{"product_id":"9781475512120","title":"External Imbalances in the Euro Area","description":"The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world –in particular vis-à-vis China, Central and Eastern Europe, and oil exporters- on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions’ securities, and cross-border interbank lending) which permitted external imbalances to grow over time.","brand":"INTERNATIONAL MONETARY FUND","offers":[{"title":"Default Title","offer_id":47125198864624,"sku":"9781475512120","price":7.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9781475512120_p0.jpg?v=1763604872","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9781475512120","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}