Macroeconomic Imbalances and Growth

Dear Colleagues,

After years of global and large macroeconomic imbalances, their evolution and prospective effects on future growth remain a matter of concern. International institutions and practitioners alike have emphasized the adjustments following the Great Recession. This matter is especially relevant to establish the correct exit strategies in the case of the Eurozone, where the adjustment can be slow and painful. Before the crisis of 2008/09, the EMU member states developed substantial macroeconomic imbalances. At the root of these developments were huge differences in wage and price inflation within the EMU, with consequences in terms of competitiveness, real interest rates, and income distribution divergences. The theoretical literature has distinguished between the positive short-run effects of accumulating imbalances to finance investment and the negative long-run growth effects of high level of indebtedness. The supporting empirical evidence, however, is far from conclusive. This Special Issue aims to gather frontier research related to the impact of macroeconomic imbalances on growth and the indirect effects that may, in turn, have on per-capita living standards, income distribution, resource-allocation efficiency, and public intervention.

Prof. Dr. Cecilio-R. Tamarit
Guest Editor

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