Current Account Imbalances in Europe

• Autores: Philip R. Lane, Barbara Pels
• Localización: Moneda y crédito, ISSN 0026-959X, Nº 234, 2012, págs. 225-250
• Idioma: español
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• Dialnet Métricas: 4 Citas
• Resumen

  • The european crisis is partly atrributable to the sharp increase in external imbalances across Europe during the pre-crisis period. We examine current acoount imbalances in Europe over 1995-2007, together with the underlying saving and investment rates (and their subcomponents). We find that the discrete expansion in current account imbalances during the 2002-2007 period can be attributed to a strengthening in the link between growth forecasts and current account balances. A striking pattern was that greater optimism about future growth was associated with lower savings and higher construction investment, rather than investment in productive capital.