Growth and Competitiveness as Factors of Eurozone External Imbalances : Evidence and Policy Implications

The paper assesses the contribution of key factors associated with external imbalances in the Eurozone through the estimation of a panel-data vector autoregressive model over 1975-2011. Growth fluctuations, initially associated with demand booms tr...

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Bibliographic Details
Main Authors:	Diaz Sanchez, Jose Luis, Varoudakis, Aristomene
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING ASSETS AVAILABILITY OF CREDIT BANKING SECTOR BANKING SYSTEM BILATERAL TRADE BOND BORROWING COSTS BUDGET CONSTRAINT BUDGET DEFICITS CAPITAL ACCUMULATION CAPITAL FLIGHT CAPITAL FLOWS CAPITAL INFLOWS CENTRAL BANK COMMERCIAL BANKS COMMON CURRENCY COMPETITIVENESS CONSUMER PRICE INDEX CONSUMER PRICE INFLATION CONSUMERS CONSUMPTION SMOOTHING CREDIT BOOM CREDIT BOOMS CREDIT GROWTH CREDIT MARKET CREDIT MARKETS CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT BALANCES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES CURRENT ACCOUNTS DEBT CRISIS DEBT REPAYMENT DEBTOR DEBTOR COUNTRIES DEPENDENCY RATIO DEPENDENCY RATIOS DEPRECIATION DEREGULATION DEVALUATION DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DIMINISHING RETURNS DISCOUNT RATE DISTORTIONS DOMESTIC DEMAND DOMESTIC DEMAND GROWTH DOMESTIC SAVINGS ECONOMETRICS ECONOMIC CONTRACTION ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC MODEL ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC RELATIONS ECONOMIC SIZE ELASTICITY EMERGING MARKET EMERGING MARKET ECONOMIES ENDOGENOUS VARIABLE ENDOGENOUS VARIABLES ENFORCEMENT MECHANISM EQUILIBRIUM ERROR CORRECTION MODEL EXCESS DEMAND EXCHANGE RATE EXCHANGE RATE DETERMINATION EXCHANGE RATE RISK EXOGENOUS VARIABLE EXPORTS EXTERNAL BALANCE EXTERNAL BALANCES EXTERNAL BORROWING EXTERNAL COMPETITIVENESS EXTERNAL DEBT EXTERNAL DEBTS EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL DEMAND FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL INTEGRATION FINANCIAL SECTOR FISCAL BALANCE FISCAL BALANCES FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL IMBALANCES FISCAL POLICIES FISCAL POLICY FISCAL POSITIONS FIXED EFFECTS FIXED INCOME FOREIGN DEBT FUNDAMENTAL DETERMINANTS GDP GDP PER CAPITA GOVERNMENT BONDS GOVERNMENT SPENDING HUMAN CAPITAL IMBALANCE IMBALANCES IMPORTS INCOME GROWTH INDEPENDENT MONETARY POLICY INFLATION INFLATION RATE INSTRUMENTAL VARIABLE INTEREST PAYMENTS INTEREST RATE DIFFERENTIALS INTEREST RATES INTEREST-RATE INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL MONEY INVESTMENT BOOM INVESTMENT RATE INVESTMENT RATES INVESTMENT RATIO LABOR FORCE LABOR MARKET LABOR MARKETS LACK OF COMPETITION LESS DEVELOPED COUNTRIES LEVERAGE LOAN LONG-TERM INTEREST LOSS OF COMPETITIVENESS LOSS OF REVENUE LOW INTEREST RATES MACROECONOMICS MARKET DEVELOPMENTS MARKET EQUILIBRIUM MARKET REFORMS MISALIGNMENT MONETARY POLICY MONETARY UNION MORTGAGE NOMINAL INTEREST RATE NOMINAL WAGE OIL PRODUCING COUNTRIES OPEN ECONOMY PER CAPITA INCOME PER CAPITA INCOMES POLICY ON EXCHANGE RATES POLITICAL STRIFE PRICE COMPETITIVENESS PRICE INDEX PRICE STABILITY PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC INVESTMENTS PUBLIC SPENDING REAL EFFECTIVE EXCHANGE RATE REAL EFFECTIVE EXCHANGE RATES REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATE MOVEMENTS REAL EXCHANGE RATES REAL GDP REAL INCOME REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES REAL LONG-TERM INTEREST RATE REAL LONG-TERM INTEREST RATES REAL WAGE GROWTH RECESSION RELATIVE PRICE REPAYMENT SAVINGS RATE SAVINGS RATES SLOWDOWNS SMOOTHING CONSUMPTION SOVEREIGN DEBT SOVEREIGN RISK STANDARD DEVIATION STRONG DEMAND STRUCTURAL REFORM STRUCTURAL REFORMS STRUCTURAL SHOCKS SUPPLY-SIDE SURPLUS COUNTRIES SURPLUSES TAX TAX REVENUES TIME HORIZON TRADABLE GOODS TRADE BALANCE TRADE BALANCES TRADE SHOCKS TRADING TRADING PARTNERS UNCOVERED INTEREST RATE PARITY UTILITY FUNCTION VARIANCE-COVARIANCE MATRIX WAGES WARRANTS WORLD MARKETS
Online Access:	http://documents.worldbank.org/curated/en/2013/12/18717042/growth-competitiveness-factors-eurozone-external-imbalances-evidence-policy-implications http://hdl.handle.net/10986/16900