Current account imbalances in the euro area: competitiveness or demand shock?
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.
Volume (Year): (2012)
Issue (Month): 27 (Autumn)
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