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External Imbalances in the Euro Area

External Imbalances in the Euro Area by Ruo Chen
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The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions' securities, and cross-border interbank lending) which permitted external imbalances to grow over time.
International Monetary Fund; October 2012
49 pages; ISBN 9781475512120
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Title: External Imbalances in the Euro Area
Author: Ruo Chen; Gian-Maria Milesi-Ferretti; Thierry Tressel
 
ISBNs
1475512120
9781475512120
9781475512137
9781475524673