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：2007
卷号：1
出版社：European Central Bank
摘要：In this paper we argue that, for a group of converging economies of the European Union, participation in the euro area has been associated with easier access to nanc- ing by domestic economic agents. Easier access to nancing was a signi cant impulse leading to a sharp increase in households' expenditures and a corresponding fall in the savings ratio. Increased expenditure was associated with current account de cits, a sharp fall in the net foreign asset position and an increase in the households' indebt- edness. At the same time there was a sizeable increase in the real exchange rate. In this paper, we show that it is possible to obtain all these qualitative features of adjust- ment using a simple analytical model of intertemporal equilibrium. Speci cally, we consider a simple endowment economy with traded and non-traded goods populated by Blanchard-Yaari households. We also argue that the consideration of external habit formation improves the model's ability to mimic short to medium term adjustment dynamics while, at the same time, improving the plausibility of steady state eects.
关键词：In this paper we argue that; for a group of converging economies of the European;Union; participation in the euro area has been associated with easier access to nanc-;ing by domestic economic agents. Easier access to nancing was a signi cant impulse;leading to a sharp increase in households' expenditures and a corresponding fall in the;savings ratio. Increased expenditure was associated with current account de cits; a;sharp fall in the net foreign asset position and an increase in the households' indebt-;edness. At the same time there was a sizeable increase in the real exchange rate. In;this paper; we show that it is possible to obtain all these qualitative features of adjust-;ment using a simple analytical model of intertemporal equilibrium. Speci cally; we;consider a simple endowment economy with traded and non-traded goods populated;by Blanchard-Yaari households. We also argue that the consideration of external habit;formation improves the model's ability to mimic short to medium term adjustment;dynamics while; at the same time; improving the plausibility of steady state eects.
