Netherlands paper exposes differing capital flows across EMU
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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