External imbalances in the Euro area /
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| Author / Creator: | Chen, Ruo. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2012. |
| Description: | 1 online resource (49 pages) |
| Language: | English |
| Series: | IMF working paper ; WP/12/236 IMF working paper ; WP/12/236. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12500854 |
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| 050 | 4 | |a HG3881.5.I58 |b W67 No. 236eb | |
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| 100 | 1 | |a Chen, Ruo. |0 http://id.loc.gov/authorities/names/no2011103954 | |
| 245 | 1 | 0 | |a External imbalances in the Euro area / |c prepared by Ruo Chen, Gian-Maria Milesi-Ferretti and Thierry Tressel. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (49 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/12/236 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed Oct. 2, 2012). | ||
| 520 | |a 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. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "EUR and WHD." | ||
| 500 | |a "September 2012." | ||
| 505 | 0 | |a Cover; Abstract; Table of Contents; I. Introduction; II. Stylized facts on euro area imbalances and their interpretation; A. Stylized Facts; B. Traditional Explanations for the rise of euro area imbalances; Intra-euro Area Financial Integration and Expected Growth; "Over-Optimism" and Excessive Real Appreciation; III. Euro Area imbalances and the rest of the world: new stylized facts; A. Real exchange rate appreciation; B. Trade developments with non-euro area countries; C. Capital flows; IV. Econometric evidence of the asymmetric impact of trade shocks on export competitiveness. | |
| 505 | 8 | |a A. HypothesisB. Econometric Analysis: asymmetric effects of trade shocks and of the nominal exchange rate on euro area countries; Export regressions; Import regressions -- displacement effect; Estimates of asymmetric impact of world trade shocks; V. The financing of euro area debtor countries; A. Financial integration and NFA positions; B. Sectoral and instrument composition of the NFA position; VI. Concluding remarks; References; Appendix. | |
| 650 | 0 | |a Balance of payments |z European Union countries |x Econometric models. | |
| 650 | 0 | |a Eurozone |x Econometric models. | |
| 650 | 6 | |a Balance des paiements |z Pays de l'Union européenne |x Modèles économétriques. | |
| 650 | 6 | |a Zone euro |x Modèles économétriques. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Foreign Exchange. |2 bisacsh | |
| 650 | 7 | |a Balance of payments |x Econometric models. |2 fast |0 (OCoLC)fst00825676 | |
| 651 | 7 | |a European Union countries. |2 fast |0 (OCoLC)fst01269470 | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Milesi-Ferretti, Gian-Maria. | |
| 700 | 1 | |a Tressel, Thierry. |0 http://id.loc.gov/authorities/names/nr2001031493 | |
| 710 | 2 | |a International Monetary Fund. |b European Department. |0 http://id.loc.gov/authorities/names/n86100166 | |
| 710 | 2 | |a International Monetary Fund. |b Western Hemisphere Department. |0 http://id.loc.gov/authorities/names/n82237138 | |
| 830 | 0 | |a IMF working paper ; |v WP/12/236. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2012/236/001.2012.issue-236-en.xml |y INTERNATIONAL MONETARY FUND |
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