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The Changing Role of the Exchange Rate for Macroeconomic Adjustment
Ollivaud, Patrice; Rusticelli, Elena; Schwellnus, Cyrille - Economics Department, Organisation de Coopération et … - 2015
Recent episodes of large exchange rate movements, such as for Japan or the United Kingdom, have typically not been associated with large changes in trade balances and despite the polarisation of international investment positions large currency fluctuations during the global crisis of 2008-09...
Persistent link: https://www.econbiz.de/10011276917
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Tracking the Euro
Koen, Vincent; Boone, Laurence; Serres, Alain de; … - Economics Department, Organisation de Coopération et … - 2001
During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations proliferated ranging from fundamentals such as differences in growth prospects to psychological factors such as herd behaviour, but no single story fully accounts for the observed...
Persistent link: https://www.econbiz.de/10005045928
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Current Account Sustainability in Brazil: A Non-Linear Approach
Mello, Luiz de; Mogliani, Matteo - Economics Department, Organisation de Coopération et … - 2009
The possibility that a country’s external current account may adjust nonlinearly to shocks is attracting increasing attention in the empirical literature. To shed further light on this issue in the context of emerging-market economies, this paper uses Brazilian data to estimate the...
Persistent link: https://www.econbiz.de/10004963280
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Structural and Cyclical Factors behind Current-Account Balances
Cheung, Calista; Furceri, Davide; Rusticelli, Elena - Economics Department, Organisation de Coopération et … - 2010
Global external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to which structural or cyclical factors may have driven these patterns is important to assess the likely evolution of global...
Persistent link: https://www.econbiz.de/10008465166
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Reducing Macroeconomic Imbalances in Turkey
Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; Coşar, … - Economics Department, Organisation de Coopération et … - 2014
Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process. High consumer price inflation and a wide current account deficit are sources of vulnerability. Even though below-potential growth helps rebalancing and disinflation, these...
Persistent link: https://www.econbiz.de/10011277023
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Tackling Turkey's External and Domestic Macroeconomic Imbalances
Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; … - Economics Department, Organisation de Coopération et … - 2012
Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%....
Persistent link: https://www.econbiz.de/10011277032
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Structural Change and the Current Account: The Case of Germany
Coricelli, Fabrizio; Wörgötter, Andreas - Economics Department, Organisation de Coopération et … - 2012
Using empirical evidence from panel analysis of current account dynamics and of bilateral trade balances, the paper argues that the large German current account surplus during the 2000s can be explained by an increasing gap between productivity growth in manufacturing vis-à-vis services. Such a...
Persistent link: https://www.econbiz.de/10011276815
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Understanding the Recent Surge in the Accumulation of International Reserves
Vujanovic, Petar - Economics Department, Organisation de Coopération et … - 2011
This paper looks at the empirical determinates of foreign currency reserve holdings across a panel of around 130 countries between 1980 and 2008. The paper builds on the existing literature by adopting a panel error-correction model specification and by extending the sample to include the recent...
Persistent link: https://www.econbiz.de/10009024408
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China's March to Prosperity: Reforms to Avoid the Middle-income Trap
Koen, Vincent; Herd, Richard; Hill, Sam - Economics Department, Organisation de Coopération et … - 2013
China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...
Persistent link: https://www.econbiz.de/10011277005
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Maintaining Switzerland's Top Innovation Capacity
Jaumotte, Florence - Economics Department, Organisation de Coopération et … - 2006
Switzerland (www.oecd.org/eco/surveys/switzerland).<P>Préserver le haut niveau des capacités d?innovation de la Suisse … very strong. There are, however, areas in which policy reforms could strengthen innovation further and help Switzerland … la Suisse en matière d'innovation a été très bonne. Dans certains domaines cependant, des réformes permettraient d …
Persistent link: https://www.econbiz.de/10005045715