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  1. The "imbalanced balance" and its unravelling
    current accounts and bilateral financial flows in the euro area
    Author: Hobza, Alexandr; Zeugner, Stefan
    Published: 2014
    Publisher:  Europ. Comm., Directorate-General for Economic and Financial Affairs, Brussels

    Based on a new database of bilateral financial flows among euro area countries and their major world partners, this paper explores the role of financial links in the accumulation and then adjustment of current account imbalances in the euro area. The... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    EDZ online a
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 289 (520)
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    Based on a new database of bilateral financial flows among euro area countries and their major world partners, this paper explores the role of financial links in the accumulation and then adjustment of current account imbalances in the euro area. The data show that the geography of financial flows can differ quite markedly from trade flow patterns and suggest that the nexus between surpluses in the 'core' with deficits in the periphery went along financial rather than trade interlinkages. In particular, the data document the dominant role of 'core' countries in financing the euro area periphery's current account deficits before the financial crisis. In addition to direct financing, France and the UK acted as important intermediaries of financial flows from elsewhere, particularly outside of the euro area. Most of this financing took the form of debt instruments and increased the vulnerability of the recipient countries. In 2009/10, gross flows in the euro area contracted, while the net flows remained broadly unchanged. France became the periphery's main financier in 2009 and substituted the withdrawn flows from surplus countries, mainly Germany. Only when France reduced its exposure in a hasty asset withdrawal during 2011, the periphery had to rely on large ECB-mediated liabilities in order to refinance its liabilities.

     
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789279351693
    Other identifier:
    Series: Array ; 520
    Subjects: Leistungsbilanz; Außenwirtschaftliches Gleichgewicht; Kapitalmobilität; Ansteckungseffekt; Eurozone; international finance; macroeconomics; balance of payments; financial aid; euro area; external debt; public debt
    Scope: Online-Ressource (25 S.), graph. Darst.
  2. A gazdagsági stagnálás „színe” és fonákja
    jó az exporttöbblet és az adósságcsökkenés, de rossz a tőkekiáramlás és a beruházás-visszaesés?
    Author: Halpern, László; Obláth, Gábor
    Published: 2014
    Publisher:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    Over the last few years Hungary has posted large and increasing surpluses in its trade balance. The country has also become a net lender to the rest of the world, revealed by the surplus in the current and capital account of the balance of payments.... more

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    Staats- und Universitätsbibliothek Bremen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 151 (2014,12)
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    Over the last few years Hungary has posted large and increasing surpluses in its trade balance. The country has also become a net lender to the rest of the world, revealed by the surplus in the current and capital account of the balance of payments. These developments are mirrored by significant deficits (capital outflows) recorded in the financial account, as well as by the fall in external indebtedness of both the private sector and the country as a whole. However, it is the poor performance of the economy regarding changes in income, consumption and investments - partly explained by deleveraging in the private sector - which underlies its external performance. Therefore, it makes little sense to rejoice over the surplus in the trade balance, while being unhappy about capital outflows and the low (decreasing) investment rate. These developments reveal different sides of the same story, where the various aspects are related to each other by macroeconomic accounting identities. While our paper aims to quantify these relationships in international comparison, it also makes the point that capital outflows should not be mixed up with "capital flight"; we found no evidence of the latter. We call attention to the fact that private investments, net of capital consumption, decreased to an extremely low level. Without a turn in investment activity, there is no hope for maintaining export growth and revitalizing domestic demand. However, the growth in investments is likely to decrease net exports, which may be a drag on economic growth.

     
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    Source: Union catalogues
    Language: Hungarian
    Media type: Ebook
    Format: Online
    ISBN: 9786155447266
    Other identifier:
    hdl: 10419/108337
    Series: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2014/12
    Subjects: Hungary's macroeconomic developments; external debt; deleveraging; surplus on trade and current transactions; capital outflow
    Scope: Online-Ressource (79 S.), graph. Darst.
    Notes:

    Zsfassung in ungar. Sprache
  3. Debt sustainability in the case of external debt
    an analysis based on Italy's treasury auctions
    Author: Cafiso, Gianluca
    Published: 2014
    Publisher:  CESifo, München

    The objective of this paper is to assess whether external debt makes a difference for public debt stabilization, where external debt is considered through the non-residents' holdings according to a Balance of Payments perspective. The analysis is... more

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    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 63 (5021)
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    The objective of this paper is to assess whether external debt makes a difference for public debt stabilization, where external debt is considered through the non-residents' holdings according to a Balance of Payments perspective. The analysis is empirical and considers the case of Italy, one of the world's largest debt issuer. We study the potential effects on the interest rate resulting from the auctions of government bonds to account for the effective cost borne by the Treasury. Our results point towards the irrelevance of the composition of the investor base for debt stabilization.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/103107
    Series: Array ; 5021
    Subjects: debt stabilization; external debt; primary market; yields; Italy
    Scope: Online-Ressource (III, 33 S.), graph. Darst.