Artikel
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.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Credit and Capital Markets – Kredit und Kapital ; ISSN: 2199-1235 ; Volume: 54 ; Year: 2021 ; Issue: 3 ; Pages: 347-373
- Klassifikation
-
Wirtschaft
International Monetary Arrangements and Institutions
International Policy Coordination and Transmission
National Deficit; Surplus
Current Account Adjustment; Short-term Capital Movements
- Thema
-
Current account
current account imbalances
financial account
euro
European Monetary Union
monetary policy
fiscal policy
TARGET2
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Murai, Taiki
Schnabl, Gunther
- Ereignis
-
Veröffentlichung
- (wer)
-
Duncker & Humblot
- (wo)
-
Berlin
- (wann)
-
2021
- DOI
-
doi:10.3790/ccm.54.3.347
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Murai, Taiki
- Schnabl, Gunther
- Duncker & Humblot
Entstanden
- 2021
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