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A financial side to a macroeconomic story: macro imbalances and financial integration in the euro area

Merler, Sylvia, (2016), “A financial side to a macroeconomic story: macro imbalances and financial integration in the euro area”, Bruegel publications, 18 January

In a recent paper, I looked at the evolution of financial cycles in the euro area and at their link with capital flows. Here, I focus on how those findings inform our understanding of euro-area macroeconomic imbalances, revisiting the analysis of national savings and investment correlation.

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