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The grand divergence- global and European current account surpluses

Zsolt Darvas ()

Working Papers from Bruegel

Abstract: Global current account imbalances widened before the 2007/2008 crisis and have narrowed since. While the post-crisis adjustment of European current account deficits was in line with global developments (though more forceful), European current account surpluses defied global trends and increased. We use panel econometric models to analyse the determinants of medium-term current account balances. Our results confirm that higher fiscal balances, higher GDP per capita, more rapidly aging populations, larger net foreign assets, larger oil rents and...

Date: 2015-08
New Economics Papers: this item is included in nep-acc, nep-age, nep-eec and nep-opm
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