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External Imbalances In The Euro Area
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Book Synopsis External Imbalances in the Euro Area by : Ms.Ruo Chen
Download or read book External Imbalances in the Euro Area written by Ms.Ruo Chen and published by International Monetary Fund. This book was released on 2012-10-09 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis External Imbalances in the Euro Area by : Ruo Chen
Download or read book External Imbalances in the Euro Area written by Ruo Chen and published by . This book was released on 2012-09-28 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis External Imbalances in the Euro Area by : Ruo Chen
Download or read book External Imbalances in the Euro Area written by Ruo Chen and published by . This book was released on 2014 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Adjustment in Euro Area Deficit Countries by : Mr.Thierry Tressel
Download or read book Adjustment in Euro Area Deficit Countries written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2014-07-14 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area “deficit economies” (Greece, Ireland, Portugal, and Spain) that accumulated large current account deficits and external liability positions in the run-up to the crisis. It shows that relative price adjustments have been proceeding gradually. Real effective exchange rates have depreciated by 10-25 percent, driven largely by reductions in unit labor costs due to labor shedding. While exports have typically rebounded, subdued demand accounts for much of the reduction in current account deficits. Hence, the current account balance of the euro area as a whole has shifted into surplus. Internal rebalancing has come with subdued activity—notably very high unemployment in the deficit economies—and made continued adjustment more difficult. To advance rebalancing further, the paper emphasizes the need for: (1) macroeconomic policies that support demand and bring inflation in line with the ECB’s medium-term price stability objective; (2) continued EMU reforms (banking union) to ensure proper financial intermediation; and (3) structural reforms in product and labor markets to improve productivity and support the reallocation of resources to tradable sectors.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :140 pages Book Rating :4.:/5 (318 download)
Book Synopsis External Imbalances and Public Finances in the EU by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book External Imbalances and Public Finances in the EU written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2010 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigates the nature and consequences of the relationship between external imbalances and public finances and focusses on the role that fiscal policy can play in addressing and correcting existing and emerging external imbalances in the context of the global financial crisis.
Book Synopsis Rising Powers and Economic Crisis in the Euro Area by : Ferdi De Ville
Download or read book Rising Powers and Economic Crisis in the Euro Area written by Ferdi De Ville and published by Springer. This book was released on 2016-06-15 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Ferdi De Ville and Mattias Vermeiren examine the linkages between the economic crisis in the euro area and the rise of Brazil, India and China (BICs) in the global monetary and trading system. Drawing on the insights of the comparative capitalism literature, the authors show that the latter development has been a key source of the escalation of trade imbalances in the euro area, which are widely seen as an important cause of the financial and economic crisis in the region. By pointing to the external source of these imbalances and the divergent institutional capacity of the euro area countries to deal with the intensified competition associated with the rise of the BICs, De Ville and Vermeiren go beyond the focus on the divergence in unit labor costs as the driving force of these imbalances. As such, this book provides a comprehensive policy critique of the EU’s export-led growth strategy based on declining unit labor costs.
Book Synopsis Current Account Imbalances in the Southern Euro Area by : Piyaporn Sodsriwiboon
Download or read book Current Account Imbalances in the Southern Euro Area written by Piyaporn Sodsriwiboon and published by International Monetary Fund. This book was released on 2010-06-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the causes, consequences, and potential cures of the large current account deficits in the Southern Euro Area (SEA). These were mostly driven by a decline in private saving rates. But it was the European Monetary Union and the Euro, which enabled these countries to maintain investment rates, and thus run larger current account deficits, by improving their access to the international pool of saving. The paper finds that the deficits in SEA in 2008 were larger than can be explained by fundamentals, though the situation varies substantially across countries. It also finds that although the global financial crisis has started to force some unwinding, the current account deficits are expected to remain high in the medium run, though again with substantial variation across countries. The paper argues these large external deficits pose risks to the economy and therefore matter, even in a currency union, and discusses some policy options to reduce them.
Book Synopsis Progress Towards External Adjustment in the Euro Area Periphery and the Baltics by : Joong Shik Kang
Download or read book Progress Towards External Adjustment in the Euro Area Periphery and the Baltics written by Joong Shik Kang and published by International Monetary Fund. This book was released on 2014-07-22 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances. Thus far, tangible progress has been made through lower wages and/or higher productivity relative to trading partners (“internal devaluation”), which contributed to narrowing current account deficits and shifting output towards the tradables sector. While some early adjusters cut wages more rapidly followed by productivity improvement, others have only slowly improved productivity largely through labor shedding. This adjustment for most countries has come along with a substantial recession as the unit labor cost improvement has largely come from falling employment and much of the current account improvement from import compression. Going forward, these countries still need to generate growing tradables sector employment and to continue adjustment to prevent imbalances from returning as output gaps close.
Book Synopsis Macroeconomic Imbalances and Comparative Advantages in the Euro Area by : Stefan Collignon
Download or read book Macroeconomic Imbalances and Comparative Advantages in the Euro Area written by Stefan Collignon and published by ETUI. This book was released on 2012 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emergence of macroeconomic imbalances among EU member states is often seen as a major underlying factor of the recent European debt crisis. In order to identify and tackle these imbalances, the European authorities established, in 2011, a new surveillance tool incorporating rules to prevent future imbalances and labelled the Excessive Imbalance Procedure (EIP). Stefan Collignon argues that the premises of the Excessive Imbalance Procedure are in fact wrong, and its implementation therefore misguided, in that they take for granted the policy framework of the nation state whereas the Euro Area economy is, in reality, integrated into a single market with a single currency, such that so-called ‘foreign’ debt is, effectively, debt to other residents in the Euro Area. The author demonstrates, furthermore, that strict adherence to the EIP could, in conjunction with other new economic governance instruments, entail devastating consequences for peripheral countries in the European Union. Following his observation that current indicators used by the Commission fail to provide a correct or accurate assessment of imbalances in the Euro Area, the author devises a new ‘Competitive Index’, calculated as the difference between actual and equilibrium unit labour costs, which he recommends as an alternative and better indicator in the context of the Alert Mechanism Reports to be issued by the European Commission in the future.
