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  • While the current account balance for the euro area as a whole has been in balance, divergences in current account positions among the euro-area members have widened since the introduction of the common currency euro. During the last 13 years Portugal, Greece and Spain have run large and persistent current account deficits, whereas Luxembourg, the Netherlands, Finland or Germany have displayed during the same period large and persistent surpluses. However, there is no unambiguous agreement among economists, whether this divergence of current account positions of the euro-area countries mirrors growing intra-euro-area imbalances (Gros, 2012) or just reflects proper functioning of the European integration process (Schmitz and von Hagen, 2009). Therefore, the aim of this paper is to estimate equilibrium current account position for each of the original 12 euro area countries so that it is possible to assess whether the divergence of intra-euro current account balances could be explained on the basis of economic fundamentals or it just reflects misallocation of resources and thus macroeconomic imbalances.
  • While the current account balance for the euro area as a whole has been in balance, divergences in current account positions among the euro-area members have widened since the introduction of the common currency euro. During the last 13 years Portugal, Greece and Spain have run large and persistent current account deficits, whereas Luxembourg, the Netherlands, Finland or Germany have displayed during the same period large and persistent surpluses. However, there is no unambiguous agreement among economists, whether this divergence of current account positions of the euro-area countries mirrors growing intra-euro-area imbalances (Gros, 2012) or just reflects proper functioning of the European integration process (Schmitz and von Hagen, 2009). Therefore, the aim of this paper is to estimate equilibrium current account position for each of the original 12 euro area countries so that it is possible to assess whether the divergence of intra-euro current account balances could be explained on the basis of economic fundamentals or it just reflects misallocation of resources and thus macroeconomic imbalances. (en)
Title
  • Current account imbalances in the euro area
  • Current account imbalances in the euro area (en)
skos:prefLabel
  • Current account imbalances in the euro area
  • Current account imbalances in the euro area (en)
skos:notation
  • RIV/62156489:43110/13:00209489!RIV14-MSM-43110___
http://linked.open...avai/riv/aktivita
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  • P(7E12049)
http://linked.open...iv/cisloPeriodika
  • 7
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
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  • 67511
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  • RIV/62156489:43110/13:00209489
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  • external balance; euro area; current account norm; panel analysis (en)
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  • CZ - Česká republika
http://linked.open...ontrolniKodProRIV
  • [55F8FCB45FC5]
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  • Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
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http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • 61
http://linked.open...iv/tvurceVysledku
  • Střelec, Luboš
  • Plecitá, Klára
  • Issever Grochová, Ladislava
issn
  • 1211-8516
number of pages
http://bibframe.org/vocab/doi
  • 10.11118/actaun201361072631
http://localhost/t...ganizacniJednotka
  • 43110
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