Europe and global imbalances
评估全球经常账户调整对欧洲的宏观经济影响，强调贸易和金融渠道，并分析欧洲各国对外部调整冲击的异质性暴露。
Although Europe in the aggregate is not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.— Philip R. Lane and Gian Maria Milesi-Ferretti