Sustainability of External Imbalances

A Critical Appraisal

  • Angélique Herzberg

Table of contents

  1. Front Matter
    Pages I-XI
  2. Angélique Herzberg
    Pages 1-10
  3. Angélique Herzberg
    Pages 173-234
  4. Angélique Herzberg
    Pages 235-289
  5. Angélique Herzberg
    Pages 291-295
  6. Back Matter
    Pages 297-329

About this book


Since the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which started widening shortly after the introduction of the euro, raised much concern. While there exists a large body of theoretical and empirical literature on sustainability of external imbalances, a systematic survey has been lacking so far. Angélique Herzberg fills this gap by examining a broad range of established sustainability measures concerning their applicability to the various global and intra-euro imbalances of the recent past. Furthermore, the author examines the existence of feedback effects from an economy´s net international investment position to its trade balance.


  • Empirical Studies on the Validity of the Intertemporal Budget Constraint
  • Dynamic Benchmarks of External Sustainability


  • Teachers and Students of Economics and Business
  • Economic Policy Advisors

 The Author

Angélique Herzberg obtained a PhD in Economics in 2013 from Heinrich-Heine-University, Düsseldorf. Her areas of specialization are international macroeconomics and finance.


Current account balance External sustainability Global imbalances Intertemporal budget constraint Transversality condition

Authors and affiliations

  • Angélique Herzberg
    • 1
  1. 1.Lehrstuhl für VolkswirtschaftslehreHeinrich-Heine-UniversitätDüsseldorfGermany

Bibliographic information

  • DOI
  • Copyright Information Springer Fachmedien Wiesbaden 2015
  • Publisher Name Springer Gabler, Wiesbaden
  • eBook Packages Business and Economics
  • Print ISBN 978-3-658-07090-8
  • Online ISBN 978-3-658-07091-5
  • Buy this book on publisher's site
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