期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：A balanced current account in the euro area has disguised sizeable net lending imbalances at thecountry level, exposing the common currency area to severe pressures during the nancial crisis.The key contribution of this paper is to evaluate the adjustment process through the lenses ofthe New Multi Country Model at the country and sectoral level. We nd that shocks to theexternal, scal and monetary environment help explain, to a large degree, the sizable currentaccount adjustment and rise in unemployment in Spain. The model also suggests that a recoveryin wage competitiveness helps to reduce external de cits at the cost of higher net borrowingby households. The stimulus e¤ects on aggregate demand, via the interest rate response of thecommon monetary authority and the competitiveness channel, are present but not overly large,as the rebound in economic activity depends mainly on global demand, supportive monetarypolicy, business and consumer con dence.
关键词：net lending; euro area countries; current account; modeling
