Os desequilibrios por conta corrente e a crise da Eurozona
ISSN: 1132-2799
Year of publication: 2012
Issue Title: Crise na eurozona
Volume: 21
Issue: 2
Pages: 165-190
Type: Article
More publications in: Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais
Abstract
In this paper we study the factors that explain the sustainability of current account imbalances in the Euro area and its relation with the economic crisis, addressing specifically the case of Spain. Estimation of foreign trade equations for Spain shows that a sustainable situation for trade imbalances could have been reached in two ways. Firstly, through an agreed actuation implemented in order to rise aggregated demand in central states over that in countries in the periphery. Secondly, controlling the pro cyclical movements promoted by monetary and credit variables.
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