Herrmann, Sabine; Winkler, Adalbert - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
differentconvergence clubs with the euro area and the US representing the core, respectively. Inline with the theoretical literature, we … degree offinancial integration within the convergence clubs as well as the extent of reserveaccumulation are found to be the … that the overallcharacter of integration matters for the pattern of current account developments incatching-up economies.[...] …