1468-0327/asset/olbannerleft.gif?v=1&s=a38120f248bf4ad6ef23e8cde194b8ca9e9dd6c2)
1468-0327/asset/ECOP_centre.gif?v=1&s=263ae9d97f642d0e8caa0923f6176d09a1168ce2)
Europe and global imbalances
Article first published online: 16 AUG 2007
DOI: 10.1111/j.1468-0327.2007.00184.x
Additional Information
How to Cite
Lane, P. R. and Milesi-Ferretti, G. M. (2007), Europe and global imbalances. Economic Policy, 22: 519–573. doi: 10.1111/j.1468-0327.2007.00184.x
Publication History
- Issue published online: 16 AUG 2007
- Article first published online: 16 AUG 2007
- Abstract
- Article
- References
- Cited By
SUMMARY
Europe and global imbalances
Although Europe in the aggregate is 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.
— Philip R. Lane and Gian Maria Milesi-Ferretti