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Current Accounts Dynamics in new EU members: Sustainability and Policy Issues

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Author Info
Paolo Zanghieri

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Abstract

Most of the new EU members show large and persistent current account deficit. If on the one side such a phenomenon is explained by catching up, on the other hand recent experiences in emerging markets show that wide imbalances can trigger balance of payment and currency crises. Therefore current account sustainability is becoming a key policy issue for these countries, especially given their willingness to adopt the Euro within a few years. There is not a unanimous way to assess whether a current account deficit is sustainable and each method has serious drawbacks.

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Paper provided by CEPII research center in its series Working Papers with number 2004-07.

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Date of creation: Jul 2004
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Handle: RePEc:cii:cepidt:2004-07

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Related research
Keywords: current accounts; system of payments; international money and finance; transition; enlargement; macroeconomics; new open macroeconomics; panel methods; economies;

Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General

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  1. Rubaszek, Michał, 2008. "Economic convergence and the fundamental equilibrium exchange rate in Poland," MPRA Paper 12910, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  2. Aleksander Aristovnik, 2005. "Twin Deficits Hypothesis And Horioka-Feldstein Puzzle In Transition Economies," International Finance 0510020, EconWPA. [Downloadable!]
  3. Radulescu, Magdalena, 2007. "The impact of the National Bank of Romania Monetary Policy on the Balance of Payments," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 4(2), pages 26-43, June. [Downloadable!]
  4. Michele Ca’ Zorzi & Alexander Chudik & Alistair Dieppe, 2009. "Current account benchmarks for central and eastern Europe - a desperate search?," Working Paper Series 995, European Central Bank. [Downloadable!]
  5. Radulescu, Magdalena, 2006. "The Impact of the National Bank of Romania's Monetary Policy on the Banking Credits, the Domestic Savings and Investments (As Compared to the Other Central and Eastern European Countries)," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 3(2), pages 10-31, June. [Downloadable!]
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