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Nerovnováha běžného účtu platební bilance v členských státech eurozóny
[The current account imbalance in the euro area member countries]


  • Jaromír Šindel


The article discusses a current account imbalance in the eurozone member countries, respectively whether the economic policy institutions should respond to the rising external imbalance, even if there is no threat of the monetary crisis. The monetary policy reactions can not be expected resulting from the general current account surplus in the eurozone as the whole. The relevancy of deficits for the eurozone member countries acts as an important factor by an intertemporal budget constraint, where the threat of the monetary crisis that limits the foreign debt accumulation is eliminated and at the same time the financial integration joint with the higher trade market integration enables wider intertemporal consumption allocation venting into the deficit of current account. The mastering of a credit risk by the financial institutions will have a major influence on then optimal intertemporal consumption allocation, if there is no revision of a fiscal policy role.

Suggested Citation

  • Jaromír Šindel, 2005. "Nerovnováha běžného účtu platební bilance v členských státech eurozóny
    [The current account imbalance in the euro area member countries]
    ," Politická ekonomie, University of Economics, Prague, vol. 2005(2).
  • Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:2:id:501

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    Cited by:

    1. Rajmund Mirdala, 2008. "Decomposition of External Capital Inflows and Outflows in the Small Open Transition Economy (The Case Analysis of the Slovak Republic)," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(2), pages 219-231, June.

    More about this item


    external imbalance; intertemporal approach; eurozone; financial integration;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics


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