Bergin, Paul R.; Kim, Kyunghun; Pyun, Ju Hyun - National Bureau of Economic Research - 2022
adjustment of current account imbalances, providing novel support for Friedman's conjecture regarding exchange-rate flexibility …. We present a new stylized fact: floaters have faster convergence than peggers for current account deficits, but not so … for surpluses. A striking implication is that current account surpluses are more persistent than deficits on average. We …