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Macroeconomic Policy Making and Current Account Imbalances in the Euro Area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10013221180

Twin Deficits Through the Looking Glass : Time-Varying Analysis in the Euro Area

Afonso, António; Coelho, José Carlos - 2022

Using two measures of the fiscal position, the cyclically adjusted primary budget balance (CAPB) and the total budget balance, we assess the Twin Deficit Hypothesis for the Euro Area in the period 1995-2020. Furthermore, we estimate time-varying coefficients of the current account balance...

Persistent link: https://www.econbiz.de/10013306033

The Euro Crisis and Economic Growth : A Novel Counterfactual Approach

Terzi, Alessio - 2019

warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific … Eurozone's specificity, which is instead to be traced back to a sharper-than-expected contraction in investment and fiscal …

Persistent link: https://www.econbiz.de/10012866042

Bilateral Trade Imbalances

Cuñat, Alejandro - 2019

Bilateral trade imbalances are determined by aggregate trade imbalances, production and expenditure patterns, and trade barriers. We calibrate a dynamic many-sector trade model to match the recent sectoral trade and production shares of 40 economies and the rest of the world. Through a variance...

Persistent link: https://www.econbiz.de/10012861448

Patterns of Current Account Adjustment - Insights from Past Experience

Algieri, Bernardina; Bracke, Thierry - 2021

The paper examines episodes of current account adjustment in individual economies. A central finding is that these episodes are very divergent and can be usefully classified, on the basis of cluster analysis, in three groups. A majority of cases is characterised by internal adjustment,...

Persistent link: https://www.econbiz.de/10013317000

What Do We Really Know About the Transatlantic Current Account?

Braml, Martin - 2019

Do the U.S. have a current account surplus or a deficit with the EU? Since 2009, official sources disagree: The U.S. Department of Commerce claims a consistent U.S. surplus while Eurostat reports the opposite. International transactions are notoriously difficult to measure accurately, but the...

Persistent link: https://www.econbiz.de/10012861474

Budgetary and external imbalances relationship: a panel data diagnostic

Afonso, António; Rault, Christophe - 2009

We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship between the two imbalances for each country for the...

Persistent link: https://www.econbiz.de/10010264569

Fiscal divergence and current account imbalances in Europe

Schnabl, Gunther; Wollmershäuser, Timo - 2013

Northern European countries, in particular Germany, have tended to be in surplus. The paper scrutinizes the role of diverging …

Persistent link: https://www.econbiz.de/10010291505

Current account imbalances and structural adjustment in the Euro area : how to rebalance competitiveness

Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2009

Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...

Persistent link: https://www.econbiz.de/10010271783

Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union

Schnabl, Gunther; Zemanek, Holger - 2010

spending, Germany is urged to reduce its current account surplus by increasing wages to forestall a new build-up of …

Persistent link: https://www.econbiz.de/10010275023