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The Euro’s Effecton Trade Imbalances
Berger, Helge - 2010
When does trade become a one-way relationship? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for...
Persistent link: https://www.econbiz.de/10014397576
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Globalization, Gluts, innovation or Irrationality : What Explains the Easy Financing of the U.S. Current Account Deficit?
Balakrishnan, Ravi - 2007
This paper examines the roles of U.S. financial innovation, financial globalization, and the savings glut hypothesis in explaining the rise in U.S. external debt, first in a portfolio balance model, and then empirically. Perhaps surprisingly, financial deepening and falling home bias in...
Persistent link: https://www.econbiz.de/10014401161
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Fundamentals At Odds? : The U.S. Current Account Deficit and the Dollar
Milesi-Ferretti, Gian-Maria - 2008
The real effective exchange rate of the dollar is close to its minimum level for the past 4decades (as of September 2008). At the same time, however, the U.S. trade and currentaccount deficits remain large and, absent a significant correction in coming years, wouldcontribute to a further...
Persistent link: https://www.econbiz.de/10014401990
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Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia
Sandri, Damiano - 2011
A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a...
Persistent link: https://www.econbiz.de/10011779741
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Model of the U.S. Current Account
International Monetary Fund - 1988
This paper presents an econometric model of U.S. current account transactions. The model is used to analyze the factors behind the deterioration in the U.S. external position during the 1980s and to examine the sensitivity of the U.S. current account balance to changes in factors which are its...
Persistent link: https://www.econbiz.de/10014396470
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Japan's foreign assets and liabilities : implications for the external accounts
Colacelli, Mariana; Gautam, Deepali; Rebillard, Cyril - 2021
The composition of Japan's current account balance has changed over time, with an increasing income balance primarily … reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer … countries highlights: (i) relatively high yields on FDI assets, and (ii) very low FDI liabilities in Japan. Panel estimation is …
Persistent link: https://www.econbiz.de/10012517939
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Effective trade costs and the current account : an empirical analysis
Boz, Emine; Li, Nan; Zhang, Hongrui - 2019
A view receiving increased support is that the height of trade costs in prime export sectors has a strong effect on current account balances: countries specializing in sectors that face relatively high trade costs, such as services, tend to run current account deficits, and similarly, countries...
Persistent link: https://www.econbiz.de/10012001519
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Europe and Global Imbalances
Lane, Philip R. - 2007
Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the...
Persistent link: https://www.econbiz.de/10014400331
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A Global Perspectiveon External Positions
Milesi-Ferretti, Gian-Maria - 2005
This paper highlights the increased dispersion in net external positions in recent years, particularly among industrial countries. It provides a simple accounting framework that disentangles the factors driving the accumulation of external assets and liabilities (such as trade imbalances,...
Persistent link: https://www.econbiz.de/10014404202
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External financing risks : how important is the composition of the international investment position?
Cubeddu, Luis; Ahmed Hannan, Swarnali; Rabanal, Pau - 2021
Building on the vast literature, this paper focuses on the role of the structure of the international investment position (IIP) in affecting countries' external vulnerabilities. Using a sample of 73 advanced and emerging economies and new database on the IIP's currency composition, we find that...
Persistent link: https://www.econbiz.de/10012517927