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2016 | OriginalPaper | Chapter

Current Account Dynamics and Determinants in the European Union

Authors : Maria-Isadora Lazar, Ramona-Mihaela Paun

Published in: Entrepreneurship, Business and Economics - Vol. 2

Publisher: Springer International Publishing

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Abstract

European Union economies are facing important internal and external imbalances, as highlighted by the recent crises. Although progress has been made in order to reduce the gaps, the situation is still worrying. In this paper we aim at identifying the main determinants of current account balance in the European Union, as competitiveness is one of the major issues that need to be resolved regarding the European economies, aside with fiscal sustainability. We analyze the dynamics of current account balance in the European Union and test the effects of some economic imbalances, as highlighted by the current crises, considering data for the European Union member states covering years 2000–2013. Based on the results of panel data analysis we make considerations on future dynamics of the European Union economies.

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previous chapter Tax Burden and Economic Development: The Case of the European Union Countries
next chapter Prediction Models for High Versus Less Performant Economies in the European Union
Literature
European Commission. (2012). Scoreboard for the surveillance of macroeconomic imbalances (European Economy Occasional paper, 92).
Gros, D. (2012). Macroeconomic imbalances in the euro area: Symptom or cause of the crisis? (CEPS Policy Brief, 266).
Jaumotte, F., & Sodsriwiboon, P. (2010). Current account imbalances in the Southern Euro Area (IMF Working Paper WP/10/139).
Jordá, O., Schularick, M., & Taylor, A. (2011). Financial crises, credit booms and external imbalances: 140 years of lessons. IMF Economic Review, 59, 340–378.CrossRef
Lazar, I., & Andreica, M. E. (2013). Current account balance, private debt and euro area sovereign debt crisis: a comparison of North and South. Romanian Journal of Economics, 37(2(46)), 40–52.
Milesi-Ferretti G. M., & Razin, A. (1996). Sustainability of persistent current account deficits (NBER Working Paper 5467).
Rahman, J. (2008). Current account developments in new member states of the European Union: Equilibrium, excess, and EU-Phoria (IMF Working Paper, WP/08/92).
Spahn, P. (2013). Competitiveness, adjustment and macroeconomic risk management in the eurozone (ROME Discussion Paper Series, No. 2013–16).
Metadata
Title
Current Account Dynamics and Determinants in the European Union
Authors
Maria-Isadora Lazar
Ramona-Mihaela Paun
Copyright Year
2016
Book
Entrepreneurship, Business and Economics - Vol. 2

Print ISBN: 978-3-319-27572-7

Electronic ISBN: 978-3-319-27573-4

Copyright Year: 2016

DOI
https://doi.org/10.1007/978-3-319-27573-4_20