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External publications
July 2006 (European Central Bank)
Article
On the determinants of external imbalances and net international portfolio flows: a global perspective
Type: External publications
Authors: Roberto A. De Santis and Melanie Lührmann
Volume, issue, pages: Working Paper 651

This paper shows that net portfolio flows play an important role in correcting external imbalances, since they are driven by common determinants represented by countries' demographic profiles, the quality of institutions, monetary aggregates and initial net financial asset positions.

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