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European perspectives on global imbalances

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  • Alan Ahearne
  • Jürgen von Hagen

Abstract

Alan Ahearne and Jürgen von Hagen explore the options European policy makers have in the context of global current account imbalances. Some Europeans are concerned that a disproportionately large burden of adjustment will fall on Europe when the European economy is not flexible enough to cope with a substantial appreciation of the euro. This paper was prepared for the Asia Europe Economic Forum conference.

Suggested Citation

  • Alan Ahearne & Jürgen von Hagen, 2006. "European perspectives on global imbalances," Working Papers 50, Bruegel.
    • Handle: RePEc:bre:wpaper:50
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    References listed on IDEAS

    as
    1. Brissimis, Sophocles N. & Kosma, Theodora, 2005. "Market power, innovative activity and exchange rate pass-through in the euro area," Working Paper Series 531, European Central Bank.
    2. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," American Economic Review, American Economic Association, vol. 98(1), pages 358-393, March.
    3. Maurice Obstfeld & Kenneth Rogoff, 2007. "The Unsustainable US Current Account Position Revisited," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 339-376, National Bureau of Economic Research, Inc.
    4. Honohan, Patrick & Lane, Philip, 2004. "Exchange Rates and Inflation Under EMU: An Update," CEPR Discussion Papers 4583, C.E.P.R. Discussion Papers.
    5. Philip R. Lane & Gian Maria Milesi-Ferretti, 2007. "A Global Perspective on External Positions," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 67-102, National Bureau of Economic Research, Inc.
    6. Sophocles N. Brissimis & Theodora S. Kosma, 2005. "Market Power, Innovative Activity and Exchange Rate Pass-Through," Working Papers 22, Bank of Greece.
    7. Alan Ahearne & Jean Pisani-Ferry, 2006. "The Euro- only for the agile," Policy Briefs 42, Bruegel.
    8. Mr. Hamid Faruqee, 2004. "Exchange Rate Pass-Through in the Euro Area: The Role of Asymmetric Pricing Behavior," IMF Working Papers 2004/014, International Monetary Fund.
    9. Warmedinger, Thomas, 2004. "Import prices and pricing-to-market effects in the euro area," Working Paper Series 299, European Central Bank.
    10. Olivier Blanchard & Francesco Giavazzi & Filipa Sa, 2005. "The U.S. Current Account and the Dollar," NBER Working Papers 11137, National Bureau of Economic Research, Inc.
    11. Philip R. Lane & Gian Maria Milesi-Ferretti, 2007. "A Global Perspective on External Positions," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 67-102, National Bureau of Economic Research, Inc.
    12. William R. Cline, 2005. "United States as a Debtor Nation, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3993, January.
    13. Alan Ahearne & Jürgen von Hagen, 2005. "Global current account imbalances- how to manage the risk for Europe," Policy Briefs 231, Bruegel.
    14. C. Randall Henning, 2006. "The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention," Working Paper Series WP06-4, Peterson Institute for International Economics.
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    Cited by:

    1. Kristin Langwasser, 2009. "Global current account adjustment: trade implications for the euro area countries," International Economics and Economic Policy, Springer, vol. 6(2), pages 115-133, July.

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