OS DESEQUILIBRIOS POR CONTA CORRENTE E A CRISE NA EUROZONA

In this paper we study the factors that explain the sustainability of current account im-balances in the Euro area and its relation with the economic crisis, addressing specifically the case of Spain. Estimation of foreign trade equations for Spain shows that a sustainable situation for trade imbalances could have been reached in two ways. Firstly, through an agreed actuation implemented in order to rise aggregated demand in central states over that in countries in the periphery. Secondly, controlling the pro cyclical movements promoted by monetary and credit variables.