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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

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

We construct a new database of bilateral financial flows among euro area countries and their major world partners and …

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

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

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

capital flows among the euro-area countries. We distinguish between balances against the euro zone and the rest of the world … of the euro zone. This increase can neither be observed for the flows between the euro members and the rest of the world …

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

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 points. These results cannot be attributed to...

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

Official financial flows, capital mobility, and global imbalances

Bayoumi, Tamim; Gagnon, Joseph; Saborowski, Christian - In: Journal of International Money and Finance 52 (2015) C, pp. 146-174

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/10011208911

International reserves before and after the global crisis: Is there no end to hoarding?

Aizenman, Joshua; Cheung, Yin-Wong; Ito, Hiro - In: Journal of International Money and Finance 52 (2015) C, pp. 102-126

We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999–2006, gross...

Persistent link: https://www.econbiz.de/10011208913