External imbalance of the countries in the Eurozone

Authors

  • Małgorzata Janicka Uniwersytet Łódzki, Wydział Ekonomiczno-Socjologiczny, Katedra Międzynarodowych Stosunków Gospodarczych.

DOI:

https://doi.org/10.18778/0208-6018.316.07

Keywords:

Eurozone, external imbalance, current account deficit, net internal investment position

Abstract

The financial crisis that hit the Eurozone made it necessary to reconsider the mechanisms of its functioning, as the source of the zone crisis is beyond doubt the systemic one. In the Euro Area did not work (and still does not work) symmetric mechanism leading to compensate the current account balances in both surplus and deficit countries. In consequence the growing external imbalances of the member countries and blocking by the integration processes the compensatory mechanisms which allow to restore the balance became the main reasons of the Eurozone crisis. The aim of the paper is to analyze the state of the external balance of euro area member states on the basis of two selected indicators – current account balance and net international investment position, both referred to GDP, in the context of EU action taken towards the problem of macroeconomic imbalances.

Downloads

Download data is not yet available.

References

Acharya V.Y., S. Steffen (2013), The “Greatest” Carry Trade Ever? Understanding Eurozone Bank Risks, NBER Working Paper No. 19039, May, www.nber.org (dostęp: 6.05.2014).
Google Scholar

Alert Mechanism Report 2014, http://ec.europa.eu/economy_finance/economic_governance/docu- ments/alert_mechanism_report_2013_en.pdf (dostęp: 5.05.2014).
Google Scholar

Barnes S., Lawson J., Radziwill A. (2010), Current Account Imbalances in the Euro Area: A Comparative Perspective, OECD Economics Department Working Papers, No. 826, OECD Publishing, doi: 10.1787/5km33svj7pxs-en (dostęp: 12.05.2014).
Google Scholar

Hale G., Obstfeld M. (2014), The Euro and the Geography of International Debt Flows, NBER Working Paper No. 20033, http://www.nber.org/papers/w20033.pdf?new_window=1 (dostęp: 12.05.2014).
Google Scholar

Janicka M. (2012), Nadzór na jednolitym rynku finansowym Unii Europejskiej – próba reformy, [w:] J. Bilski, E. Feder-Sempach (red.), Mechanizmy funkcjonowania strefy euro, „Acta Universitatis Lodziensis. Folia Oeconomica”, nr 264, s. 125–137.
Google Scholar

Janicka M., Bilski J. (2014), Kryzys w strefie euro a nierównowaga zewnętrzna krajów strefy, [w:] T. Gruszecki (red.), Kryzys a dług publiczny w krajach rozwiniętych, Wydawnictwo KUL, Lublin, s. 223–234.
Google Scholar

Macroeconomic Imbalance Procedure, http://ec.europa.eu/economy_finance/economic_governance/macroeconomic_imbalance_procedure/mip_framework/index_en.htm (dostęp: 7.05.2014).
Google Scholar

Regulation (EU) No 1174/2011 of the European Parliament and of the Council of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area, http://eur-lex.europa.eu/legal-content/EN/ALL/;jsessionid=11QyT1dfhLsyWkQd6B2ZJhz7GTSZ2sXP3h0XLT5bVKsJ5LvY6GV2!-1454583626?uri=CELEX:32011R1174 (dostęp: 15.05.2014).
Google Scholar

Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances, http://eur-lex.europa.eu/legal-content/EN/ALL/;jsessionid=ntGCTyTZvvDp2vMRpw1YLTqzG7hGb2gcvW1WWX8p6k0y5kYMJg0X!225033182?uri=CELEX:32011R1176 (dostęp: 7.05.2014).
Google Scholar

Schmitz B., von Hagen J. (2009), Current Account Imbalances and Financial Integration in the Euro Area, Centre for Economic Policy Research, Discussion Paper No. 7262.
Google Scholar

World Economic Outlook: Transitions and Tensions (2013), October, http://www.imf.org/external/pubs/ft/weo/2013/02/pdf/text.pdf (dostęp: 8.05.2014).
Google Scholar

Published

2016-07-15

How to Cite

Janicka, M. (2016). External imbalance of the countries in the Eurozone. Acta Universitatis Lodziensis. Folia Oeconomica, 5(316), [99]-111. https://doi.org/10.18778/0208-6018.316.07

Issue

Section

Mechanisms of the euro area

Most read articles by the same author(s)

Similar Articles

<< < 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 > >> 

You may also start an advanced similarity search for this article.