Capital Flows in the Euro Area
AbstractWe investigate the behaviour of gross capital flows and net capital flows for euro area member countries. We highlight the extraordinary boom-bust cycles in both gross flows and net flows since 2003. We also show that the reversal in net capital flows during the crisis has been very costly in terms of macroeconomic and financial outcomes for the high-deficit countries. Finally, we describe the reforms that can improve macro-financial stability across the euro area.
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Bibliographic InfoPaper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 497.
Length: 54 pages
Date of creation: Apr 2013
Date of revision:
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Other versions of this item:
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-06-09 (All new papers)
- NEP-EEC-2013-06-09 (European Economics)
- NEP-IFN-2013-06-09 (International Finance)
- NEP-MAC-2013-06-09 (Macroeconomics)
- NEP-MON-2013-06-09 (Monetary Economics)
- NEP-OPM-2013-06-09 (Open Economy Macroeconomic)
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- Lane, Philip R. & McQuade, Peter, 2013.
"Domestic credit growth and international capital flows,"
Working Paper Series
1566, European Central Bank.
- Philip Lane & Peter McQuade, 2009. "Domestic Credit Growth and International Capital Flows," The Institute for International Integration Studies Discussion Paper Series iiisdp428, IIIS.
- Philip R. Lane, 2013.
"Growth and Adjustment Challenge for the Euro Area,"
The Institute for International Integration Studies Discussion Paper Series
- Philip R. Lane, 2013. "Growth And Adjustment Challenges For The Euro Area," The Economic and Social Review, Economic and Social Studies, vol. 44(2), pages 273-295.
- Philip R. Lane, 2013. "Growth and Adjustment Challenge for the Euro Area," The Institute for International Integration Studies Discussion Paper Series iiisdp427, IIIS.
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