Adjustment in euro area deficit countries progress, challenges, and policies
"Imbalances within the euro area have been a defining feature of the crisis. Since the start of Economic and Monetary Union (EMU), several euro area 'deficit' economies have accumulated large net foreign liabilities (NFLs) on the back of domestic demand booms and large capital inflows...
Autores Corporativos: | , |
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Otros Autores: | |
Formato: | Libro electrónico |
Idioma: | Inglés |
Publicado: |
Washington, D.C. :
International Monetary Fund, European Department and Research Department
2014.
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Colección: | EBSCO Academic eBook Collection Complete.
IMF staff discussion note ; SDN/14/7. |
Acceso en línea: | Conectar con la versión electrónica |
Ver en Universidad de Navarra: | https://innopac.unav.es/record=b40523123*spi |
Sumario: | "Imbalances within the euro area have been a defining feature of the crisis. Since the start of Economic and Monetary Union (EMU), several euro area 'deficit' economies have accumulated large net foreign liabilities (NFLs) on the back of domestic demand booms and large capital inflows. These included Greece, Ireland, Portugal, and Spain. When the crisis hit, capital inflows stopped, and liquidity dried up. The deficit economies suffered deep recessions and very large increases in unemployment rates. The primitive forces that caused external imbalances have partly been reined in, including scaled-back expectations about future productivity growth and related capital flows and reduced implicit guarantees owing to financial sector reforms and policy actions, including debt restructuring."--Executive summary. |
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Notas: | "July 2014." |
Descripción Física: | 34 p. |
Formato: | Forma de acceso: World Wide Web. |
ISBN: | 9781498362900 9781498373814 9781498309110 |