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Over recent years, several euro area countries have registered large and persistent net foreign liabilities. This paper examines the risks arising from these external stock imbalances, the prospects for their smooth unwinding and the menu of policy options. The paper demonstrates that external...
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, other Asian economies, and Germany's export-led growth. However, as the world oil production approaches the peak, the … imbalance has reached an unprecedented level and the world economy becomes more globalized, the global imbalance will become a …
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results based on a dynamic general equilibrium model of the world economy, and using the EU KLEMS database, indicate that TFP …
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