La sostenibilidad de los desequilibrios en las balanzas por cuenta corriente de la eurozona
ISSN: 1576-0162
Ano de publicación: 2014
Número: 38
Páxinas: 201-226
Tipo: Artigo
Outras publicacións en: Revista de economía mundial
Resumo
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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