Nico Zorell, (2017) , “Large net foreign liabilities of euro area countries : Risks, prospects and policy options”, ECB Occasional Paper Series No 198, Οκτώβριος
This paper examines the risks arising from these external stock imbalances, the prospects for their smooth unwinding and the menu of policy options. The paper demonstrates that external stock imbalances remain a source of vulnerabilities in the (former) programme countries and, to a lesser extent, the euro area countries in central and eastern Europe. The net foreign liabilities of these economies stand at levels that are typically associated with an increased susceptibility to external crises.
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