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Emergence of Asia : Reforms, Corporate Savings, and Global Imbalances

Fan, Jingting - 2016

One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. We use an extensive firm-level data set from several Asian countries during 2002–2011, and test the micro foundation of this theory by estimating the...

Persistent link: https://www.econbiz.de/10012989124

Fiscal Limits in Advanced Economies

Leeper, Eric M. - 2011

Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved...

Persistent link: https://www.econbiz.de/10013129132

The U.S. Current Account Deficit : Gradual Correction or Abrupt Adjustment?

Edwards, Sebastian - 2010

In this paper I use a large multi-country data set to analyze the determinants of abrupt and large %u201Ccurrent account reversals.%u201D The results from a variance-component probit model indicate that the probability of experiencing a major current account reversal is positively affected by...

Persistent link: https://www.econbiz.de/10012761662

The U.S. Current Account and the Dollar

Blanchard, Olivier J.; Giavazzi, Francesco; Sá, Filipa - 2021

There are two main forces behind the large U.S. current account deficits. First, an increase in the U.S. demand for foreign goods. Second, an increase in the foreign demand for U.S. assets. Both forces have contributed to steadily increasing current account deficits since the mid--1990s. This...

Persistent link: https://www.econbiz.de/10013224715

Is the U.S. Current Account Deficit Sustainable? And If Not, How Costly is Adjustment Likely to Be?

Edwards, Sebastian - 2022

In this paper I analyze the relationship between the U.S. dollar and the U.S. current account. I deal with issues of sustainability, and I discuss the mechanics of current account adjustment. The analysis presented in this paper differs from other work in several respects: First, I emphasis the...

Persistent link: https://www.econbiz.de/10013308521

Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies

Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - 2022

We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world … economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth … are consistent with the evolution of the world’s balance of payments since the beginning of the Covid pandemic …

Persistent link: https://www.econbiz.de/10014081636

The Plaza Accord, 30 Years Later

Frankel, Jeffrey A. - 2015

The paper reviews an event of 30 years ago from the perspective of today: a successful G-5 initiative to reverse what had been an overvalued dollar. The “Plaza Accord” is best viewed not as the precise product of the meeting on September 22, 1985, but as shorthand for a historic change in US...

Persistent link: https://www.econbiz.de/10013009917

The Macroeconomic Effects of Tax Changes : Estimates Based on a New Measure of Fiscal Shocks

Romer, Christina D. - 2010

This paper investigates the impact of changes in the level of taxation on economic activity. We use the narrative record -- presidential speeches, executive-branch documents, and Congressional reports -- to identify the size, timing, and principal motivation for all major postwar tax policy...

Persistent link: https://www.econbiz.de/10012759933

On the Macroeconomic Consequences of Over-Optimism

Beaudry, Paul - 2018

Is over-optimism about a country's future growth perspective good for an economy, or does over-optimism also come with costs? In this paper we document that recessions, fiscal problems, as well as Balance of Payment-difficulties are more likely to arise in countries where past growth...

Persistent link: https://www.econbiz.de/10012916900

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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