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Current Account Sustainability: Selected East Asian and Latin American Experiences
Milesi-Ferretti, Gian Maria; Razin, Assaf - C.E.P.R. Discussion Papers - 1996
A number of developing countries have run large and persistent current account deficits in both the late-1970s/early-1980s and in the early-1990s, raising the issue of whether these persistent imbalances are sustainable. This paper puts forward a notion of current account sustainability and...
Persistent link: https://www.econbiz.de/10005791270
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Global Imbalances: In Midstream?
Blanchard, Olivier J; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does …
Persistent link: https://www.econbiz.de/10008468701
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Habit Formation and Fiscal Transmission in Open Economies
Cardi, Olivier; Müller, Gernot - C.E.P.R. Discussion Papers - 2010
model. We find that i) government spending increases output and induces a simultaneous decline of investment and the current … account, but does not affect consumption; ii) the responses of output and investment are smaller in more open economies, while … simultaneous decline in investment and the current account. …
Persistent link: https://www.econbiz.de/10008684676
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Computing Effective Tax Rates on Factor Incomes and Consumption: An International Macroeconomic Perspective
Mendoza, Enrique G; Razin, Assaf; Tesar, Linda - C.E.P.R. Discussion Papers - 1994
savings, investment, and labour supply in neoclassical models, and to the rate of unemployment in job search models. These …
Persistent link: https://www.econbiz.de/10005124394
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Continued Existence of Cows Disproves Central Tenets of Capitalism?
Anagol, Santosh; Etang, Alvin; Karlan, Dean S. - C.E.P.R. Discussion Papers - 2013
We examine the returns from owning cows and buffaloes in rural India. We estimate that when valuing labor at market wages, households earn large, negative average returns from holding cows and buffaloes, at negative 64% and negative 39% respectively. This puzzle is mostly explained if we value...
Persistent link: https://www.econbiz.de/10011083843
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The Valuation Channel of International Adjustment
Ghironi, Fabio; Lee, Jaewoo; Rebucci, Alessandro - C.E.P.R. Discussion Papers - 2015
International financial integration has greatly increased the scope for changes in a country’s net foreign asset position through the “valuation channel” of external adjustment, namely capital gains and losses on the country’s external assets and liabilities. We examine this valuation...
Persistent link: https://www.econbiz.de/10011266533
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Sovereigns, Upstream Capital Flows, and Global Imbalances
Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym - C.E.P.R. Discussion Papers - 2011
with growth only if debt is financed by another sovereign; (iii) public savings are robustly positively correlated with … growth as opposed to private savings. Sovereign to sovereign transactions can fully account for upstream capital flows and …
Persistent link: https://www.econbiz.de/10009364326
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The Cross-Country Incidence of the Global Crisis
Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits,...
Persistent link: https://www.econbiz.de/10008466326
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Fundamentals at Odds? The US Current Account Deficit and The Dollar
Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2008
In mid-2008, the real effective exchange rate of the dollar was close to its minimum level for the past 4 decades. At the same time, however, the U.S. trade and current account deficits remain large and, absent a significant correction in coming years, would contribute to a further accumulation...
Persistent link: https://www.econbiz.de/10005662389
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The US Current Account and the Dollar
Blanchard, Olivier; Giavazzi, Francesco; Sá, Filipa - C.E.P.R. Discussion Papers - 2005
There are two main forces behind the large US current account deficits. First, an increase in the US demand for foreign goods. Second, an increase in the foreign demand for US assets. Both forces have contributed to steadily increasing current account deficits since the mid-1990s. This increase...
Persistent link: https://www.econbiz.de/10005788973