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Another look at the determinants of current account imbalances in the European Union: An empirical assessment

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  • Gehringer, Agnieszka

Abstract

In a dynamic panel framework, I investigate the qualitative aspects of factors determining current account imbalances in (country groupings within) the European Union. I consider the standard determinants of current account positions discussed in the past literature, but additionally, I include a series of explanatory variables that refer to the sectoral composition of the European economies and that could have significantly contributed to the current account developments in the past decades. Independently of the econometric method used, the main finding suggests that the economic predominance of the construction sector might have played an important role in aggravating current account positions in the European economies. In parallel, some negative influence could be found for some other service sectors, but this shouldn't be of much concern due to their role played in the growth process. --

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Bibliographic Info

Paper provided by University of Goettingen, Department of Economics in its series Center for European, Governance and Economic Development Research Discussion Papers with number 142.

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Date of creation: 2012
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Handle: RePEc:zbw:cegedp:142

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Postal: Platz der Göttinger Sieben 3, 37073 Göttingen
Web page: http://www.cege.wiso.uni-goettingen.de/
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Keywords: current account determinants; construction sector; European Union;

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  1. Ansgar Belke & Christian Dreger, 2011. "Current Account Imbalances in the Euro Area: Catching up or Competitiveness?," Ruhr Economic Papers 0241, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  2. Rudolfs Bems, 2008. "Aggregate Investment Expenditures on Tradable and Nontradable Goods," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(4), pages 852-883, October.
  3. Henrekson, Magnus & Johansson, Dan, 2008. "Gazelles as Job Creators – A Survey and Interpretation of the Evidence," Ratio Working Papers 117, The Ratio Institute.
  4. Soyoung Kim & Nouriel Roubini, 2004. "Twin Deficit or Twin Divergence? Fiscal Policy, Current Account, and Real Exchange Rate in the US," Econometric Society 2004 North American Winter Meetings 271, Econometric Society.
  5. Gandolfo, Giancarlo & Goldberg, Michael D., 2005. "International Finance And Open-Economy Macroeconomics," Macroeconomic Dynamics, Cambridge University Press, vol. 9(02), pages 263-266, April.
  6. König, Jörg & Ohr, Renate, 2012. "Homogeneous groups within a heterogeneous community: Evidence from an index measuring European economic integration," Center for European, Governance and Economic Development Research Discussion Papers 138, University of Goettingen, Department of Economics.
  7. Javier Suarez, 2010. "The Spanish Crisis: Background And Policy Challenges," Working Papers wp2010_1005, CEMFI.
  8. Jesmin Rahman, 2008. "Current Account Developments in New Member States of the European Union: Equilibrium, Excess, and EU-Phoria," IMF Working Papers 08/92, International Monetary Fund.
  9. Hamid Faruqee & Guy Debelle, 1996. "What Determines the Current Account? A Cross-Sectional and Panel Approach," IMF Working Papers 96/58, International Monetary Fund.
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