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Three Current Account Balances : A "Semi-Structuralist" Interpretation

Chinn, Menzie David - 2006

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area … process that involves real depreciation in its exchange rate. For Japan, a little more than 1 percentage point (of GDP) of the …

Persistent link: https://www.econbiz.de/10012783481

A Forensic Analysis of Global Imbalances

Chinn, Menzie David - 2013

We examine whether the behavior of current account balances changed in the years preceding the global crisis of 2008-09, and assess the prospects for global imbalances in the post-crisis period. Changes in the budget balance are an important factor affecting current account balances for deficit...

Persistent link: https://www.econbiz.de/10013092289

Medium-Term Determinants of Current Accounts in Industrial and Developing Countries : An Empirical Exploration

Chinn, Menzie David; Prasad, Eswar S. - 2021

This paper provides an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries. The analysis is based on a structural approach that highlights the roles of the fundamental macroeconomic determinants of saving and...

Persistent link: https://www.econbiz.de/10013238934

A Requiem for “Blame it on Beijing” : Interpreting Rotating Global Current Account Surpluses

Chinn, Menzie David; Ito, Hiro - 2021

Global current account imbalances have reappeared, although the extent and distribution of these imbalances are noticeably different from those experienced in the middle of the last decade. What does that recurrence mean for our understanding of the origin and nature of such imbalances? Will...

Persistent link: https://www.econbiz.de/10013314333

China's Current Account and Exchange Rate

Cheung, Yin-Wong - 2010

We examine whether the Chinese exchange rate is misaligned and how Chinese trade flows respond to the exchange rate and to economic activity. We find, first, that the Chinese currency, the renminbi (RMB), is substantially below the value predicted by estimates based upon a cross-country sample,...

Persistent link: https://www.econbiz.de/10012757953

A Faith-Based Initiative : Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?

Chinn, Menzie David - 2008

The assertion that a flexible exchange rate regime would facilitate current account adjustment is often repeated in policy circles. In this paper, we compile a data set encompassing data for over 170 countries are included, over the 1971-2005 period, and examine whether the rate of current...

Persistent link: https://www.econbiz.de/10012769642

The Current Account and the Real Exchange Rate : A Structural VAR Analysis of Major Currencies

Lee, Jaewoo - 2006

for seven major industrialized countries (the US, Canada, the UK, Japan, Germany, France and Italy). The analysis is …

Persistent link: https://www.econbiz.de/10012783968

Current Account Balances, Financial Development and Institutions : Assaying the World "Savings Glut"

Chinn, Menzie David; Ito, Hiro - 2021

We investigate the medium-term determinants of the current account using a model that controls for factors related to institutional development, with a goal of informing the recent debate over the existence and relevance of the "savings glut." The economic environmental factors that we consider...

Persistent link: https://www.econbiz.de/10013246398

Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?

Chinn, Menzie David; Dooley, Michael P. - 2021

We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy … rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese … that, with minor adjustments, the same specification provides a useful framework for understanding monetary policy in Japan …

Persistent link: https://www.econbiz.de/10013245712

Doomed to Deficits? Aggregate U.S. Trade Flows Re-Examined

Chinn, Menzie David - 2021

This paper examines the stability of import and export demand functions for the United States over the 1975q1-2001q2 period. Using the Johansen maximum likelihood approach, an export demand function is readily identified. In contrast, there appears to be a structural break in the import demand...

Persistent link: https://www.econbiz.de/10013220385