The objective of this paper is to explore the consequences of the correction of Euro area trade imbalances on real … Obstfeld and Rogoff (2005), since the adjustment takes place within and outside the Euro area. Both types of adjustments are … Euro area countries. With respect to the surplus country (Germany), countries running a trade deficit (Spain, Italy) are …

account deficits of countries stabilizing their exchange rate against the euro (euro periphery). Meanwhile, the aggregate … current account balance of the euro area has been by and large balanced. The paper finds that changes of world current account … analysis extends from 1981-2008, the results for Germany mostly capture the situation before the euro was created …

We investigate the factors driving current account and monetary policy developments in the euro area. We estimate an … provide evidence for spillovers to the euro area from US preference shocks and US interest rate policy shocks …

This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction … stops, we document that sudden stops were overall more frequent and more severe in euro area countries compared to other … euro area countries to severe sudden stops mainly reflects domestic fundamentals whereas there is no clear evidence of an …