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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...
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, 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 …
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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...
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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...
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