1.

Record Nr.

UNINA9910789098203321

Autore

Decressin Jörg

Titolo

Current Accounts in a Currency Union / / Jörg Decressin, Emil Stavrev

Pubbl/distr/stampa

Washington, D.C. : , : International Monetary Fund, , 2009

ISBN

1-4623-2852-0

1-4527-6924-9

1-282-84341-9

9786612843419

1-4518-7274-7

Descrizione fisica

1 online resource (25 p.)

Collana

IMF Working Papers

Altri autori (Persone)

StavrevEmil

Soggetti

Foreign exchange rates - European Union countries

Foreign exchange - European Union countries

Exports and Imports

Foreign Exchange

Current Account Adjustment

Short-term Capital Movements

International economics

Currency

Foreign exchange

Current account

Real exchange rates

Current account balance

Real effective exchange rates

Exchange rates

Balance of payments

Germany

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Description based upon print version of record.

Nota di bibliografia

Includes bibliographical references.

Nota di contenuto

Contents; I. Introduction; II. The Literature; III. The Data; IV. Current Account Divergences and Dynamics; Figures; 1. Current Account Dispersions; 2. Adjustment to Country-Specific Current Account Shocks



1/; V. The Role of the Exchange Rate and Other Factors; 3. Real Exchange Rate Dispersions; Tables; 1. Estimates of Speed of Adjustment of Current Accounts; 4a: EMU and Other Countries: Impulse Responses of the Current Account; 4b: EMU and Other Countries: Impulse Responses of the Real Exchange Rate; 2. Current Account and Real Exchange Rate Persistence

5. EMU and Other Countries: Correlation Between Current Account3. Estimates of the Current Account Equation; 4. EMU Countries: Current Account Dispersions and NFA; 6. EMU Countries: Fundamental Current Account Dispersions; VI. Conclusion; 7. EMU Countries: Dispersions of Determinants of Current Accounts; Appendix; 8: EMU Countries: Testing for Structural Breaks; References

Sommario/riassunto

A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area countries are smaller and have not risen relative to those across 13 other advanced economies with more flexible exchange rates. Also, the size of country-specific current account shocks in EMU countries is smaller and their persistence is greater than in the other advanced economies. However, these differences in current account dynamics do not appear related to different exchange rate dynamics.