Europe and Global Imbalances
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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.
Series:
Working Paper No. 2007/144
Subject:
Current account Current account balance Current account deficits External position Foreign assets
English
Publication Date:
June 1, 2007
ISBN/ISSN:
9781451867084/1018-5941
Stock No:
WPIEA2007144
Pages:
59
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