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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

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

Japan's imbalance of payments

Müller-Plantenberg, Nikolas - 2003

During the past three decades, Japan s current account experienced five large swings. The yen appreciated considerably in periods when the current account boomed, and it depreciated whenever Japan s external performance weakened. However, there has always been a certain lag in the adjustment of...

Persistent link: https://www.econbiz.de/10011404619

Macroeconomic policy making and current account imbalances in the euro area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10012550195

A stochastic optimal control approach to international finance and foreign debt

Fleming, Wendell Helms; Stein, Jerome L. - 1999

The recent financial crises, especially the debt crisis in Asia, have led to questions su ch as: what are their causes, what is an excessive debt and how vulnerable is an economy to external shocks? We develop an economic model of international finance and debt based upon two sources of...

Persistent link: https://www.econbiz.de/10009781699

What do we really know about the transatlantic current account?

Braml, Martin T.; Felbermayr, Gabriel - 2019

Do the U.S. have a current account surplus or a deficit with the EU? Since 2009, official sources disagree: The U.S. Department of Commerce claims a consistent U.S. surplus while Eurostat reports the opposite. International transactions are notoriously difficult to measure accurately, but the...

Persistent link: https://www.econbiz.de/10012065058

Fiscal consolidation and the current account : OECD evidence

Breuer, Christian; Nam, Chang-woon - 2020

We apply a "new" conventional (CAPB-based) measure of fiscal policy, which is less prone to endogeneity issues, and find that a 1-percent of GDP fiscal consolidation leads to the improvement of the current account-to-GDP ratio by approximately 0.8 percent of GDP, while previous research based on...

Persistent link: https://www.econbiz.de/10012157972

How strong is the case for dollarization in Costa Rica? : a note on the business cycle comovements with the United States

Lindenberg, Nannette; Westermann, Frank - 2009

We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business … hypothesis that the two countries share a common business cycle. Based on this evidence, we conclude that official dollarization … correlation of shocks. -- dollarization ; business cycle comovement ; serial correlation common feature ; Central America, Costa …

Persistent link: https://www.econbiz.de/10003887163

Financial dollarization and European Union membership

Neanidis, Kyriakos C. - 2010

We analyze the effect of European Union (EU) membership on financial dollarization for the Central and Eastern European … membership and EU entry have a direct impact on deposit and loan dollarization. EU membership reduces deposit dollarization while … it increases loan dollarization. The negative effect on deposit dollarization captures the increased confidence of the …

Persistent link: https://www.econbiz.de/10003979384

Dollarization of deposits in the short and long run : evidence from CESE countries

Urosevic, Branko; Rajkovic, Ivana - 2016

In this paper, we study the drivers of permanent and transitory deposit dollarization for a sample of CESE countries … permanent dollarization and Minimum Variance Portfolio (MVP) share. This provides an additional empirical validation of the MVP … method as the standard tool for analyzing financial dollarization. In the long run, agents make savings decisions based on …

Persistent link: https://www.econbiz.de/10011421680