Revisiting the Factors behind European External Imbalances

Macroeconomic volatility and external imbalances

This paper studies the impact of macroeconomic volatility/uncertainty on the accumulation of net foreign assets of a country. We first show that, in OECD economies over the period 1970-2012, increases in country specific macroeconomic volatility are, after controlling for wide array of factors, significantly associated with accumulation of net foreign assets. An increase in volatility (measured...

The Long Run Determinants of the US External Imbalances∗

This paper develops a tractable two-country model with life-cycle structure to investigate the interaction and the relative importance of productivity growth, demographic factors and fiscal policy in accounting for the evolution of the US external imbalances during the last three decades. The results suggest that (i) productivity growth differentials drive the directionality of capital flows in...

Identifying the driving factors behind observed elevational range shifts on European mountains

Department of Biology, University of Bergen, N-5020 Bergen, Norway, Norwegian Forest and Landscape Institute, N-9269 Tromsø, Norway, Landscape Ecology and Site Evaluation, University of Rostock, 18059 Rostock, Germany, Department of Ecology and Natural Resource Management, Norwegian University of Life Sciences, N-1432 Ås, Norway, Telemark University College, 3800 Bø, Norway, WSL Institute for S...

Revisiting the Gatekeeping Model: Gatekeeping Factors in European Wireless Media Markets

External Relations Powers of the European Community

As a result both of the way in which the external relations powers of the European Community (“EC” or “Community”) have been organized by the Treaty establishing the European Community (“EC Treaty”) and of the interpretation by the Court of Justice of the European Communities (“ECJ”), an analysis of the evolution of the external relations powers requires distinguishing between powers relating t...