Adjustment in euro area deficit countries :: progress, challenges, and policies /

"Imbalances within the euro area have been a defining feature of the crisis. Since the start of Economic and Monetary Union (EMU), several euro area 'deficit' economies have accumulated large net foreign liabilities (NFLs) on the back of domestic demand booms and large capital inflows...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Körperschaften: International Monetary Fund. European Department, International Monetary Fund. Research Department
Weitere Verfasser: Tressel, Thierry
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C. : International Monetary Fund, European Department and Research Department, 2014.
Schriftenreihe:IMF staff discussion note ; SDN/14/7.
Schlagworte:
Online-Zugang:Volltext
Zusammenfassung:"Imbalances within the euro area have been a defining feature of the crisis. Since the start of Economic and Monetary Union (EMU), several euro area 'deficit' economies have accumulated large net foreign liabilities (NFLs) on the back of domestic demand booms and large capital inflows. These included Greece, Ireland, Portugal, and Spain. When the crisis hit, capital inflows stopped, and liquidity dried up. The deficit economies suffered deep recessions and very large increases in unemployment rates. The primitive forces that caused external imbalances have partly been reined in, including scaled-back expectations about future productivity growth and related capital flows and reduced implicit guarantees owing to financial sector reforms and policy actions, including debt restructuring."--Executive summary
Beschreibung:"July 2014."
Beschreibung:1 online resource (34 pages)
ISBN:9781498362900
1498362907
149837381X
9781498373814
9781498309110
1498309119
1498311148
9781498311144

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