The external imbalance of the Spanish economy in the two decades of life of the EMU: some lessons from economic policy

Authors

  • Jesús Paúl Gutiérrez
  • Antonio Calvo Bernardino Universidad CEU San Pablo

DOI:

https://doi.org/10.7203/IREP.2.2.19354

Abstract

In the two decades since the launch of EMU the behavior of the Spanish external balance has shown very different features from those existing before the introduction of the euro. The size and persistence of the external deficit, the speed of its correction or the subsequent long period of surplus are clearly differentiating facts with respect to previous historical periods and that can hardly be understood without considering the belonging of our economy to the EMU. The variations registered by this external balance are mainly explained by the behavior of the non-financial private sector. However, it cannot be concluded that this behavior sector cannot lead to macroeconomic imbalances that endanger the stability of the country. 

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Author Biography

Antonio Calvo Bernardino, Universidad CEU San Pablo

En las dos décadas de vigencia de la UEM el comportamiento del saldo exterior de la economía española ha mostrado características muy diferentes a las existentes antes de la implantación del euro. El tamaño y la persistencia del déficit exterior, la velocidad de su corrección o el posterior período prolongado de superávit son hechos claramente diferenciadores respecto a anteriores períodos históricos y que difícilmente pueden entenderse sin considerar la pertenencia de nuestra economía a la UEM. Las variaciones registradas por este saldo exterior se explican principalmente por el comportamiento del sector privado no financiero; no obstante, de ello no se puede concluir que ese comportamiento no pueda conducir a desequilibrios macroeconómicos que pongan en peligro la estabilidad del país.

References

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Published

2020-12-24

How to Cite

Paúl Gutiérrez, J., & Calvo Bernardino, A. (2020). The external imbalance of the Spanish economy in the two decades of life of the EMU: some lessons from economic policy. International Review of Economic Policy-Revista Internacional De Política Económica, 2(2), 1–20. https://doi.org/10.7203/IREP.2.2.19354
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Issue

Vol. 2 No. 2 (2020)

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Articles

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