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Are the current account imbalances between EMU countries sustainable?
Schoder, Christian; Proaño Acosta, Christian; Semmler, … - 2012
Using parametric and non-parametric estimation techniques, we analyze the sustainability of the recently growing … current account imbalances in the euro area and test whether the European Monetary Union has aggravated these imbalances. Two … alternative criteria for the as-sessment of external debt sustainability are considered: One based on the Transversality Condition …
Persistent link: https://www.econbiz.de/10009616530
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Sovereign default risk premia and state-dependent twin deficits : conference paper
Hürtgen, Patrick; Rühmkorf, Ronald - 2013 - This version: August 7, 2013
This paper studies the impact of the state-dependent risk of a government default on the correlation of the scal balance and current account. We use a small open economy model where nonlinear risk premia arise endogenously when the government operates close to its scal limit, i.e. the maximum...
Persistent link: https://www.econbiz.de/10010341080
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Japan's Imbalance of Payments
Müller-Plantenberg, Nikolas A. - 2021
exchange rate's response to external imbalances occurred with a delay. Based on the estimated maturity structure of Japan …
Persistent link: https://www.econbiz.de/10013319615
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An Investigation of Current Account Solvency in Latin America Using Non Linear Stationarity Tests
Chortareas, Georgios E.; Kapetanios, George; Uctum, Merih - 2003
Using a new methodology that allows for nonlinearities, we find frequent support for sustainability in the debt of a …
Persistent link: https://www.econbiz.de/10014093372
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Can International Productivity Differences Explain U.S. Current Account Deficits?
Chakraborty, Suparna - 2008
An influential explanation for the recent rise in the U.S. current account deficit is the boom in U.S. productivity. As U.S. productivity surged in the mid-1990s, capital was attracted to the U.S. to take advantage of the higher real returns. Using a two country general equilibrium model, this...
Persistent link: https://www.econbiz.de/10012724898
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Current Account Reversals and Currency Crises : Empirical Regularities
Milesi-Ferretti, Gian Maria - 2006
This paper studies large reductions in current account deficits and exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. Both domestic...
Persistent link: https://www.econbiz.de/10012782234
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The valuation effects of trade
Barbiero, Omar - 2021 - This version: September 2021
This paper estimates the cash flow and real effects of currency mismatches generated by foreign-priced operations of French manufacturers. The value of transactions invoiced in foreign currencies is twice as sensitive to exchange rates as the value of transactions invoiced in the domestic...
Persistent link: https://www.econbiz.de/10012705025
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The cyclicality of international public sector borrowing in developing countries : does the lender matter?
Galindo Andrade, Arturo José; Panizza, Ugo - 2017
The paper shows that international government borrowing from multilateral development banks is countercyclical while international government borrowing form private sector lenders is procyclical. The countercyclicality of official lending is mostly driven by the behavior of the World Bank...
Persistent link: https://www.econbiz.de/10011715722
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The cyclicality of international public sector borrowing in developing countries : does the lender matter?
Galindo Andrade, Arturo José; Panizza, Ugo - 2017
The paper shows that international government borrowing from multilateral development banks is countercyclical while international government borrowing form private sector lenders is procyclical. The countercyclicality of official lending is mostly driven by the behavior of the World Bank...
Persistent link: https://www.econbiz.de/10011784486
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Determinants and dynamics of current account reversals : an empirical analysis
Liesenfeld, Roman; Moura, Guilherme Valle; Richard, … - 2009
We use panel probit models with unobserved heterogeneity, state-dependence and serially correlated errors in order to analyze the determinants and the dynamics of current-account reversals for a panel of developing and emerging countries. The likelihood-based inference of these models requires...
Persistent link: https://www.econbiz.de/10003870630