Netherlands paper exposes differing capital flows across EMU

Paper examines mechanism behind divergence of north and south eurozone members

The Netherlands Bank

A paper published by the Netherlands Bank has found eurozone countries that experienced a fall in interest rates relative to the eurozone as a whole experienced fast growth in the non-tradable sector and a deteriorating current account balance, leading to divergence.

Niels Gilbert and Sebastiaan Pool, using a panel-Bayesian vector autoregression (BVAR) mode in their paper Sectoral allocation and macroeconomic imbalances in EMU, show the "sizeable capital flows" experienced by southern members

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