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International capital flows, external assets and output volatility

Hoffmann, Mathias; Krause, Michael; Tillmann, Peter - Deutsche Bundesbank - 2014

This paper proposes a new perspective on international capital flows and countries' long-run external asset position. Cross-sectional evidence for 84 developing countries shows that over the last three decades countries that have had on average higher volatility of output growth (1) accumulated...

Persistent link: https://www.econbiz.de/10011093848

China's High Saving Puzzle

Ma, Guonan; Yang, Dennis T. - Institute for the Study of Labor (IZA) - 2013

This paper analyzes the causes of rising savings rates for the corporate, government, and household sectors, which have jointly contributed to the upsurge in aggregate savings in China in the past two decades. Government policies to rebalance the Chinese economy are also explored.

Persistent link: https://www.econbiz.de/10010791521

Aggregate Savings and External Imbalances in China

Yang, Dennis T. - Institute for the Study of Labor (IZA) - 2012

Over the last decade, the internal and external macroeconomic imbalances in China have risen to unprecedented levels. In 2008, China's national savings rate soared to over 53 percent of its GDP, whereas its current account surplus exceeded 9 percent of GDP. The current paper presents a unified...

Persistent link: https://www.econbiz.de/10010791526

North-South Technology Diffusion, Regional Integration, and the Dynamics of the "Natural Trading Partners" Hypothesis

Schiff, Maurice; Wang, Yanling - Institute for the Study of Labor (IZA) - 2004

Based on static analysis, a number of studies argue that forming a RTA is more likely to raise welfare if member countries are "natural trading partners," while other studies claim the opposite. This paper considers the argument from a dynamic viewpoint by examining the impact of trade with...

Persistent link: https://www.econbiz.de/10005703120

Economic Growth and Political Integration: Estimating the Benefits from Membership in the European Union Using the Synthetic Counterfactuals Method

Campos, Nauro F; Coricelli, Fabrizio; Moretti, Luigi - Institute for the Study of Labor (IZA) - 2014

This paper presents new estimates of the economic benefits from economic and political integration. Using the synthetic counterfactuals method, we estimate how GDP per capita and labour productivity would have behaved for the countries that joined the European Union (EU) in the 1973, 1980s, 1995...

Persistent link: https://www.econbiz.de/10010764596

Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness

Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - Institute for the Study of Labor (IZA) - 2009

Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...

Persistent link: https://www.econbiz.de/10008632737

Determinants of current account developments in the central and east European EU member states - consequences for the enlargement of the euro area

Herrmann, Sabine; Jochem, Axel - Deutsche Bundesbank - 2005

The current accounts of most EU member states in central and eastern Europe have been showing growing deficits in recent years. According to panel estimates the deficits can be attributed primarily to factors characteristic for the stage of development, ie the relative income level and high...

Persistent link: https://www.econbiz.de/10005059036

Time series evidence of international output convergence in Mercosur

Camarero, Mariam; Flôres, R.; Tamarit, C. - Society for Computational Economics - SCE - 2002

Persistent link: https://www.econbiz.de/10005537661

The Implications of Lower Down Payments on Consumption Volatility

Farr, Christopher; Luengo-Prado, Maria J. - Society for Computational Economics - SCE - 2001

We examine the effects of decreasing down payment requirements on consumption volatility within a model which … consumption becomes more volatile as down payment requirements decrease. This finding is true for both individual and aggregate … consumption, and it is robust to the inclusion of adjustment costs. Transitional dynamics imply that a financial liberalization …

Persistent link: https://www.econbiz.de/10005345569

Second- and Higher-Order Consumption Functions: A Precautionary Tale

Feigenbaum, James - Society for Computational Economics - SCE - 2003

Persistent link: https://www.econbiz.de/10005345652

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