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The modality of fiscal consolidation and current account adjustment : presented at CESifo, Delphi Conference on Current Account Adjustments, May 2015
Adam, Antonis; Moutos, Thomas - 2015
In this paper we argue that supply-side adjustments (i.e. the reallocation of productive resources between the traded and non-traded sectors) can be an important determinant of the output costs of current account adjustment. The argument relies on the fact that tax evasion is more prevalent in...
Persistent link: https://www.econbiz.de/10011300383
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Exchange-rate adjustment and macroeconomic interdependence between stagnant and fully employed countries
Ono, Yoshiyasu - 2014
This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge...
Persistent link: https://www.econbiz.de/10010250169
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The impact of financial (de-)regulation on current account balances
Moral-Benito, Enrique; Röhn, Oliver - 2014
Both global imbalances and financial market (de-)regulation feature prominently among the potential causes of the global financial crisis, but they have been largely discussed separately. In this paper, we take a different angle and investigate the relationship between financial market...
Persistent link: https://www.econbiz.de/10010436581
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Twin deficits through the looking glass : time-varying analysis in the euro area
Afonso, António; Coelho, José Carlos - 2022
Using two measures of the fiscal position, the cyclically adjusted primary budget balance (CAPB) and the total budget balance, we assess the Twin Deficit Hypothesis for the Euro Area in the period 1995-2020. Furthermore, we estimate time-varying coefficients of the current account balance...
Persistent link: https://www.econbiz.de/10012813893
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Capital flows in the euro area and TARGET2 balances
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2018
We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...
Persistent link: https://www.econbiz.de/10011793977
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Budgetary and external imbalances relationship : a panel data diagnostic
Afonso, António; Rault, Christophe - 2009
We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship between the two imbalances for each country for the...
Persistent link: https://www.econbiz.de/10003808652
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A unified model of international business cycles and trade
Bhattarai, Saroj; Kucheryavyy, Konstantin - 2020
We present a unified dynamic framework to study the interconnections between international trade and business cycle models. We prove an aggregate equivalence between a competitive, representative firm model that has aggregate production externalities and dynamic trade models that feature...
Persistent link: https://www.econbiz.de/10012171705
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Aggregate properties of open economy models with expanding varieties
Bhattarai, Saroj; Kucheryavyy, Konstantin - 2022
We present a unified dynamic framework to study the interconnections between international trade and business cycle models. We prove an aggregate equivalence between a competitive, representative firm model that has aggregate production externalities and dynamic trade models that feature...
Persistent link: https://www.econbiz.de/10013332104
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The real exchange rate in the long run : Balassa-Samuelson effects reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - 2014
Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the … real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We …
Persistent link: https://www.econbiz.de/10010374513
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Do elections affect the composition of fiscal policy?
Katsimē, Margarita; Sarantides, Vassilis - 2010
This paper investigates the impact of elections on the level and composition of fiscal instruments using a sample of 19 high-income OECD countries that can be characterized as developed, established democracies during the period 1972-1999. We find that elections shift public spending towards...
Persistent link: https://www.econbiz.de/10003923827