Europe and Global Imbalances

By Philip R. Lane, Gian M Milesi-Ferretti

June 1, 2007

Preview Citation

Format: Chicago

Philip R. Lane, and Gian M Milesi-Ferretti. Europe and Global Imbalances, (USA: International Monetary Fund, 2007) accessed September 24, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Although Europe in the aggregate is a 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.

Subject: Current account, Current account balance, Current account deficits, External position, Foreign assets

Keywords: Dollar position, Euro area, Monetary policy, U.S. dollar, WP

Publication Details

Pages:

59
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2007/144
Stock No:

WPIEA2007144
ISBN:

9781451867084
ISSN:

1018-5941

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