Do global current account imbalances still matter in a world of deep international financial markets where gross two …' view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also … same factors that dictate careful attention to global imbalances also imply, however, that data on gross international …

-up scenario that leaves Germany as the only member of the euro area and the Bundesbank as the sole owner of the ECB. In this …. Changes in German exposure to the rest of the euro area (or to the periphery) can differ in magnitude and in sign from …

The current account has always been a neglected variable in the management of the Euro area and in the assessment of … deficits. It then examines some peculiar features of the growth experience under monetary union in four Euro area countries … discipline. The common monetary policy moreover did nothing to prevent an extraordinary growth of credit that fed the imbalances …

We investigate the behaviour of gross capital flows and net capital flows for euro area member countries. We highlight …-deficit countries. Finally, we describe the reforms that can improve macro-financial stability across the euro area. …

of change of nominal depreciation. We examine the composition of the debt as well as its level, and a variety of other …; and the level of foreign interest rates is high. A low ratio of foreign direct investment to debt is consistently …

States, the Euro area and Japan, we consider a number of regional aggregates including oil-exporting economies and middle …

imbalances remain an essential target for policy scrutiny, for financial as well as macroeconomic reasons. Nonetheless, it is …

-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the … government and bondholders. By issuing long-term debt, the government lowers the probability of a rollover crisis, transferring … government faces a trade-off between safer long-term debt and cheaper short-term debt. Second, we construct a new database of …

the geography of international debt flows using multiple data sources and provide evidence that after the euro …-price bubbles and collapses in some of the peripheral countries, area-wide banking crisis, and sovereign debt problems. We analyze …