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...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/236. |
| Schlagworte: | |
| Online-Zugang: | 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: | Title from PDF title page (IMF Web site, viewed Oct. 2, 2012). "EUR and WHD." "September 2012." |
| Beschreibung: | 1 online resource (49 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475512120 1475512120 |
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| 490 | 1 | |a IMF working paper ; |v WP/12/236 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed Oct. 2, 2012). | ||
| 520 | |a 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. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "EUR and WHD." | ||
| 500 | |a "September 2012." | ||
| 505 | 0 | |a Cover; Abstract; Table of Contents; I. Introduction; II. Stylized facts on euro area imbalances and their interpretation; A. Stylized Facts; B. Traditional Explanations for the rise of euro area imbalances; Intra-euro Area Financial Integration and Expected Growth; "Over-Optimism" and Excessive Real Appreciation; III. Euro Area imbalances and the rest of the world: new stylized facts; A. Real exchange rate appreciation; B. Trade developments with non-euro area countries; C. Capital flows; IV. Econometric evidence of the asymmetric impact of trade shocks on export competitiveness. | |
| 505 | 8 | |a A. HypothesisB. Econometric Analysis: asymmetric effects of trade shocks and of the nominal exchange rate on euro area countries; Export regressions; Import regressions -- displacement effect; Estimates of asymmetric impact of world trade shocks; V. The financing of euro area debtor countries; A. Financial integration and NFA positions; B. Sectoral and instrument composition of the NFA position; VI. Concluding remarks; References; Appendix. | |
| 650 | 0 | |a Balance of payments |z European Union countries |x Econometric models. | |
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| 710 | 2 | |a International Monetary Fund. |b European Department. |0 http://id.loc.gov/authorities/names/n86100166 | |
| 710 | 2 | |a International Monetary Fund. |b Western Hemisphere Department. |0 http://id.loc.gov/authorities/names/n82237138 | |
| 758 | |i has work: |a External imbalances in the Euro area (Text) |1 https://id.oclc.org/worldcat/entity/E39PCFttCjpJmVbK7JKM9RhxH3 |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
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| author_GND | http://id.loc.gov/authorities/names/no2011103954 http://id.loc.gov/authorities/names/nr2001031493 |
| author_corporate | International Monetary Fund. European Department International Monetary Fund. Western Hemisphere Department |
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| author_facet | Chen, Ruo Milesi-Ferretti, Gian-Maria Tressel, Thierry International Monetary Fund. European Department International Monetary Fund. Western Hemisphere Department |
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| contents | Cover; Abstract; Table of Contents; I. Introduction; II. Stylized facts on euro area imbalances and their interpretation; A. Stylized Facts; B. Traditional Explanations for the rise of euro area imbalances; Intra-euro Area Financial Integration and Expected Growth; "Over-Optimism" and Excessive Real Appreciation; III. Euro Area imbalances and the rest of the world: new stylized facts; A. Real exchange rate appreciation; B. Trade developments with non-euro area countries; C. Capital flows; IV. Econometric evidence of the asymmetric impact of trade shocks on export competitiveness. A. HypothesisB. Econometric Analysis: asymmetric effects of trade shocks and of the nominal exchange rate on euro area countries; Export regressions; Import regressions -- displacement effect; Estimates of asymmetric impact of world trade shocks; V. The financing of euro area debtor countries; A. Financial integration and NFA positions; B. Sectoral and instrument composition of the NFA position; VI. Concluding remarks; References; Appendix. |
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| indexdate | 2024-11-26T14:49:07Z |
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| institution_GND | http://id.loc.gov/authorities/names/n86100166 http://id.loc.gov/authorities/names/n82237138 |
