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Growth and Adjustment Challenge for the Euro Area

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  • Philip R. Lane

    ()
    (Institute for International Integration Studies, Trinity College Dublin)

Abstract

This paper reviews the growth record of the member countries of the euro area and assesses the outlook for future economic performance. We describe how the external and fiscal adjustment challenges facing the euro periphery amplify the growth risks facing these countries. We address how growth prospects can be improved by shifts in the macroeconomic policy mix, carefully-timed structural reforms, debt restructuring and the resolution of the existential crisis facing the euro area.

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Bibliographic Info

Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp427.

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Length: 24 pages
Date of creation: May 2013
Date of revision:
Handle: RePEc:iis:dispap:iiisdp427

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Keywords: euro crisis; structural reform; external adjustment;

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References

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  3. André Faria & Philip R. Lane & Paolo Mauro & Gian Maria Milesi-Ferretti, 2007. "The Shifting Composition of External Liabilities," Journal of the European Economic Association, MIT Press, vol. 5(2-3), pages 480-490, 04-05.
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  7. Nicola Cetorelli & Linda S. Goldberg, 2012. "Banking Globalization and Monetary Transmission," Journal of Finance, American Finance Association, vol. 67(5), pages 1811-1843, October.
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  14. Philip R. Lane & Gian Maria Milesi-Ferretti, 2009. "Where did all the borrowing go? A forensic analysis of the U.S. external position," NBER Chapters, in: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR National Bureau of Economic Research, Inc.
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  17. Lane, Philip R., 2013. "Capital Flows in the Euro Area," CEPR Discussion Papers 9493, C.E.P.R. Discussion Papers.
  18. Benigno, Gianluca & Fornaro, Luca, 2013. "The Financial Resource Curse," CEPR Discussion Papers 9489, C.E.P.R. Discussion Papers.
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  20. Robert Gillanders & Karl Whelan, 2010. "Open For Business? Institutions, Business Environment and Economic Development," Working Papers 201040, School Of Economics, University College Dublin.
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  34. Thomas Laryea, 2010. "Approaches to Corporate Debt Restructuring in the Wake of Financial Crises," IMF Staff Position Notes 2010/02, International Monetary Fund.
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  39. Olivier Blanchard & Francesco Giavazzi, 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 147-210.
  40. Thomas Laryea & Luc Laeven, 2009. "Principles of Household Debt Restructuring," IMF Staff Position Notes 2009/15, International Monetary Fund.
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