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Terms of Trade, Labor Supply and the Current Account

Hsu, Yao-Nan - In: Journal of Economics and Management 11 (2015) 1, pp. 101-126

This paper studies the effect of the terms of trade on labor supply, industrial capital adjustment and the current account in a two-period small open economy in which endogenous labor supply is considered and labor is assumed to be mobile between sectors, given the situation that capital is a...

Persistent link: https://www.econbiz.de/10011206203

Credit constraints and growth in a global economy

Jin, Keyu; Guibaud, Stéphane; Coeurdacier, Nicolas - London School of Economics (LSE) - 2011

We show that in an open-economy OLG model, the interaction between growth diﬀerentials and household credit constraints, more severe in fast-growing countries, can explain three prominent global trends: a divergence in private saving rates between advanced and emerging economies, large net...

Persistent link: https://www.econbiz.de/10011071411

Where Did All The Borrowing Go? A Forensic Analysis of the U.S. External Position

Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2008

The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This paper examines the sources of discrepancies between net borrowing and accumulation of net...

Persistent link: https://www.econbiz.de/10005656142

The US Current Account and the Dollar

Blanchard, Olivier; Giavazzi, Francesco; Sá, Filipa - C.E.P.R. Discussion Papers - 2005

There are two main forces behind the large US current account deficits. First, an increase in the US demand for foreign … goods. Second, an increase in the foreign demand for US assets. Both forces have contributed to steadily increasing current …

Persistent link: https://www.econbiz.de/10005788973

Foreign Capital Inflows and the Current Account Imbalance: Which Causality Direction?

Yan, Ho-don; Yang, Cheng-lang - In: Journal of Economic Integration 23 (2008), pp. 434-461

international capital mobility. Past experiences in the emerging market countries indicate that foreign capital inflows could cause … persistent current account deficits and lead to currency crises. This paper empirically demonstrates that foreign capital inflows … the Granger non-causality test, we find that foreign capital inflows Granger-cause the current account in the cases of …

Persistent link: https://www.econbiz.de/10009415624

Investment-Saving Comovement and Capital Mobility: Evidence from Century Long U.S. Time Series

Levy, Daniel - EconWPA - 2005

This paper makes three contributions: First, I construct annual time series of gross domestic investment and national saving in the U.S. for the 1897–1949 period using historical component series. I compare the qualitative and quantitative properties of the newly constructed series with the...

Persistent link: https://www.econbiz.de/10005408170

What Drives Capital Flows to Emerging Markets? A Survey of the Empirical Literature

Koepke, Robin - Volkswirtschaftliche Fakultät, … - 2015

This paper reviews the rapidly growing empirical literature on the drivers of capital flows to emerging markets. The empirical evidence is structured based on the recognition that the drivers of capital flows vary over time and across different types of capital flows. The drivers are classified...

Persistent link: https://www.econbiz.de/10011266125

Credit Constraints and Growth in a Global Economy

Coeurdacier, Nicolas; Guibaud, Stéphane; Jin, Keyu - C.E.P.R. Discussion Papers - 2012

In a period of rapid integration and accelerated growth in emerging markets, three striking trends have been (1) a divergence in the private saving rates of emerging markets and advanced economies, (2) large net capital outflows from emerging markets, and (3) a sustained decline in the world...

Persistent link: https://www.econbiz.de/10011083716

Assessing International Efficiency

Heathcote, Jonathan; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2013

This paper is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation of...

Persistent link: https://www.econbiz.de/10011083981

INCREASING RETURNS, FINANCIAL CAPITAL MOBILITY AND REAL EXCHANGE RATE DYNAMICS

Pennings, Steven; Tyers, Rod - Crawford School of Public Policy, Australian National … - 2007

The 1990s appreciation of the US$ has been blamed on the 'irrational exuberance' of investors in the US IT boom. A core of these investors appeared to believe that technology-related productivity growth (due, in part, to knowledge spill-over externalities) would raise the relative US rate of...

Persistent link: https://www.econbiz.de/10011201630