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Europe and Global ImbalancesPhilip R. LaneUniversity of Dublin - Department of Economics; Centre for Economic Policy Research (CEPR) Gian Maria Milesi-FerrettiInternational 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 Abstract: 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: 54 Accepted Paper SeriesDate posted: August 24, 2007Suggested CitationContact Information
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