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European perspectives on global imbalances


  • Alan Ahearne
  • Jürgen von Hagen


Alan Ahearne and Jürgen von Hagen explore the options European policy makers have in the context of global current account imbalances. Some Europeans are concerned that a disproportionately large burden of adjustment will fall on Europe when the European economy is not flexible enough to cope with a substantial appreciation of the euro. This paper was prepared for the Asia Europe Economic Forum conference.

Suggested Citation

  • Alan Ahearne & Jürgen von Hagen, 2006. "European perspectives on global imbalances," Working Papers 50, Bruegel.
  • Handle: RePEc:bre:wpaper:50

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    References listed on IDEAS

    1. Brissimis, Sophocles N. & Kosma, Theodora, 2005. "Market power, innovative activity and exchange rate pass-through in the euro area," Working Paper Series 531, European Central Bank.
    2. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," American Economic Review, American Economic Association, vol. 98(1), pages 358-393, March.
    3. Honohan, Patrick & Lane, Philip R., 2004. "Exchange Rates and Inflation Under EMU: An Update," CEPR Discussion Papers 4583, C.E.P.R. Discussion Papers.
    4. Sophocles N. Brissimis & Theodora S. Kosma, 2005. "Market Power, Innovative Activity and Exchange Rate Pass-Through," Working Papers 22, Bank of Greece.
    5. Hamid Faruqee, 2004. "Exchange Rate Pass-Through in the Euro Area; The Role of Asymmetric Pricing Behavior," IMF Working Papers 04/14, International Monetary Fund.
    6. Alan Ahearne & Jean Pisani-Ferry, 2006. "The Euro: only for the agile," Policy Briefs 42, Bruegel.
    7. Philip R. Lane & Gian Maria Milesi-Ferretti, 2007. "A Global Perspective on External Positions," NBER Chapters,in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 67-102 National Bureau of Economic Research, Inc.
    8. Alan Ahearne & Jürgen von Hagen, 2005. "Global current account imbalances: how to manage the risk for Europe," Policy Briefs 231, Bruegel.
    9. C. Randall Henning, 2006. "The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention," Working Paper Series WP06-4, Peterson Institute for International Economics.
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    Cited by:

    1. Kristin Langwasser, 2009. "Global current account adjustment: trade implications for the euro area countries," International Economics and Economic Policy, Springer, vol. 6(2), pages 115-133, July.

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