THE SUSTAINABILITY OF CURRENT ACCOUNT IMBALANCES IN THE EURO AREA

被引：0
|
作者：
Frias Pinedo, Isidro [1 ]
Diaz Vazquez, Maria del Rosario [1 ]
Iglesias Casal, Ana [1 ]
机构：
[1] Univ Santiago de Compostela, Santiago De Compostela, Spain
来源：
REVISTA DE ECONOMIA MUNDIAL | 2014年 / 38期
关键词：
Current Account Imbalances; Imbalances in The Euro Area; European Monetary Union; Foreign Trade; Foreign Trade Equations; PRICE ELASTICITIES; GROWTH; BALANCE; INCOME;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper we study the factors that determine the sustainability of current account deficits in the euro area (EMU-12) and its relationship to the crisis. First, we estimate the foreign trade equations, corroborating the determinant role of the income-elasticity. After, we estimate economic growth restricted by the balance of payments (Thirlwall) and we compare it with the effective growth in each country. Only Spain, Greece and Portugal maintained, between 2000 and 2007, a growth higher than that consistent with the foreign restriction. Although non-sustainable, their deficits are different: with structural roots in Greece and Portugal.
引用
收藏
页码：201 / 226
页数：26
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