I n t e r n at I o n a l
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M u lt I d I s C I p l I n a r I t y
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2012
M-Sphere
in economic growth in the region. Any narrowing of the EMU would certainly affect the exchange rates of the CEE countries and in this case these countries do not possess such large foreign exchange reserves to deal with foreign exchange shocks. As capital accounts became liberalized, the ability of the exchange rate to equalize the current account became weaker. It became possible to finance current account deficits capital inflows by investors if, for various reasons, were willing to put money into the country by acquiring financial or real assets. In the case of emerging market countries, sustained deficits have usually ended up provoking a currency crisis.10
LITERATURE: 1.
Dunaway, S. (2009.) Global Imbalances and the Financial Crisis. Council Special Report No. 44, New York: Concil of Foreign Relations, USA, March 2009, www.cfr.og
2.
IMF. World Economic Outlook Database. April 2012, http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/weoselagr.aspx
3.
Kotlebová, J. (2010.) Future Stance of Currencies in the International Monetary System. Economic Analysis, vol. 43, No. 1-2/2010, Belgrade: Institute of Economic Sciences, Serbia, 2010, ISSN 1821-25732, pp. 61-69
4.
Kotlebová, J. (2011.) Euro Area in the Conditions of Global Imbalance. International Journal of Economics and Finance Studies, vol. 3, No. 2, 2011, Social Sciences Research Society, Turkey, ISSN 1309-8055, pp. 137 - 147
5.
Takatoshi Ito (2008.) Global Imbalances: Origins, Consequences and Possible Resolutions. In: TOUFFUT, J.P.: Central Banks as Economic Institutions. Cheltenham: Edward Elgar 2008, ISBN 978-1-84844-109-5
DETAILS ABOUT AUTHOR: JANA KOTLEBOVÁ ASSOC. PROF. ING., PHD. FACULTY OF NATIONAL ECONOMY, UNIVERSITY OF ECONOMICS IN BRATISLAVA BRATISLAVA, SLOVAKIA jana.kotlebova@euba.sk
Takatoshi Ito (2008.) Global imbalances: origins, consequences and possible resolutions. In: TOUFFUT, J.P.: Central Banks as Economic Institutions. Cheltenham: Edward Elgar 2008, ISBN 978-1-84844-109-5, p. 143 10
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