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Bilateral Imbalances in Europe

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  • Berger, Helge
  • Nitsch, Volker

Abstract

This paper examines the association between trade and financial linkages among European countries. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for permanent asymmetries in trade competitiveness within pairs of countries or in the overall trade competitiveness of individual countries. Moreover, there is a significant relationship between patterns of trade and bilateral financial linkages, especially within the euro area; a surplus of a country in a bilateral trade relationship is typically accompanied by a country’s positive net financial position vis-à-vis the respective partner country.

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File URL: http://www.download.tu-darmstadt.de/wi/vwl/ddpie/ddpie_214.pdf
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Bibliographic Info

Paper provided by Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL) in its series Darmstadt Discussion Papers in Economics with number 58438.

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Date of creation: 01 Jul 2012
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Publication status: Published in Darmstadt Discussion Papers in Economics . 214 (2012-07-01)
Handle: RePEc:dar:ddpeco:58438

Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/58438/
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Related research

Keywords: trade balance; international investment position; euro; EMU; European integration;

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  1. Andrew K. Rose, 2001. "One reason countries pay their debts: renegotiation and international trade," Staff Reports 142, Federal Reserve Bank of New York.
  2. Philip R. Lane & Gian Maria Milesi Ferretti, 2011. "External Adjustment and the Global Crisis," NBER Working Papers 17352, National Bureau of Economic Research, Inc.
  3. Jose Vicente Martinez and Guido Sandleris, 2008. "Is it Punishment? Sovereign Defaults and the Decline in Trade," Business School Working Papers 2008-01, Universidad Torcuato Di Tella.
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