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|c 5.00 USD
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|z 9781475524673
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Chen, Ruo.
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|a External Imbalances in the Euro Area /
|c Ruo Chen, Gian Milesi-Ferretti, Thierry Tressel.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (49 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-a-vis the rest of the world -in particular vis-a-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-a-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions' securities, and cross-border interbank lending) which permitted external imbalances to grow over time.
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|a Mode of access: Internet
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|a Milesi-Ferretti, Gian.
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|a Tressel, Thierry.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/236
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/236/001.2012.issue-236-en.xml
|z IMF e-Library
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