Hosted By: Oesterreichische NationalbankSponsored By: Deutsche Bundesbank,International Monetary Fund (IMF),Joint Vienna Institute
Organizers: Raphael Auer, Elena Biewen, Sven Blank, Luis A. V. Catão, Philip R. Lane, Gian Maria Milesi-Ferretti and Martin Summer

Current account imbalances have been a central theme in the international policy debate and are often deemed as culprits in the recent financial crises in the Eurozone. Recently an effort has been made by multilateral institutions to revamp their methodologies of assessing external imbalances. Yet, existing models used in cross-country policy analyses still do not prominently feature the role of financial sector linkages – within and across national borders – in shaping up national savings and investment dynamics. This conference will bring together the traditional view on external rebalancing with new research on the links between cross-border banking/financial flows, private sector leverage, capital formation, and the current account.

We are especially interested in papers on the following topics:

• Cross border bank lending, domestic credit, and the current account
• Domestic and cross-border response of bank credit and leverage to national monetary policies and global liquidity
• Banking sector leverage, asset prices and the current account
• Econometric issues in modeling the current account, in particular in currency unions.
• The role of bank credit in understanding investment weakness and persistent current account surpluses in some EU member states
• The banking sector-household spending relationship in light of micro-data evidence
• Contribution of bank and non-bank flows to post-crisis rebalancing
• Implications of the European Banking Union to the future of intra-EU current account imbalances
• The influence of macro-prudential measures on banks’ cross-border capital flows

Please send your papers by E-mail in pdf-format to: with the Subject: CA conference-vienna-2015.

Deadline for paper submission: April 12th, 2015

Organizing Committee:
Raphael Auer, Swiss National Bank & CEPR
Elena Biewen, Deutsche Bundesbank
Sven Blank, Deutsche Bundesbank
Luís A.V. Catão, International Monetary Fund & Joint Vienna Institute
Philip Lane, Trinity College Dublin & CEPR
Gian Maria Milesi-Ferretti, International Monetary Fund & CEPR
Martin Summer, Oesterreichische Nationalbank