04261oam 22008774 450 991081017120332120240402051315.01-4623-2852-01-4527-6924-91-282-84341-997866128434191-4518-7274-7(CKB)3390000000010644(EBL)1608333(MiAaPQ)EBC1608333(Au-PeEL)EBL1608333(CaPaEBR)ebr10368864(OCoLC)680613588(IMF)WPIEE2009127(EXLCZ)99339000000001064420020129d2009 uf 0engur|n|---|||||txtrdacontentcrdamediacrrdacarrierCurrent Accounts in a Currency Union /Jörg Decressin, Emil Stavrev1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (25 p.)IMF Working PapersDescription based upon print version of record.Includes bibliographical references.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 Persistence5. 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; ReferencesA 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.IMF Working Papers; Working Paper ;No. 2009/127Foreign exchange ratesEuropean Union countriesForeign exchangeEuropean Union countriesExports and ImportsimfForeign ExchangeimfCurrent Account AdjustmentimfShort-term Capital MovementsimfInternational economicsimfCurrencyimfForeign exchangeimfCurrent accountimfReal exchange ratesimfCurrent account balanceimfReal effective exchange ratesimfExchange ratesimfBalance of paymentsimfGermanyimfForeign exchange ratesForeign exchangeExports and ImportsForeign ExchangeCurrent Account AdjustmentShort-term Capital MovementsInternational economicsCurrencyForeign exchangeCurrent accountReal exchange ratesCurrent account balanceReal effective exchange ratesExchange ratesBalance of payments332.4566Decressin Jörg1155853Stavrev Emil1594423DcWaIMFBOOK9910810171203321Current Accounts in a Currency Union3914958UNINA