Reforms and External Balances in Southern Europe and Ireland
Luis Catão ()
No 2018/27, Working Papers REM from ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa
High external deficits in Greece, Ireland, Portugal and Spain are widely regarded as culprits of the post-2008 financial crises in the eurozone. This paper examines the main drivers of those imbalances and discusses how the mix of macroeconomic adjustment and structural reforms implemented in the last few years has affected the evolution of those countries’ external positions. The analysis combines modern theories of the current account and of the real exchange rate with panel data regressions to shed light on the standing of those economies’ external “competitiveness” broadly defined.
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Persistent link: https://EconPapers.repec.org/RePEc:ise:remwps:wp0272018
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