Book Synopsis Surveillance of Intra-euro-area by :
Download or read book Surveillance of Intra-euro-area written by and published by . This book was released on 2010 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 : Total Pages :50 pages Book Rating :4.F/5 ( download)
Book Synopsis Scoreboard for the Surveillance of Macroeconomic Imbalances by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Scoreboard for the Surveillance of Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The design of the initial scoreboard is presented in the first Alert Mechanism Report (AMR) issued by the Commission on 14 February 2012. This paper adds to the AMR by describing in more detail the rationale of the different indicators, the choices made in the selection process and how they should be economically understood in the context of the MIP. The scoreboard consists of a set of ten indicators with indicative thresholds: two indicators aim at monitoring external positions, three indicators capture competitiveness developments and the subsequent five indicators reflect internal imbalances." (EU Bookshop).
Book Synopsis European Financial Linkages by : International Monetary Fund
Download or read book European Financial Linkages written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-12-01 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document external investment positions among European Union countries at the start of the financial crisis through the creation of a new database comprising bilateral external financial asset and liabilities, excluding reserve assets and derivatives. While there are some gaps in the data, the overall coverage of reported bilateral net international investment positions (IIPs) appears satisfactory. The dataset provides a richer picture of financial linkages, enabling us to map the financing of Euro area imbalances. Creditor and debtor positions vis-à-vis the rest of the EU have tended to increase between 2000 and 2008, with capital flowing largely from wealthier to catching-up economies. This has in particular resulted in an increased interdependency among Euro Area economies.
Book Synopsis Global Imbalances and External Adjustment after the Crisis by : Mr.Philip R. Lane
Download or read book Global Imbalances and External Adjustment after the Crisis written by Mr.Philip R. Lane and published by International Monetary Fund. This book was released on 2014-08-12 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.
Book Synopsis Essays on Euro Area Enlargement by : Marketta Henriksson
Download or read book Essays on Euro Area Enlargement written by Marketta Henriksson and published by . This book was released on 2006 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Overshooting the Maastricht Criteria by : Menbere Workie Tiruneh
Download or read book Overshooting the Maastricht Criteria written by Menbere Workie Tiruneh and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While mainstream economists were convinced they had solved the business cycle phenomena of macroeconomic policy making, the Great Recession has once again underscored the verdict of history, where every boom has almost always been accompanied by a bust and recession. The book discusses theoretical controversies and state-of-the art empirical studies on the link between external imbalances and real income convergence in the European Union. The book shows successful real income convergence across the European Union on the country level and pinpoints persistent regional disparities within countries in most of the member states of the European Union. The book addresses broader aspects of external imbalances and their key determinants and provides fresh empirical and exploratory evidence on paradigm shifts in the past several decades. This book also empirically estimates both the causality between public debt and economic growth as well as the optimum level of public debt for EU member states. Additionally, the book discusses the link between illicit capital flows and external imbalances in the European Union. Overall, the book critically investigates both theoretical frameworks of global imbalances and systematically evaluates milestones and paradigm shifts in global imbalances; it also offers new empirical results based on the panel data of both old and new EU member states in the past several decades. Finally, the book addresses a number of the policy challenges, disputes and controversies in the European Union in terms of solving the ongoing external imbalances and harmonizing policies to prevent future challenges.
Book Synopsis Economic Imbalances and Institutional Changes to the Euro and the European Union by : Rajmund Mirdala
Download or read book Economic Imbalances and Institutional Changes to the Euro and the European Union written by Rajmund Mirdala and published by Emerald Group Publishing. This book was released on 2017-08-22 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a critical perspective from which to observe evolution of the Euro Area and the European Union in these times of growing economic and political conflict.
Book Synopsis The EU’s Role in Fighting Global Imbalances by : Antonina Bakardjieva Engelbrekt
Download or read book The EU’s Role in Fighting Global Imbalances written by Antonina Bakardjieva Engelbrekt and published by Edward Elgar Publishing. This book was released on 2015-11-27 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU’s Role in Fighting Global Imbalances looks at the role of the European Union in addressing some of the greatest challenges of our time: poverty, protectionism, climate change, and human trafficking. The recent crisis has depleted the Union’s economic and political resources. At the same time the Union is, like never before, expected to confront these global challenges on the world political arena, where new regional power centres are establishing themselves. Based on a broad and interdisciplinary understanding of the concept of global imbalances, this book argues that these challenges follow from pervasive global imbalances, which at root are economic, political, and legal in character. Contributions from ten leading scholars in the fields of economics, law, and political science provide in-depth analyses of three key dimensions of EU foreign policy, namely: the internal challenges facing the EU, as its 28 member countries struggle to coordinate their actions; the external challenges facing the EU on the global arena, in areas where global imbalances are particularly pervasive, and where measures taken by the Union can have an important impact; and the EU´s performance on the global arena, in the eyes of other key actors. This policy-oriented, interdisciplinary volume offers real insight into the European Union and its role in global affairs and will appeal to academics and policy-makers alike.
