Current Accounts Dynamics in new EU members: Sustainability and Policy Issues
Most of the new EU members show large and persistent current account deficit. If on the one side such a phenomenon is explained by catching up, on the other hand recent experiences in emerging markets show that wide imbalances can trigger balance of payment and currency crises. Therefore current account sustainability is becoming a key policy issue for these countries, especially given their willingness to adopt the Euro within a few years. There is not a unanimous way to assess whether a current account deficit is sustainable and each method has serious drawbacks.
current accounts; system of payments; international money and finance; transition; enlargement; macroeconomics; new open macroeconomics; panel methods; economies
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