External imbalances in the eurozone
研究了欧元区国家经常账户失衡在多大程度上与欧元区内部因素和外部贸易冲击有关，发现出口竞争力下降和对中国、中东欧、石油出口国等地区的贸易不对称发展对债务国外部平衡有显著影响。
The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric trade developments vis-à-vis the rest of the world \x96 in particular vis-à-vis China, Central and Eastern Europe, and oil exporters \x96 on the external balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of government and financial institutions' securities, and cross-border interbank lending) which permitted external imbalances to grow over time.— Ruo Chen, Gian Maria Milesi-Ferretti and Thierry Tressel