Europe and Global Imbalances
Philip R. Lane
University of Dublin - Department of Economics; Centre for Economic Policy Research (CEPR)
Gian Maria Milesi-Ferretti
International Monetary Fund (IMF); National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)
Economic Policy, Vol. 22, No. 51, pp. 519-573, July 2007
Although Europe in the aggregate is not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.
Number of Pages in PDF File: 54Accepted Paper Series
Date posted: August 24, 2007
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