La sostenibilidad de los desequilibrios en las balanzas por cuenta corriente de la eurozona

  1. Frías Pinedo, Isidro
  2. Díaz Vázquez, María Rosario
  3. Iglesias Casal, Ana
Zeitschrift:
Revista de economía mundial

ISSN: 1576-0162

Datum der Publikation: 2014

Nummer: 38

Seiten: 201-226

Art: Artikel

DIALNET GOOGLE SCHOLAR lock_openArias Montano editor

Andere Publikationen in: Revista de economía mundial

Zusammenfassung

In this paper we study the factors that determine the sustainability of current account deficits in the euro area (EMU-12) and its relationship to the crisis. First, we estimate the foreign trade equations, corroborating the determinant role of the income-elasticity. After, we estimate economic growth restricted by the balance of payments (Thirlwall) and we compare it with the effective growth in each country. Only Spain, Greece and Portugal maintained, between 2000 and 2007, a growth higher than that consistent with the foreign restriction. Although non-sustainable, their deficits are different: with structural roots in Greece and Portugal.

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