Ogawa, Eiji; Iwatsubo, Kentaro - In: Journal of Asian Economics 20 (2009) 3, pp. 225-239
In this paper, we estimate structural VAR models with contemporaneous restrictions based on neo-classical and Keynesian theories to investigate whether the cause of current account surpluses for East Asian economies is a "saving glut" or undervalued currencies. Analytical results show that the...