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Europe and Global Imbalances

Author/Editor: Lane, Philip R. | Milesi-Ferretti, Gian Maria
Authorized for Distribution: June 1, 2007
Electronic Access: Free Full Text (PDF file size is 487KB)
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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.
 
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Series: Working Paper No. 07/144
Subject(s): Financial integration | Capital flows | Europe | Current account balances
Author's keyword(s): Financial integration | capital flows | external assets and liabilities
 
English  
    Published:   June 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007144   Pages:   59
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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