Series: IMF Working Papers
Author(s): Joong Kang , and Jay Shambaugh
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 22 July 2014
Keywords: Current account deficit, Internal devaluation, Competitiveness, current account, employment, unemployment, unemployment rates, Open Economy Macroeconomics,
The euro area periphery countries and the Baltic countries, which had large current account deficits in the run-up to the crisis, needed adjustment of relative prices to achieve both internal and external balances....