| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7273 |
| DP7273 Valuation Effects and the Dynamics of Net External Assets | |
| Alan Sutherland; Michael B Devereux | |
| 发表日期 | 2009-04-19 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | While the current account of euro area as a whole has remained almost balanced in the past two decades, several member countries have sizeable deficits or surpluses. In this paper, we interpret these imbalances as indicators of net capital flows among the euro-area countries and show that these net flows follow differences in per-capita incomes. Our results show that the elasticity with respect to per-capita incomes of net capital flows between euro-area countries and the euro area has increased. This is not the case for net capital flows between non-euro area countries and the euro area, nor for euro-area countries and the rest of the world. We interpret this as evidence for increasing financial integration in the euro area. There is also some evidence suggesting that the introduction of the euro has lead to some financial diversion. |
| 主题 | International Macroeconomics |
| 关键词 | Current account imbalances European monetary union Financial integration |
| URL | https://cepr.org/publications/dp7273 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536110 |
| 推荐引用方式 GB/T 7714 | Alan Sutherland,Michael B Devereux. DP7273 Valuation Effects and the Dynamics of Net External Assets. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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