Ainda a propósito da descida da TSU - proxy de desvalorização fiscal ou desvalorização interna vale a pena ler:
Jesus Felipe Utsav Kumar, Do some countries in the Eurozone need an internal devaluation? A reassessment of what unit labour costs really mean
Eis uma parte da conclusões:
"We have argued that the recent debate about the need to reduce unit labour costs in the peripheral countries of the Eurozone is misguided. This is the consequence of using aggregate data to measure a variable that is only meaningful in physical terms. Indeed, aggregate unit labour costs are not just a weighted average of the firm’s unit labour costs. We have shown that aggregate unit labour costs can be interpreted as the product of the share of labour in output multiplied by the price deflator. The increase in aggregate unit labour costs observed across the Eurozone is the result of the increase in the second component, the deflator. In fact, except in Greece, labour shares have either remained stable since 1980, or declined.(...)"
