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The importance of the exchange rate regime in limiting current account imbalances in sub-Saharan African countries

Gnimassoun, Blaise - In: Journal of International Money and Finance 53 (2015) C, pp. 36-74

One of the major current concerns of economic policy in developing countries is the choice of the appropriate exchange rate regime to consolidate and accelerate the pace of economic growth. This paper aims to investigate whether the choice of a country's exchange rate regime may affect current...

Persistent link: https://www.econbiz.de/10011263956

Thousands of models, one story: Current account imbalances in the global economy

Ca’ Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - In: Journal of International Money and Finance 31 (2012) 6, pp. 1319-1338

The global financial crisis has led to a revival of the empirical literature on current account imbalances. This paper contributes to that literature by investigating the importance of evaluating model and parameter uncertainty prior to reaching any firm conclusion. We explore three alternative...

Persistent link: https://www.econbiz.de/10010599351

Do capital importing countries pay higher prices for their imports of goods?

Adam, Antonis; Moutos, Thomas - In: Journal of International Money and Finance 40 (2014) C, pp. 95-108

We examine the effects that a country's net capital flows have on the (border) prices that a country pays for its imports of goods. Using data from 2000 to 2009 for 11 euro area countries we utilize a pricing-to-market specification to study exporters' pricing behavior to the rest of the...

Persistent link: https://www.econbiz.de/10010719326

Financial flows, financial crises, and global imbalances

Obstfeld, Maurice - In: Journal of International Money and Finance 31 (2012) 3, pp. 469-480

In this lecture I document the proliferation of gross international asset and liability positions and discuss some consequences for individual countries’ external adjustment processes and for global financial stability. In light of the rapid growth of gross global financial flows and the...

Persistent link: https://www.econbiz.de/10010577034

Sovereign default risk and state-dependent twin deficits

Hürtgen, Patrick; Rühmkorf, Ronald - In: Journal of International Money and Finance 48 (2014) PB, pp. 357-382

This paper analyzes the impact of the government debt-to-GDP ratio on the correlation of the fiscal balance and the … current account. Above a government debt-to-GDP ratio of 90 percent the correlation of the two balances decreases by 0.16 in a … economy model with defaultable government debt and riskless international capital markets to explain the empirical evidence of …

Persistent link: https://www.econbiz.de/10011077087

Current accounts and financial flows in the euro area

Hobza, Alexandr; Zeugner, Stefan - In: Journal of International Money and Finance 48 (2014) PB, pp. 291-313

euro area. Most of this financing took the form of debt instruments. Following the withdrawal of private financing from …

Persistent link: https://www.econbiz.de/10011077100

Current account imbalances and financial integration in the euro area

Schmitz, Birgit; von Hagen, Jürgen - In: Journal of International Money and Finance 30 (2011) 8, pp. 1676-1695

While the current account of the euro area as a whole has remained almost balanced in the past two decades, several member countries have sizeable deficits or surpluses. In this paper, we interpret these imbalances as indicators of net capital flows among the euro-area countries. We distinguish...

Persistent link: https://www.econbiz.de/10011048534

The effect of IMF lending on the probability of sovereign debt crises

Jorra, Markus - In: Journal of International Money and Finance 31 (2012) 4, pp. 709-725

explanations that point to the effects of debt dilution and the possibility of IMF triggered debt runs, however, are also possible. …This paper explores empirically how the adoption of IMF programs affects sovereign risk over the medium term. We find … that IMF programs significantly increase the probability of subsequent sovereign defaults by approximately 1.5–2 percentage …

Persistent link: https://www.econbiz.de/10010577046

Securitization, risk-transferring and financial instability: The case of Spain

Carbó-Valverde, Santiago; Marques-Ibanez, David; … - In: Journal of International Money and Finance 31 (2012) 1, pp. 80-101

The 2007–2010 financial crisis has hit a variety of countries asymmetrically. The case of Spain is particularly illustrative as it exemplifies in a vivid manner most of the core issues largely responsible for the crisis. This country experienced a pronounced housing bubble partly funded via...

Persistent link: https://www.econbiz.de/10011048524

Unemployment and debt dynamics in a highly indebted small open economy

Heer, Burkhard; Schubert, Stefan Franz - In: Journal of International Money and Finance 31 (2012) 6, pp. 1392-1413

's production side and on welfare, but not on its stock of foreign debt and the country specific risk premium, and large part of the … dynamics and a considerable reduction in foreign debt, allowing higher consumption in the long run and creating an … intertemporal welfare gain, even though unemployment increases strongly in the short-run. A 50% haircut of foreign debt …

Persistent link: https://www.econbiz.de/10010599336