Die jüngste Weltwirtschafts- und Finanzkrise hat die Gruppen der Euro-Skeptiker und Euro-Gegner nochmals kräftig durcheinander gewirbelt. Frühere strikte Euro-Gegner wie Dänemark und Island wollen neuerdings beitreten. Polen nach wie vor überzeugter Anhänger flexibler Wechselkurse ist dem...

Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...

Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...