¶ … global in nature. Economies, businesses and even individuals are now becoming more interconnected. What once were isolated events in a foreign country now have a rippling effect throughout the world. The recent financial crisis of 2008, indicates how countries are now becoming more dependent on each. Holland is no different in this regard. As a burgeoning economy, Holland boasts strong catalysts for future economic growth.
A strong incentive for investment in the Netherlands is its market economy. As a member of the EU the Netherlands has an average tariff rate of 1%. This bodes well for Holland as goods and services can freely and easily matriculate through the region. With low tariffs industries with comparable advantages will be better able to import or export their goods. The top two main exports from Holland are very price sensitive as it relates to international competition. Table 1 below presents the top four exports from Holland.
Table 1.
Export
Dollar Amount
Percentage of Total Exports
Machines, Engines, Pumps
$80 Billion
14.1%
Oil
$74 Billion
13.1%
Electronic Equipment
$74 Billion
13.1%
Pharmaceuticals
$28 Billion
5%
Notice that the top products are highly sensitive to economic circumstances and price. Engines and machines are very price elastic as are electronics. Oil and Pharmaceuticals however are very price inelastic as they are often purchased in the same quantities irrespective of price over the short run. In addition, the recent weakness in the Euro relative to other nations has made exports particularly cheap. For instance, the U.S. dollar has appreciated relative to the Euro since the financial crisis. The economic climate is particular beneficial for exports as the stronger dollar makes European made goods cheaper. Items such as electronics, machines, pumps, and oil therefore can become more competitive as the dollar continues its strength relative to the Euro and the...
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References Antweiler, W., the EURO - Europe's New Currency, the University of British Columbia, Sauder School of Business, 2001 http://fx.sauder.ubc.ca/euro/last accessed on July 21, 2008 Vatahov, I., Bulgaria's Prospects of Joining the Eurozone, the Sofia Echo, March 20, 2006 Waterfield, B., Bulgaria Threatens EU Treaty with Veto Over Euro, Telegraph http://www.telegraph.co.uk/news/worldnews/1566069/Bulgaria-threatens-EU-treaty-veto-over-Euro.htmllast accessed on July 21, 2008 Bulgaria and the Euro, Official Website of the European Commission, 2008, http://ec.europa.eu/economy_finance/the_euro/your_country_euro8956_en.html. Ast accessed on July 21, 2008 Economic and Financial
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