,
 volume growth, and the competitiveness of euro-area countries. It uses panel
 regressions to explain the development of merchandise exports in the
 euro-area countries by various price/cost competitiveness indicators,
 development of foreign and domestic demand, and the structure of merchandise
 exports. A cointegration analysis of panel time series was established by
 applying econometric tests and the cointegration equation for the period
 1999-2018 was estimated using FMOLS (Fully Modified OLS) and DOLS (Dynamic
 OLS) estimators. We show that the increase in the share of information
 communication technology (ICT) product exports in the total merchandise
 exports of euro-area members had a positive impact on their export
 performance. The empirical results show that foreign demand has a positive
 impact on real merchandise exports, while the estimated coefficients
 decreased from the lower to upper quantiles. The results regarding price and
 cost competitiveness differ depending on the choice of indicators, but in
 general they are less robust. Therefore, we conclude that in the long run,
 non-price factors will play an increasingly important role in strengthening
 the competitive position of euro-area countries in international markets.