Bilateral Imbalances in Europe
AbstractThis 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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Bibliographic InfoPaper 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.
Date of creation: 01 Jul 2012
Date of revision:
Publication status: Published in Darmstadt Discussion Papers in Economics . 214 (2012-07-01)
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trade balance; international investment position; euro; EMU; European integration;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-23 (All new papers)
- NEP-EEC-2012-07-23 (European Economics)
- NEP-OPM-2012-07-23 (Open Economy Macroeconomic)
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