LEADER 04216oam 22008534 450 001 9910789098203321 005 20200520144314.0 010 $a1-4623-2852-0 010 $a1-4527-6924-9 010 $a1-282-84341-9 010 $a9786612843419 010 $a1-4518-7274-7 035 $a(CKB)3390000000010644 035 $a(EBL)1608333 035 $a(MiAaPQ)EBC1608333 035 $a(Au-PeEL)EBL1608333 035 $a(CaPaEBR)ebr10368864 035 $a(OCoLC)680613588 035 $a(IMF)WPIEE2009127 035 $a(EXLCZ)993390000000010644 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aCurrent Accounts in a Currency Union /$fJörg Decressin, Emil Stavrev 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (25 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $a5. 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 330 3 $aA fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area countries are smaller and have not risen relative to those across 13 other advanced economies with more flexible exchange rates. Also, the size of country-specific current account shocks in EMU countries is smaller and their persistence is greater than in the other advanced economies. However, these differences in current account dynamics do not appear related to different exchange rate dynamics. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/127 606 $aForeign exchange rates$zEuropean Union countries 606 $aForeign exchange$zEuropean Union countries 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aCurrent account$2imf 606 $aReal exchange rates$2imf 606 $aCurrent account balance$2imf 606 $aReal effective exchange rates$2imf 606 $aExchange rates$2imf 606 $aBalance of payments$2imf 607 $aGermany$2imf 615 0$aForeign exchange rates 615 0$aForeign exchange 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aCurrent account 615 7$aReal exchange rates 615 7$aCurrent account balance 615 7$aReal effective exchange rates 615 7$aExchange rates 615 7$aBalance of payments 700 $aDecressin$b Jörg$01155853 701 $aStavrev$b Emil$01465934 801 0$bDcWaIMF 906 $aBOOK 912 $a9910789098203321 996 $aCurrent Accounts in a Currency Union$93676180 997 $aUNINA