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Current Account Balances, Financial Development and Institutions : Assaying the World "Savings Glut"
Chinn, Menzie D. - 2005
institutional development, with a goal of informing the recent debate over the existence and relevance of the "savings glut." The … reverse correlation; greater financial development leads to higher savings. Furthermore, there is no evidence of "excess …
Persistent link: https://www.econbiz.de/10012466910
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Current Accounts in the Long and Short Run
Kraay, Aart - 2002
Faced with income fluctuations, countries smooth their consumption by raising savings when income is high, and vice … versa. How much of these savings do countries invest at home and abroad? In other words, what are the effects of … fluctuations in savings on domestic investment and the current account? In the long run, we find that countries invest the marginal …
Persistent link: https://www.econbiz.de/10012469683
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Medium-Term Determinants of Current Accounts in Industrial and Developing Countries : An Empirical Exploration
Chinn, Menzie D. - 2000
This paper provides an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries. The analysis is based on a structural approach that highlights the roles of the fundamental macroeconomic determinants of saving and...
Persistent link: https://www.econbiz.de/10012471188
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International Capital Mobility in Developing Countries vs. Industrial Countries : What do Saving-Investment Correlations Tell Us?
Frankel, Jeffrey A. - 1986
The finding of Feldstein and Horioka (1980) that countriesf investment rates are highly correlated with their national saving rates has by now been confirmed by many subsequent studies, even though their inference that international capital mobility nust be low has not been as widely accepted....
Persistent link: https://www.econbiz.de/10012477026
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Why Aren't Developed Countries Saving?
Dobrescu, Loretti I. - 2008
National saving rates differ enormously across developed countries. But these differences obscure a common trend, namely a dramatic decline over time. France and Italy, for example, saved over 17 percent of national income in 1970, but less than 7 percent in 2006. Japan saved 30 percent in 1970,...
Persistent link: https://www.econbiz.de/10012464049
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International Reserves Before and After the Global Crisis : Is There No End to Hoarding?
Aizenman, Joshua - 2014
, possibly reflecting high-income countries' tendency to deploy their savings in the global capital markets. The presence of …
Persistent link: https://www.econbiz.de/10012458280
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Precaution Versus Mercantilism : Reserve Accumulation, Capital Controls, and the Real Exchange Rate
Choi, Woo Jin - 2017
We document a new international stylized fact describing the relationship between real exchange rates and external asset holdings. Economists have long argued that the real exchange rate is associated with the net international investment position, appreciating as external wealth increases. This...
Persistent link: https://www.econbiz.de/10012455340
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International Financial Adjustment
Gourinchas, Pierre-Olivier - 2005
The paper proposes a unified framework to study the dynamics of net foreign assets and exchange rate movements. We show that deteriorations in a country's net exports or net foreign asset position have to be matched either by future net export growth (trade adjustment channel) or by future...
Persistent link: https://www.econbiz.de/10012467530
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A Portfolio Approach to Global Imbalances
Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony - National Bureau of Economic Research - 2022
and the reversal in returns earned on the US NFA (exorbitant privilege). We show that global savings gluts and monetary …
Persistent link: https://www.econbiz.de/10013334470
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A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds
Carroll, Christopher D. - 2009
We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive,...
Persistent link: https://www.econbiz.de/10012463421