| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9471 |
| DP9471 Policy Coordination, Convergence, and the Rise and Crisis of EMU Imbalances | |
| Giuseppe Bertola | |
| 发表日期 | 2013-05-12 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | When economic integration fosters expectations of productivity convergence, capital flows are driven by consumption-smoothing anticipation of income growth patterns as well as by factor-intensity equalization. In the euro area, financial integration eased accumulation of international imbalances, but the convergence that appears to have been expected was not realized. The resulting crisis casts doubt on the sustainability of the current configuration of the European integration process. A robust and coherent European market and policy integration process would require supranational implementation of the behavioral constraints and contingent redistribution schemes that traditionally operate within National socio-economic systems, and have been weakened in recent experience by uncoordinated policy competition. |
| 主题 | International Macroeconomics |
| 关键词 | Current accounts Economic integration Income distribution |
| URL | https://cepr.org/publications/dp9471 |
| 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/538306 |
| 推荐引用方式 GB/T 7714 | Giuseppe Bertola. DP9471 Policy Coordination, Convergence, and the Rise and Crisis of EMU Imbalances. 2013. |
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