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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
sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel …
Persistent link: https://www.econbiz.de/10011605041
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Methodological advances in the assessment of equilibrium exchange rates
Bussière, Matthieu; Ca' Zorzi, Michele; Chudik, Alexander - 2010
constitute the backbone of the IMF CGER assessment: the Macroeconomic Balance, the External Sustainability and the reduced form …
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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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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Budgetary and external imbalances relationship: a panel data diagnostic
Afonso, António; Rault, Christophe - 2008
We assess the cointegration relationship between current account and budget balances, and effective real exchange rates …, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …
Persistent link: https://www.econbiz.de/10011605007
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Budgetary and external imbalances relationship: a panel data diagnostic
Afonso, António; Rault, Christophe - 2009
We assess the cointegration relationship between current account and budget balances, and effective real exchange rates …, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and …
Persistent link: https://www.econbiz.de/10010264569
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Intertemporal solvency of Turkey’s current account
Oğuş Binatlı, Ayla; Sohrabji, Niloufer - 2008
We test for sustainability of Turkey's current account position between 1992 and 2007 using the intertemporal solvency …+ (which include imports, net interest and unilateral transfer payments). Cointegration between inflows and outflows implies … that the intertemporal budget constraint is satisfied. We use the Johansen and the Gregory and Hansen (1996) cointegration …
Persistent link: https://www.econbiz.de/10011807191
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Are the current account imbalances between EMU countries sustainable?
Schoder, Christian; Proaño, Christian R.; Semmler, Willi - 2012
Using parametric and non-parametric estimation techniques, we analyze the sustainability of the recently growing … alternative criteria for the as-sessment of external debt sustainability are considered: One based on the Transversality Condition …-GDP ratio. Econometric sustainability tests are performed using the pooled mean-group estimator and panel unit root tests …
Persistent link: https://www.econbiz.de/10010460515