Current Account Imbalances in the Euro Area: A Comparative Perspective
This paper considers the increase in current account imbalances in euro area countries since the early 1990s. While the euro area as a whole has remained relatively close to external balance, the current account balances of individual countries have diverged: Spain, Greece and Portugal ran large cur...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2010
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper considers the increase in current account imbalances in euro area countries since the early 1990s. While the euro area as a whole has remained relatively close to external balance, the current account balances of individual countries have diverged: Spain, Greece and Portugal ran large current account deficits by historical norms for industrial economies, while Germany and the Netherlands ran large surpluses. These imbalances are larger and more sustained than those observed in recent decades. While there has been extensive discussion of the US and Chinese external positions in the context of the debate on global imbalances, more attention has been given to the developments in the euro area only in the wake of the recent sovereign debt crisis. This paper uses a period-average model estimated on data for OECD countries since the late 1960s to investigate the determinants of current account imbalances. Fundamental economic factors are found to play an important role, in line with earlier studies, but do not fully explain the extent of imbalances over the past decade. The strength of housing investment appears to capture important effects over this period. This working paper relates to the 2010 OECD Economic Survey of the Euro Area (www.oecd.org/eco/surveys/euroarea) |
| Beschreibung: | 1 Online-Ressource (20 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5km33svj7pxs-en |
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| 520 | |a This paper considers the increase in current account imbalances in euro area countries since the early 1990s. While the euro area as a whole has remained relatively close to external balance, the current account balances of individual countries have diverged: Spain, Greece and Portugal ran large current account deficits by historical norms for industrial economies, while Germany and the Netherlands ran large surpluses. These imbalances are larger and more sustained than those observed in recent decades. While there has been extensive discussion of the US and Chinese external positions in the context of the debate on global imbalances, more attention has been given to the developments in the euro area only in the wake of the recent sovereign debt crisis. This paper uses a period-average model estimated on data for OECD countries since the late 1960s to investigate the determinants of current account imbalances. Fundamental economic factors are found to play an important role, in line with earlier studies, but do not fully explain the extent of imbalances over the past decade. The strength of housing investment appears to capture important effects over this period. This working paper relates to the 2010 OECD Economic Survey of the Euro Area (www.oecd.org/eco/surveys/euroarea) | ||
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| spelling | Barnes, Sebastian Verfasser aut Current Account Imbalances in the Euro Area A Comparative Perspective Sebastian Barnes, Jeremy Lawson and Artur Radziwill = Les déséquilibres de la balance courante dans la zone euro : une perspective comparative / Sebastian Barnes, Jeremy Lawson et Artur Radziwill Les déséquilibres de la balance courante dans la zone euro Paris OECD Publishing 2010 1 Online-Ressource (20 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper considers the increase in current account imbalances in euro area countries since the early 1990s. While the euro area as a whole has remained relatively close to external balance, the current account balances of individual countries have diverged: Spain, Greece and Portugal ran large current account deficits by historical norms for industrial economies, while Germany and the Netherlands ran large surpluses. These imbalances are larger and more sustained than those observed in recent decades. While there has been extensive discussion of the US and Chinese external positions in the context of the debate on global imbalances, more attention has been given to the developments in the euro area only in the wake of the recent sovereign debt crisis. This paper uses a period-average model estimated on data for OECD countries since the late 1960s to investigate the determinants of current account imbalances. Fundamental economic factors are found to play an important role, in line with earlier studies, but do not fully explain the extent of imbalances over the past decade. The strength of housing investment appears to capture important effects over this period. This working paper relates to the 2010 OECD Economic Survey of the Euro Area (www.oecd.org/eco/surveys/euroarea) Economics Euro Area Lawson, Jeremy ctb Radziwill, Artur ctb https://doi.org/10.1787/5km33svj7pxs-en Verlag kostenfrei Volltext |
| spellingShingle | Barnes, Sebastian Current Account Imbalances in the Euro Area A Comparative Perspective Economics Euro Area |
| title | Current Account Imbalances in the Euro Area A Comparative Perspective |
| title_alt | Les déséquilibres de la balance courante dans la zone euro |
| title_auth | Current Account Imbalances in the Euro Area A Comparative Perspective |
| title_exact_search | Current Account Imbalances in the Euro Area A Comparative Perspective |
| title_exact_search_txtP | Current Account Imbalances in the Euro Area A Comparative Perspective |
| title_full | Current Account Imbalances in the Euro Area A Comparative Perspective Sebastian Barnes, Jeremy Lawson and Artur Radziwill = Les déséquilibres de la balance courante dans la zone euro : une perspective comparative / Sebastian Barnes, Jeremy Lawson et Artur Radziwill |
| title_fullStr | Current Account Imbalances in the Euro Area A Comparative Perspective Sebastian Barnes, Jeremy Lawson and Artur Radziwill = Les déséquilibres de la balance courante dans la zone euro : une perspective comparative / Sebastian Barnes, Jeremy Lawson et Artur Radziwill |
| title_full_unstemmed | Current Account Imbalances in the Euro Area A Comparative Perspective Sebastian Barnes, Jeremy Lawson and Artur Radziwill = Les déséquilibres de la balance courante dans la zone euro : une perspective comparative / Sebastian Barnes, Jeremy Lawson et Artur Radziwill |
| title_short | Current Account Imbalances in the Euro Area |
| title_sort | current account imbalances in the euro area a comparative perspective |
| title_sub | A Comparative Perspective |
| topic | Economics Euro Area |
| topic_facet | Economics Euro Area |
| url | https://doi.org/10.1787/5km33svj7pxs-en |
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