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Europe and Global Imbalances

  • Philip R. Lane
  • Gian Maria Milesi-Ferretti

Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.

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Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp226.

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Date of creation: 30 Jun 2007
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Handle: RePEc:iis:dispap:iiisdp226
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  17. Gian-Maria Milesi-Ferretti & Philip R. Lane, 2006. "Capital Flows to Central and Eastern Europe," IMF Working Papers 06/188, International Monetary Fund.
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  19. Hamid Faruqee & Douglas Laxton & Dirk Muir & Paolo Pesenti, 2006. "Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis," NBER Working Papers 12704, National Bureau of Economic Research, Inc.
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