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dc.contributor.authorKörner, Finn Martenen
dc.contributor.authorZemanek, Holgeren
dc.date.accessioned2012-07-11-
dc.date.accessioned2012-07-25T09:38:41Z-
dc.date.available2012-07-25T09:38:41Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/60098-
dc.description.abstractIn this paper we study the intra-euro area imbalances based on a dynamic general equilibrium model. We show that European financial integration and the introduction of the euro might have contributed to the development of imbalances. Interest rate convergence following EMU accession led to net foreign debt positions, which prove difficult to reverse. Simulation results for the euro area suggest that current account imbalances and foreign debt positions of today's crisis countries have significantly diverged from a sustainable path. Increasing investment in the EMU core and productivity in crisis countries may permit a return to sustainable foreign debt levels and correct macroeconomic imbalances in the euro area.en
dc.language.isoengen
dc.publisher|aUniversität Leipzig, Wirtschaftswissenschaftliche Fakultät |cLeipzigen
dc.relation.ispartofseries|aWorking Paper |x109en
dc.subject.jelE44en
dc.subject.jelF32en
dc.subject.jelF34en
dc.subject.jelG15en
dc.subject.ddc330en
dc.subject.keywordcurrent account imbalancesen
dc.subject.keywordeuro areaen
dc.subject.keywordforeign debten
dc.subject.keywordsustainabilityen
dc.subject.keywordgeneral equilibrium modelen
dc.titleOn the brink? Intra-euro area imbalances and the sustainability of foreign debt-
dc.typeWorking Paperen
dc.identifier.ppn719263379en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:leiwps:109en

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