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| spelling | Chen, Ruo. http://id.loc.gov/authorities/names/no2011103954 External imbalances in the Euro area / prepared by Ruo Chen, Gian-Maria Milesi-Ferretti and Thierry Tressel. [Washington, D.C.] : International Monetary Fund, ©2012. 1 online resource (49 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/12/236 Title from PDF title page (IMF Web site, viewed Oct. 2, 2012). 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. Includes bibliographical references. "EUR and WHD." "September 2012." Cover; Abstract; Table of Contents; I. Introduction; II. Stylized facts on euro area imbalances and their interpretation; A. Stylized Facts; B. Traditional Explanations for the rise of euro area imbalances; Intra-euro Area Financial Integration and Expected Growth; "Over-Optimism" and Excessive Real Appreciation; III. Euro Area imbalances and the rest of the world: new stylized facts; A. Real exchange rate appreciation; B. Trade developments with non-euro area countries; C. Capital flows; IV. Econometric evidence of the asymmetric impact of trade shocks on export competitiveness. A. HypothesisB. Econometric Analysis: asymmetric effects of trade shocks and of the nominal exchange rate on euro area countries; Export regressions; Import regressions -- displacement effect; Estimates of asymmetric impact of world trade shocks; V. The financing of euro area debtor countries; A. Financial integration and NFA positions; B. Sectoral and instrument composition of the NFA position; VI. Concluding remarks; References; Appendix. Balance of payments European Union countries Econometric models. Eurozone Econometric models. Balance des paiements Pays de l'Union européenne Modèles économétriques. Zone euro Modèles économétriques. BUSINESS & ECONOMICS Foreign Exchange. bisacsh Balance of payments Econometric models fast European Union countries fast Milesi-Ferretti, Gian-Maria. Tressel, Thierry. http://id.loc.gov/authorities/names/nr2001031493 International Monetary Fund. European Department. http://id.loc.gov/authorities/names/n86100166 International Monetary Fund. Western Hemisphere Department. http://id.loc.gov/authorities/names/n82237138 has work: External imbalances in the Euro area (Text) https://id.oclc.org/worldcat/entity/E39PCFttCjpJmVbK7JKM9RhxH3 https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/12/236. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=516977 Volltext |
| spellingShingle | Chen, Ruo External imbalances in the Euro area / IMF working paper ; Cover; Abstract; Table of Contents; I. Introduction; II. Stylized facts on euro area imbalances and their interpretation; A. Stylized Facts; B. Traditional Explanations for the rise of euro area imbalances; Intra-euro Area Financial Integration and Expected Growth; "Over-Optimism" and Excessive Real Appreciation; III. Euro Area imbalances and the rest of the world: new stylized facts; A. Real exchange rate appreciation; B. Trade developments with non-euro area countries; C. Capital flows; IV. Econometric evidence of the asymmetric impact of trade shocks on export competitiveness. A. HypothesisB. Econometric Analysis: asymmetric effects of trade shocks and of the nominal exchange rate on euro area countries; Export regressions; Import regressions -- displacement effect; Estimates of asymmetric impact of world trade shocks; V. The financing of euro area debtor countries; A. Financial integration and NFA positions; B. Sectoral and instrument composition of the NFA position; VI. Concluding remarks; References; Appendix. Balance of payments European Union countries Econometric models. Eurozone Econometric models. Balance des paiements Pays de l'Union européenne Modèles économétriques. Zone euro Modèles économétriques. BUSINESS & ECONOMICS Foreign Exchange. bisacsh Balance of payments Econometric models fast |
| 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_full | External imbalances in the Euro area / prepared by Ruo Chen, Gian-Maria Milesi-Ferretti and Thierry Tressel. |
| title_fullStr | External imbalances in the Euro area / prepared by Ruo Chen, Gian-Maria Milesi-Ferretti and Thierry Tressel. |
| title_full_unstemmed | External imbalances in the Euro area / prepared by Ruo Chen, Gian-Maria Milesi-Ferretti and Thierry Tressel. |
| title_short | External imbalances in the Euro area / |
| title_sort | external imbalances in the euro area |
| topic | Balance of payments European Union countries Econometric models. Eurozone Econometric models. Balance des paiements Pays de l'Union européenne Modèles économétriques. Zone euro Modèles économétriques. BUSINESS & ECONOMICS Foreign Exchange. bisacsh Balance of payments Econometric models fast |
| topic_facet | Balance of payments European Union countries Econometric models. Eurozone Econometric models. Balance des paiements Pays de l'Union européenne Modèles économétriques. Zone euro Modèles économétriques. BUSINESS & ECONOMICS Foreign Exchange. Balance of payments Econometric models European Union countries |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=516977 |
| work_keys_str_mv | AT chenruo externalimbalancesintheeuroarea AT milesiferrettigianmaria externalimbalancesintheeuroarea AT tresselthierry externalimbalancesintheeuroarea AT internationalmonetaryfundeuropeandepartment externalimbalancesintheeuroarea AT internationalmonetaryfundwesternhemispheredepartment externalimbalancesintheeuroarea |