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Current account imbalances in the euro area: competitiveness or demand shock?

Guillaume Gaulier () and Vincent Vicard

Quarterly selection of articles - Bulletin de la Banque de France, 2012, issue 27, 5-26

Abstract: Overall, the export performance of euro area defi cit countries has not declined despite the losses in cost competitiveness recorded before the crisis. Capital infl ows into the non-tradable sectors of the economy are a better explanation of both the defi cits and the rise in relative prices.

Keywords: current account imbalances; competitiveness; export performance; euro area. (search for similar items in EconPapers)
JEL-codes: F14 F32 F41 (search for similar items in EconPapers)
Date: 2012
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Journal Article: Évolution des déséquilibres courants dans la zone euro: choc de compétitivité ou choc de demande ? (2012) Downloads
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