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While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by late-industrializing developing...
Persistent link: https://www.econbiz.de/10003727278
, lower risk assets abroad and also would eliminate pressures on the People's Bank of China, allowing for more rapid …China's major imbalances include trade and capital account surpluses and a large annual build-up of international … reserves. China has a capital account surplus reinforcing the accumulation of foreign exchange reserves, mainly U.S. dollar …
Persistent link: https://www.econbiz.de/10014212658
and the circumstances in which significant imbalances emerge at the global (US-China) level. Increasing external …
Persistent link: https://www.econbiz.de/10013334934
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012034705
Persistent link: https://www.econbiz.de/10010440883
We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...
Persistent link: https://www.econbiz.de/10011793977
Persistent link: https://www.econbiz.de/10002096402
Persistent link: https://www.econbiz.de/10003138430
Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden stops of capital inflow. In this paper we explore ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the...
Persistent link: https://www.econbiz.de/10012468174
Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden stops of capital inflow. In this paper we explore ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the...
Persistent link: https://www.econbiz.de/10014071653