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Current Account Sustainability : Selected East Asian and Latin American Experiences
Milesi-Ferretti, Gian Maria; Razin, Assaf - 2021
A number of developing countries have run large and persistent current account deficits in both the late seventies/early eighties and in the early nineties, raising the issue of whether these persistent imbalances are sustainable. This paper puts forward a notion of current account...
Persistent link: https://www.econbiz.de/10013230779
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Capital Inflows into Latin America : A Stop-Go Story?
Edwards, Sebastian - 2021
This paper deals with Latin America's experience with capital flows during the last decade and a half. It concentrates on a number of issues of increasing interest among academics and international observers, including the effect of capital inflows on domestic savings, the way in which capital...
Persistent link: https://www.econbiz.de/10013248243
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Financial Openness, Sudden Stops and Current Account Reversals
Edwards, Sebastian - 2011
In this paper I use a panel data set to investigate the mechanics of sudden stops of capital inflows and current account reversals. I am particularly interested in four questions: (a) What is the relationship between sudden stops and current account reversals? (b) To what extent does financial...
Persistent link: https://www.econbiz.de/10013133169
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Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops
Edwards, Sebastian - 2011
In this paper I analyze the anatomy of current account adjustments in the world economy during the last three decades. The main findings may be summarized as follows: (a) Major reversals in current account deficits have tended to be associated to sudden stops' of capital inflows. (b) The...
Persistent link: https://www.econbiz.de/10013133172
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The Effects of the Saving and Banking Glut on the U.S. Economy
Justiniano, Alejandro - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10013072878
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Current Account Fact and Fiction
Backus, David K. - 2009
With US trade and current account deficits approaching 6% of GDP, some have argued that the country is "on the comfortable path to ruin" and that the required "adjustment'' may be painful. We suggest instead that things are fine: although national saving is low, the ratios of household and...
Persistent link: https://www.econbiz.de/10013153986
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A Quantitative Model of Sudden Stops and External Liquidity Management
Caballero, Ricardo J.; Panageas, Stavros - 2021
Emerging market economies, which have much of their growth ahead of them, run persistent current account deficits in order to smooth consumption intertemporally. The counterpart of these deficits is their dependence on capital inflows, which can suddenly stop. In this paper we develop and...
Persistent link: https://www.econbiz.de/10013228758
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On the Empirics of Sudden Stops : The Relevance of Balance-Sheet Effects
Calvo, Guillermo A.; Izquierdo, Alejandro; Mejia, … - 2021
Using a sample of 32 developed and developing countries we analyze the empirical characteristics of sudden stops in capital flows and the relevance of balance sheet effects in the likelihood of their materialization. We find that large real exchange rate (RER) fluctuations coming hand in hand...
Persistent link: https://www.econbiz.de/10013210631
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Asian Demography and Foreign Capital Dependence
Higgins, Matthew; Williamson, Jeffrey G. - 2021
Ansley Coale and Edgar Hoover were right about Asia. Rising fertility and declining infant mortality have had a … youth dependency burdens; Where Asia has kicked the foreign capital dependence habit is where youth dependency burdens have … will go to the rest of Asia since the rest will become net capital exporters, at least if demography is allowed to have its …
Persistent link: https://www.econbiz.de/10013240628
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From Sudden Stops to Fisherian Deflation : Quantitative Theory and Policy Implications
Korinek, Anton - 2013
The 1990s Sudden Stops in emerging markets were a harbinger for the 2008 global financial crisis. During Sudden Stops, countries lost access to credit, causing abrupt current account reversals, and suffered Great Recessions. This paper reviews a class of models that yields quantitative...
Persistent link: https://www.econbiz.de/10013077215