IMF paper contrasts European countries’ capital accounts
A working paper, published by the International Monetary Fund today, investigates why emerging European countries were able to adjust to the crisis faster than those in the periphery.
The paper – Rebalancing: Evidence from Current Account Adjustment in Europe, by Ruben Atoyan, Jonathan Manning, and Jesmin Rahman – finds that both emerging and periphery Europe were characterised by "a strong private sector-led domestic demand boom" before the crisis, which created large current account imbalances
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