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Current account imbalances in the euro area: competitiveness or demand shock?

Listed author(s):
  • G. Gaulier.
  • V. Vicard.

Overall, the export performance of euro area defi cit countries has not declined despite the losses in cost competitiveness recorded before the crisis. Capital infl ows into the non-tradable sectors of the economy are a better explanation of both the defi cits and the rise in relative prices.

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File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/quarterly-selection-of-articles_27_2012-autumn.pdf
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Article provided by Banque de France in its journal Quarterly selection of articles - bulletin de la Banque de France.

Volume (Year): (2012)
Issue (Month): 27 (Autumn)
Pages: 5-26

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Handle: RePEc:bfr:quarte:2012:27:01
Contact details of provider: Postal:
Banque de France 31 Rue Croix des Petits Champs LABOLOG - 49-1404 75049 PARIS

Web page: http://www.banque-france.fr/

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  1. Jack Favilukis & David Kohn & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2012. "International Capital Flows and House Prices: Theory and Evidence," NBER Chapters,in: Housing and the Financial Crisis, pages 235-299 National Bureau of Economic Research, Inc.
  2. Philippe Askenazy & Gilbert Cette & Arnaud Sylvain, 2011. "Le partage de la valeur ajoutée," Post-Print halshs-00654669, HAL.
  3. Aránzazu Crespo Rodríguez & Gabriel Pérez-Quirós & Rubén Segura Cayuela, 2012. "Competitiveness indicators: the importance of an efficient allocation of resources," Economic Bulletin, Banco de España;Economic Bulletin Homepage, issue JAN, January.
  4. Giavazzi, Francesco & Spaventa, Luigi, 2010. "Why the current account may matter in a monetary union: Lessons from the financial crisis in the Euro area," CEPR Discussion Papers 8008, C.E.P.R. Discussion Papers.
  5. 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.
  6. Lane, Philip R. & Pels, Barbara, 2012. "Current Account Imbalances in Europe," CEPR Discussion Papers 8958, C.E.P.R. Discussion Papers.
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