External Imbalances in the Euro Area:
The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/236 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world -in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions' securities, and cross-border interbank lending) which permitted external imbalances to grow over time |
| Beschreibung: | 1 Online-Ressource (49 p) |
| ISBN: | 1475524676 9781475524673 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:16Z |
| indexdate | 2024-07-10T09:35:23Z |
| institution | BVB |
| isbn | 1475524676 9781475524673 |
| language | English |
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| oclc_num | 1337122379 |
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| series2 | IMF Working Papers |
| spelling | Chen, Ruo Verfasser aut External Imbalances in the Euro Area Chen, Ruo Washington, D.C International Monetary Fund 2012 1 Online-Ressource (49 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/236 The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world -in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions' securities, and cross-border interbank lending) which permitted external imbalances to grow over time Online-Ausg Milesi-Ferretti, Gian-Maria Sonstige oth Tressel, Thierry Sonstige oth http://elibrary.imf.org/view/IMF001/20026-9781475524673/20026-9781475524673/20026-9781475524673.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Chen, Ruo External Imbalances in the Euro Area |
| title | External Imbalances in the Euro Area |
| title_auth | External Imbalances in the Euro Area |
| title_exact_search | External Imbalances in the Euro Area |
| title_exact_search_txtP | External Imbalances in the Euro Area |
| title_full | External Imbalances in the Euro Area Chen, Ruo |
| title_fullStr | External Imbalances in the Euro Area Chen, Ruo |
| title_full_unstemmed | External Imbalances in the Euro Area Chen, Ruo |
| title_short | External Imbalances in the Euro Area |
| title_sort | external imbalances in the euro area |
| url | http://elibrary.imf.org/view/IMF001/20026-9781475524673/20026-9781475524673/20026-9781475524673.xml |
| work_keys_str_mv | AT chenruo externalimbalancesintheeuroarea AT milesiferrettigianmaria externalimbalancesintheeuroarea AT tresselthierry externalimbalancesintheeuroarea |