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Descripción

Current account (CA) dispersion within European Union (EU) member states has been increasing progressively since the 1990s. Interestingly, the persistent deficits in many peripheral countries have not been accompanied by a significant growth process able to stimulate a long run rebalancing as neoclassical theory predicts. To shed light on the issue this paper investigates the determinants of Eurozone CA imbalances, focusing on the role played by financial integration. The analysis considers two samples of 22 OECD and 15 EU countries, three time horizons corresponding to various steps in European integration, different control variables and several panel econometric methods. The results suggest that within the OECD and EU groups, financial integration contributed to explain CA deterioration in the peripheral countries especially in the post-EMU period. The business cycle seems to have played a growing role over time, whereas the role of competiveness seems to have diminished with respect to the past.

Pertenece a

ARCHIVE OF EUROPEAN INTEGRATION   Archive of European Integration  

Autor(es)

Cesaroni, Tatiana -  De Santis, Roberta - 

Id.: 71227907

Versión: 1.0

Estado: Final

Tipo:  application/pdf - 

Palabras claveEMU/EMS/euro - 

Tipo de recurso: Discussion Paper  -  NonPeerReviewed  - 

Tipo de Interactividad: Expositivo

Nivel de Interactividad: muy bajo

Audiencia: Estudiante  -  Profesor  -  Autor  - 

Estructura: Atomic

Coste: no

Copyright: sí

Formatos:  application/pdf - 

Requerimientos técnicos:  Browser: Any - 

Relación: [References] http://www.lse.ac.uk/european-institute/research/leqs-discussion-paper-series/papers
[References] http://aei.pitt.edu/93658/

Fecha de contribución: 19-abr-2018

Contacto:

Localización:
* Cesaroni, Tatiana and De Santis, Roberta (2015) Current account “Core-periphery dualism” in the EMU. LEQS Discussion Paper No. 90/2015 March 2015. [Discussion Paper]

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