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Debt, assets and imbalances in the euro area. An aggregate view

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  • Christophe Van Nieuwenhuyze
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    Abstract

    The recent developments in the euro area have shown how important it is that the various economic sectors pay attention to their financial positions. In the literature, the approach to analyse these positions is often partial, focusing on the government sector or just on the gross debt, as in the case of Reinhart and Rogoff (2010) and Cecchetti et al. (2011). This paper conducts an aggregate analysis of the debt positions of the euro area countries, taking account not only of the public debt but also of private sector debt and the financial assets of the various sectors (net debt). On the basis of this analysis, it emerges that euro area countries differ extensively in terms of their total net debt. In a context of hampered financial integration, the euro area might benefit from a reduction of these differences. JEL Classification: E42, E61, F32, F34, F36, F4.

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    Bibliographic Info

    Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

    Volume (Year): N° 127 (2013)
    Issue (Month): 1 ()
    Pages: 123-152

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    Handle: RePEc:cai:reofsp:reof_127_0123

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    Web page: http://www.cairn.info/revue-de-l-ofce.htm

    Related research

    Keywords: euro; financial crisis; debt; imbalances; balance of payments; net international investment position; flow-of-funds; economic governance;

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    References

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    1. Morris A. Copeland, 1952. "A Study of Moneyflows in the United States," NBER Books, National Bureau of Economic Research, Inc, number cope52-1, octubre-d.
    2. Jean Tirole, 2011. "Illiquidity and All Its Friends," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 287-325, June.
    3. De Grauwe, Paul, 2011. "Governance of a Fragile Eurozone," CEPS Papers 5523, Centre for European Policy Studies.
    4. Lane, Philip R. & Pels, Barbara, 2012. "Current Account Imbalances in Europe," CEPR Discussion Papers 8958, C.E.P.R. Discussion Papers.
    5. Lojsch, Dagmar Hartwig & Rodríguez-Vives, Marta & Slavík, Michal, 2011. "The size and composition of government debt in the euro area," Occasional Paper Series 132, European Central Bank.
    6. Carmen M. Reinhart & Vincent R. Reinhart & Kenneth S. Rogoff, 2012. "Public Debt Overhangs: Advanced-Economy Episodes since 1800," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 69-86, Summer.
    7. Balassone, F. & Cunha, J. & Langenus, G. & Manzke, B. & Pavot, J. & Prammer, D. & Tommasino, P., 2008. "Fiscal sustainability and policy implications for the euro area," Working papers 225, Banque de France.
    8. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
    9. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-78, May.
    10. Hans-Werner Sinn & Timo Wollmershäuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility," CESifo Working Paper Series 3500, CESifo Group Munich.
    11. Fabrizio Balassone & Jorge Cunha & Geert Langenus & Bernhard Manzke & Jeanne Pavot & Doris Prammer & Pietro Tommasino, 2011. "Fiscal sustainability and policy implications: a post-crisis analysis for the euro area," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 3(2), pages 210-234.
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