di Mauro, Filippo; Pappadà, Francesco - In: Journal of International Money and Finance 48 (2014) PB, pp. 336-356
The objective of this paper is to explore the consequences of the correction of Euro area trade imbalances on real … Obstfeld and Rogoff (2005), since the adjustment takes place within and outside the Euro area. Both types of adjustments are … Euro area countries. With respect to the surplus country (Germany), countries running a trade deficit (Spain, Italy) are …