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Determinants of Current Account Imbalances in the Eurozone : A Politico-Economic Analysis

Kanthak, Leon - 2013

The recent "eurozone crisis" called attention to the substantial current account imbalances within the euro area which … unsustainable movements in the current account. The pre-crisis eurozone was characterized by large and persistent current account … managing the domestic level of wages and prices. In the pre-crisis eurozone, due to diverging configurations of domestic …

Persistent link: https://www.econbiz.de/10014160517

Current Account Targeting Hypothesis versus Twin Deficit Hypothesis : the EMU Experience of Portugal

Afonso, António; Coelho, José - 2021

We study the relationship between the government budget balance and the current account balance for Portugal, using quarterly data from 1999 to 2019. On the one hand, the causality tests find a unidirectional relation running from the current account balance to the government budget balance. On...

Persistent link: https://www.econbiz.de/10013220907

Chapter 12. International Financial Crises

Lorenzoni, Guido - In: Handbook of international economics : Volume 4, (pp. 689-740). 2014

This chapter surveys recent research on international financial crises. A financial crisis is characterized by a sudden, dramatic outflow of financial resources from an economy with an open capital account. This outflow may be primarily driven by the expectation of a large nominal devaluation,...

Persistent link: https://www.econbiz.de/10014025374

Fiscal Divergence, Current Account and TARGET2 Imbalances in the EMU

Abad, José M. - 2012

Bundesbank to forestall asset price bubbles in Germany. We argue that economic recovery in periphery countries is key for a … reduction of TARGET2 imbalances and therefore surplus liquidity in Germany …

Persistent link: https://www.econbiz.de/10013108357

Oil Price Shocks, Monetary Policy and Current Account Imbalances within a Currency Union

Baas, Timo - 2018

For more than two decades now, current-account imbalances are a crucial issue in the international policy debate as they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows that internal current account imbalances inside a currency...

Persistent link: https://www.econbiz.de/10012927770

Current Account Imbalances in the Euro Area : Catching Up or Competitiveness?

Belke, Ansgar Hubertus - 2011

In the debate on global imbalances, the euro area countries did not receive much attention so far. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency. In this paper, the imbalances...

Persistent link: https://www.econbiz.de/10013128894

A further view on current account, capital account and Target2 balances : assessing the effect on capital structure and economic welfare

Sell, Friedrich L.; Sauer, Beate - 2011

In this paper, we first present the state and the development of the European capital and current account imbalances. We demonstrate how large the heterogeneity among European countries is and that clustering here different types of countries is possible, but that it leads to different groupings...

Persistent link: https://www.econbiz.de/10009303947

Policy options to durably resolve euro area imbalances

Guillemette, Yvan; Turner, David - 2013

A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically-adjust observed current account balances and...

Persistent link: https://www.econbiz.de/10009767761

Are the current account imbalances between EMU countries sustainable?

Schoder, Christian; Proano, Christian; Semmler, Willi - 2012

wachsenden Ungleichgewichte der Leistungsbilanzen in der Eurozone. Wir testen ob die Europäische Währungsunion diese … mit einer Regimeverschiebung von Nachhaltigkeit zu Unnachhaltigkeit der Außenverschuldung in der Eurozone verbunden ist. …

Persistent link: https://www.econbiz.de/10009616530

Current account imbalances in the euro area : catching up or competitiveness?

Belke, Ansgar; Dreger, Christian - 2011

In der Diskussion über globale Ungleichgewichte spielen die Länder der Eurozone bisher nicht die zentrale Rolle …. Während die Leistungsbilanz für die gesamte Währungsunion ausgeglichen ist, sind die Ungleichgewichte zwischen den …

Persistent link: https://www.econbiz.de/10008935252