Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2 balances, international rescue credit and government bond purchases of euro area central banks are identified. It is found that differing fiscal policy stances which have interacted differently with the ECB’s monetary policy have been at roots of first diverging and then converging current account positions in the euro area. Since the European financial and debt crisis, public financing mechanisms and the unconventional monetary of the ECB have contributed to the persistence of intra-euro area current account imbalances.
- Standort
-
Deutsche Nationalbibliothek Frankfurt am Main
- Umfang
-
Online-Ressource
- Sprache
-
Englisch
- Erschienen in
-
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area ; volume:54 ; number:3 ; year:2021 ; pages:347-373
Credit and capital markets ; 54, Heft 3 (2021), 347-373
- Urheber
- DOI
-
10.3790/ccm.54.3.347
- URN
-
urn:nbn:de:101:1-2022101115395752505634
- Rechteinformation
-
Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
- Letzte Aktualisierung
-
15.08.2025, 07:22 MESZ
Datenpartner
Deutsche Nationalbibliothek. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Beteiligte
- Murai, Taiki
- Schnabl, Gunther
Ähnliche Objekte (12)
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets
Macroeconomic Imbalances and the Euro Zone. Alternative Views
Current Account Imbalances and the Euro Area: Alternative Views
Macroeconomic imbalances in the euro area: Where do we stand?
On Current Account Imbalances
Transpacific imbalances and macroeconomic codependency
Macroeconomic Imbalances in the EU
Ten misconceptions about current account imbalances in the euro area
Euro Area Imbalances
Real Convergence Across the Euro Area: What Role Do Macroeconomic Imbalances Play?
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets
Macroeconomic Imbalances and the Euro Zone. Alternative Views
Current Account Imbalances and the Euro Area: Alternative Views
Macroeconomic imbalances in the euro area: Where do we stand?
On Current Account Imbalances
Transpacific imbalances and macroeconomic codependency
Macroeconomic Imbalances in the EU
Ten misconceptions about current account imbalances in the euro area
Euro Area Imbalances
Real Convergence Across the Euro Area: What Role Do Macroeconomic Imbalances Play?
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets
Macroeconomic Imbalances and the Euro Zone. Alternative Views
Current Account Imbalances and the Euro Area: Alternative Views
Macroeconomic imbalances in the euro area: Where do we stand?
On Current Account Imbalances
Transpacific imbalances and macroeconomic codependency
Macroeconomic Imbalances in the EU
Ten misconceptions about current account imbalances in the euro area
Euro Area Imbalances