The paper assesses the contribution of key factors associated with external imbalances in the Eurozone through the estimation of a panel-data vector autoregressive model over 1975-2011. Growth fluctuations, initially associated with demand booms triggered by unusually low interest rates and later with demand contractions resulting from the crisis and policy adjustments, have been key drivers of current account fluctuations. Changes in competitiveness...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2013/12/01
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Рабочий документ в рамках исследования вопросов политики
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WPS6732
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1
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1
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2013/12/01
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Disclosed
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Growth and competitiveness as factors of Eurozone external imbalances : evidence and policy implications
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external imbalance