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Trade imbalances within the euro area and with respect to the rest of the world

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Nieminen, M. (2015). Trade imbalances within the euro area and with respect to the rest of the world. Economic Modelling, 48, 306-314. https://doi.org/10.1016/j.econmod.2014.10.012
Published in
Economic Modelling
Authors
Nieminen, Mika
Date
2015
Discipline
Basic or discovery scholarshipTaloustiedeBasic or discovery scholarshipEconomics
Copyright
© 2014 Elsevier B.V. This is a final draft version of an article whose final and definitive form has been published by Elsevier. Published in this repository with the kind permission of the publisher.

 
Many studies have explored the determinants of current account balances in Europe. However, only in a few studies trade balance has been decomposed into intra balance, trade balance vis-à-vis the euro area, and extra balance, trade balance vis-à-vis the rest of the world. This decomposition is necessary for us to understand why some core euro area countries are acting as financial intermediaries for the periphery countries. Furthermore, the determinants of intra and extra balances might be different because nominal exchange rate cannot adjust between the EMU countries while their financial markets are highly integrated. Thus, we apply this decomposition and supplement the previous studies by including a larger set of theoretically plausible explanatory variables, which is derived from the current account literature. Our contribution is twofold: We observe that, contrary to Schmitz and von Hagen (2011), the introduction of common currency has not increased the elasticity of net capital flows to per capita incomes within the euro area for the member countries. On the other hand, there is a great heterogeneity among the usual determinants of trade balances whether those contribute to intra balances or extra balances. These results increase our understanding of the imbalances in the euro area. ...
Publisher
Elsevier BV
ISSN Search the Publication Forum
0264-9993
Keywords
European monetary union Institutions Trade balance vis-à-vis the euro area Trade balance vis-à-vis the rest of the world kulttuuri vaihtotase
DOI
https://doi.org/10.1016/j.econmod.2014.10.012
URI

http://urn.fi/URN:NBN:fi:jyu-201508262757

Publication in research information system

https://converis.jyu.fi/converis/portal/detail/Publication/24744597

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