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Are bilateral trade balances irrelevant?

Eugster, Johannes L.; Jaumotte, Florence; MacDonald, Margaux - 2020

Based on an empirical gravity model of sectoral bilateral trade, we uncover three features of bilateral trade balances. First, the difficulty of gravity models in fitting the observed level of bilateral balances is likely due to the presence of unobservable bilateral trade costs. Second, the...

Persistent link: https://www.econbiz.de/10012391997

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

The External Balance Assessment (EBA) Methodology

Phillips, Steven T. - 2014

The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing...

Persistent link: https://www.econbiz.de/10014394379

The level REER model in the external balance assessment (EBA) methodology

Mano, Rui; Osorio Buitron, Carolina; Ricci, Luca Antonio; … - 2019

This paper offers an empirical model of the drivers of the level of the Real Effective Exchange Rate (REER) that is now part of the IMF's methodology for the assessment of external positions, including exchange rates. It constructs a measure of the level of the REER and it offers a panel...

Persistent link: https://www.econbiz.de/10012103681

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

Bilateral Financial Linkages and Global Imbalances : A Viewon the Eve of the Financial Crisis

Milesi-Ferretti, Gian Maria - 2010

We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence...

Persistent link: https://www.econbiz.de/10014402655

The drivers, implications and outlook for China’s shrinking current account surplus

Deb, Pragyan; Gjonbalaj, Albe; Ahmed Hannan, Swarnali - 2019

China's current account surplus has declined significantly from its peak in 2008 and the external position in 2018 was … moderation in goods surplus reflecting market saturation and China's faster growth compared with trading partners. Policies … and the financial system to handle more volatile capital flows. From a global perspective, the decline in China's surplus …

Persistent link: https://www.econbiz.de/10012154723

Credit Flows, Fiscal Policy, and the External Deficit of Bosnia and Herzegovina

Kanda, Daniel - 2006

This paper develops and estimates a model of the trade balance of Bosnia and Herzegovina. Credit flows and the fiscal stance are found to play a significant role in determining the trade balance. On this basis the paper discusses the trade-offs between monetary and fiscal policy settings needed...

Persistent link: https://www.econbiz.de/10014400263

The U.S. Dollar and the Trade Deficit : What Accounts for the Late 1990's?

Hunt, Benjamin F. - 2003

between the United States and the rest of the world, this paper asks to what extent an asymmetric productivity shock in the …

Persistent link: https://www.econbiz.de/10014399692

Official Financial Flows, Capital Mobility, and Global Imbalances

Bayoumi, Tamim A. - 2014

We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental...

Persistent link: https://www.econbiz.de/10014411681