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150128 ||| eng |
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|a 9781475524673
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100 |
1 |
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|a Chen, Ruo
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245 |
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|a External Imbalances in the Euro Area
|c Ruo Chen, Gian Milesi-Ferretti, Thierry Tressel
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2012
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300 |
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|a 49 pages
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651 |
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4 |
|a Germany
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653 |
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|a Elasticity
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653 |
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|a Economics
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653 |
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|a Balance of trade
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653 |
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|a Economic Theory
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653 |
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|a Economywide Country Studies: Europe
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653 |
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|a Trade balance
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653 |
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|a Open Economy Macroeconomics
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653 |
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|a Currency
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653 |
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|a Trade: General
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653 |
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|a Exports and Imports
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653 |
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|a Economic theory & philosophy
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653 |
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|a International economics
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653 |
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|a Economic Growth of Open Economies
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653 |
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|a Foreign Exchange
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653 |
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|a International trade
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653 |
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|a Demand elasticity
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653 |
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|a Exports
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653 |
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|a Prices
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653 |
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|a Real exchange rates
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653 |
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|a Agriculture: Aggregate Supply and Demand Analysis
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653 |
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|a Economic theory
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653 |
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|a Empirical Studies of Trade
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653 |
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|a Imports
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653 |
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|a Foreign exchange
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700 |
1 |
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|a Milesi-Ferretti, Gian
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700 |
1 |
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|a Tressel, Thierry
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041 |
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7 |
|a eng
|2 ISO 639-2
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989 |
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|b IMF
|a International Monetary Fund
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490 |
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|a IMF Working Papers
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028 |
5 |
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|a 10.5089/9781475524673.001
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856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2012/236/001.2012.issue-236-en.xml?cid=40027-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions’ securities, and cross-border interbank lending) which permitted external imbalances to grow over time
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