Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/303373 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
LEQS Paper No. 90
Verlag: 
London School of Economics and Political Science (LSE), European Institute, London
Zusammenfassung: 
Current account (CA) dispersion within European Union (EU) member states has been increasing progressively since the 1990s. Interestingly, the persistent deficits in many peripheral countries have not been accompanied by a significant growth process able to stimulate a long run rebalancing as neoclassical theory predicts. To shed light on the issue this paper investigates the determinants of Eurozone CA imbalances, focusing on the role played by financial integration. The analysis considers two samples of 22 OECD and 15 EU countries, three time horizons corresponding to various steps in European integration, different control variables and several panel econometric methods. The results suggest that within the OECD and EU groups, financial integration contributed to explain CA deterioration in the peripheral countries especially in the post-EMU period. The business cycle seems to have played a growing role over time, whereas the role of competiveness seems to have diminished with respect to the past.
Schlagwörter: 
current account imbalances
financial integration
EMU
core-periphery countries
panel econometric models
JEL: 
F36
F43
Dokumentart: 
Working Paper

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