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The monetary presentation of the euro area balance of payments

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  • Louis Be Duc
  • Frank Mayerlen
  • Pierre Sola
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    Abstract

    This occasional paper describes the monetary presentation of the euro area balance of payments and its use. The monetary presentation is a tool for assessing the impact of balance of payments transactions involving non-bank residents on monetary developments. The paper explains in detail the principle underlying this approach, i.e. the link between the external counterpart of money, as reflected in the balance sheet of the banking sector, and the balance of payments. From a statistical perspective, it is shown that the monetary presentation of the balance of payments, which is based on international statistical standards, may be applied in any country or currency union. With regard to euro area statistics, the paper elaborates on the practical implementation of the monetary presentation, while also describing a few approximations and remaining statistical challenges. Finally, the paper assesses how the monetary presentation of the balance of payments has been used for analysing monetary developments in the euro area, and highlights the significant impact of balance of payments transactions on monetary dynamics in certain periods. JEL Classification: E51, F40

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    File URL: http://www.ecb.europa.eu/pub/pdf/scpops/ecbocp96.pdf
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    Bibliographic Info

    Paper provided by European Central Bank in its series Occasional Paper Series with number 96.

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    Length: 33 pages
    Date of creation: Sep 2008
    Date of revision:
    Handle: RePEc:ecb:ecbops:20080096

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    Keywords: Monetary analysis; capital flows; balance of payments;

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    Cited by:
    1. Ansgar Belke & Marcel Wiedmann, 2013. "Monetary Policy, Stock Prices and Central Banks - Cross-Country Comparisons of Cointegrated VAR Models," Ruhr Economic Papers 0435, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    2. Ansgar Belke & Marcel Wiedmann, 2013. "Money, Stock Prices and Central Banks – Cross-Country Comparisons of Cointegrated VAR Models," ROME Working Papers 201308, ROME Network.

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