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Methodological advances in the assessment of equilibrium exchange rates
Bussière, Matthieu; Ca' Zorzi, Michele; Chudik, Alexander - 2010
This paper reviews three different concepts of equilibrium exchange rates that are widely used in policy analysis and constitute the backbone of the IMF CGER assessment: the Macroeconomic Balance, the External Sustainability and the reduced form approaches. We raise a number of econometric...
Persistent link: https://www.econbiz.de/10011605197
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A framework for assessing global imbalances
Bracke, Thierry; Bussière, Matthieu; Fidora, Michael; … - 2008
In this paper, we take a systematic look at global imbalances. First, we provide a definition of the phenomenon, and relate global imbalances to widening external positions of systemically important economies that reflect distortions or entail risks for the global economy. Second, we provide an...
Persistent link: https://www.econbiz.de/10011606230
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The persistence of current account balances and its determinants: The implications for global rebalancing
Clower, Erica; Ito, Hiro - 2012
This paper examines the statistical nature of the persistency of current account balances and its determinants. With the assumption that stationary current account series ensures the long-run budget constraint while countries may experience "local non-stationarity" in current account balances,...
Persistent link: https://www.econbiz.de/10010397237
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Trade imbalances and multilateral trade cooperation
Marchetti, Juan; Ruta, Michele; Teh, Robert - 2012
Rising current account and merchandise trade imbalances marked the years before the global financial and economic crisis. These imbalances either contributed to or precipitated the crisis and to the extent that they create systemic risks, it is desirable that they be reduced. There are many...
Persistent link: https://www.econbiz.de/10010326809
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Current account benchmarks for central and eastern Europe: a desperate search?
Ca' Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - 2009
This paper examines two competing approaches for calculating current account benchmarks, i.e. the external sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel econometric techniques. The aim is to gauge the medium...
Persistent link: https://www.econbiz.de/10011605041
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Causes and Consequences of Global Imbalances: Perspective from Developing Asia
Adams, Charles; Park, Donghyun - 2009
Global current account imbalances are one of the key macroeconomic imbalances that underlie the global financial crisis. The central objective of this paper is to analyze the causes and consequences of global imbalances from the perspective of developing Asia. More specifically, we examine the...
Persistent link: https://www.econbiz.de/10010507261
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Capital liberalization and the US external imbalance
Prades, Elvira; Rabitsch, Katrin - 2009
the presence of borrowing and lending constraints on that bond. In a US versus the rest of the world (RoW) scenario, we … consumption risk relative to the rest of the world, and therefore decreases its motives for precautionary asset holdings relative … to the rest of the world. As a result of these asymmetric shifts in countries' barriers to capital mobility, the US runs …
Persistent link: https://www.econbiz.de/10010322494
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Determinants of Global and Intra-European Imbalances
Schnabl, Gunther; Freitag, Stephan - 2012
The paper discusses global current account imbalances in the context of an asymmetric world monetary system and … against the euro or members of the euro area (euro periphery). The paper finds that changes of world current account positions …
Persistent link: https://www.econbiz.de/10010334477
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Patterns of current account adjustment: insights from past experience
Algieri, Bernardina; Bracke, Thierry - 2007
The paper examines over seventy episodes of current account adjustment in industrial and major emerging market economies. It argues that these episodes were characterised by strongly divergent economic developments. To reduce this divergence, the paper classifies episodes with similar...
Persistent link: https://www.econbiz.de/10011604808
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Von der Finanzkrise zur Weltwirtschaftskrise (II). Globale Ungleichgewichte: Ursache der Krise und Auswegstrategien für Deutschland
Horn, Gustav A.; Joebges, Heike; Zwiener, Rudolf - 2009
Die globalen außenwirtschaftlichen Ungleichgewichte sind eine der entscheidenden Ursachen der gegenwärtigen Weltwirtschaftskrise. Der Report widmet sich neben dieser Analyse der Frage, wie sich die globalen Ungleichgewichte bisher auf den Krisenverlauf ausgewählter Länder ausgewirkt haben...
Persistent link: https://www.econbiz.de/10010460610