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Capital Flows in the Euro Area

Philip Lane

No 9493, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We investigate the behaviour of gross capital flows and net capital flows for euro area member countries. We highlight the extraordinary boom-bust cycles in both gross flows and net flows since 2003. We also show that the reversal in net capital flows during the crisis has been very costly in terms of macroeconomic and financial outcomes for the high-deficit countries. Finally, we describe the reforms that can improve macro-financial stability across the euro area.

Keywords: capital flows; euro; imbalances (search for similar items in EconPapers)
JEL-codes: E42 F32 F41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-ifn, nep-mac, nep-mon and nep-opm
Date: 2013-05
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