Chen, Ruo; Milesi-Ferretti, Gian-Maria; Tressel, Thierry - International Monetary Fund (IMF) - 2012
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 …