recent euro periphery crisis. Trade costs can limit the pass-through of internal devaluation on export prices. Using data on … relative to domestic prices in the euro periphery. Furthermore, VAT (in theory trade neutral, but in practice much higher on … the euro periphery fiscal devaluation programs, and show that it can account for the most salient features of the data …

euro area (Germany) as center countries with rising current account deficits (US) and surpluses (Germany) which are matched … periphery) and rising current account deficits of the countries stabilizing their exchange rate against the euro (euro periphery …

against the euro or members of the euro area (euro periphery). The paper finds that changes of world current account positions …

. The dollar zone groups economies that produce well over half of global GDP. The euro zone now includes almost all of … of the DM/euro from northwestern Europe to Europe and beyond.Global imbalances differ from a currency perspective. In the …-alignment of third currencies. What if the renminbi becomes a key currency alongside the dollar and the euro? Already some emerging …