Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/46574 
Full metadata record
Appears in Collections:
DC FieldValueLanguage
dc.contributor.authorSchnabl, Guntheren
dc.contributor.authorZemanek, Holgeren
dc.date.accessioned2011-01-19-
dc.date.accessioned2011-06-29T11:21:36Z-
dc.date.available2011-06-29T11:21:36Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/46574-
dc.description.abstractIn the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account surplus by increasing wages to forestall a new build-up of unsustainable intra-E(M)U indebtedness. We analyse the emergence of intra-European imbalances since the year 1990 based on the theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the origin of the 1992/93 crisis of the European Monetary System, but also for the rising intra-European current account imbalances since the euro introduction and thereby the current European debt crisis. Based on this finding we argue that an increase of German spending to reduce its current account surplus is not only in the interest of German taxpayers to contain financial risk, but would also impose austerity on the rest of Europe. The resulting new wave of crisis could trigger a new round of monetary expansion in the EMU.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3279en
dc.subject.jelE21en
dc.subject.jelF15en
dc.subject.jelF32en
dc.subject.jelF36en
dc.subject.ddc330en
dc.subject.keywordmonetary unionen
dc.subject.keywordGerman unificationen
dc.subject.keywordasymmetric shocken
dc.subject.keywordcurrent account imbalancesen
dc.subject.keywordinter-temporal savingsen
dc.subject.keywordfinancial crisisen
dc.subject.keywordeuro crisisen
dc.subject.keywordEuropean debt crisisen
dc.subject.keywordtheory of optimum currency areasen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwLeistungsbilanzen
dc.subject.stwZahlungsbilanzungleichgewichten
dc.subject.stwOptimaler Währungsraumen
dc.subject.stwZeitpräferenzen
dc.subject.stwWährungskriseen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwEU-Staatenen
dc.subject.stwNationale Einheiten
dc.subject.stwSchocken
dc.subject.stwDeutschlanden
dc.titleInter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union-
dc.typeWorking Paperen
dc.identifier.ppn644261447en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Files in This Item:
File
Size
165.82 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.