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This study offers a novel examination of the mean-reversion properties of the current account balances, expressed as a percentage of GDP, for the Asian-5 economies: Indonesia, Korea, Malaysia, the Philippines, and Thailand. While prior studies mainly employed traditional unit-root tests, our...
Persistent link: https://www.econbiz.de/10014501140
Using a new methodology that allows for nonlinearities, we find frequent support for sustainability in the debt of a set of Latin American countries. Our findings overturn results obtained with traditional unit-root tests and provide a more realistic alternative to evaluate the external solvency...
Persistent link: https://www.econbiz.de/10014093372
Sudden stops in capital inflows were a main characteristic of the emerging market crisis during the 1990's. Concerns about them have recurred in the light of recently increased global stability risk and the quantitative easing that led to substantial capital inflows in emerging economies. We add...
Persistent link: https://www.econbiz.de/10010199563
The paper examines episodes of current account adjustment in individual economies. A central finding is that these episodes are very divergent and can be usefully classified, on the basis of cluster analysis, in three groups. A majority of cases is characterised by internal adjustment,...
Persistent link: https://www.econbiz.de/10013317000
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/10013317052
The aim of this paper is to study the sustainability of current accounts in ECOWAS countries over the 1970–2015 period and test if this sustainability depends on the sub-regional blocs. The paper uses a formal theoretical framework, recent panel and intra-panel cointegration techniques to test...
Persistent link: https://www.econbiz.de/10012922539
We revisit the debate on the sustainability of the current account dynamics in the US. Using the concept of sustainability as the ability to meet the long run intertemporal budget constraint, we test for unit roots in the US current account for the 1960-2004 period. We argue that there are...
Persistent link: https://www.econbiz.de/10014069460
Purpose: This study aims to examine the sustainability of the current account deficit in Turkey for the quarterly data between 2003 and 2018. Besides, some policy implications are made to ensure the sustainability of the current account deficit in Turkey’s economy. Design/methodology/approach:...
Persistent link: https://www.econbiz.de/10012293106
The paper examines episodes of current account adjustment in individual economies. A central finding is that these episodes are very divergent and can be usefully classified, on the basis of cluster analysis, in three groups. A majority of cases is characterised by internal adjustment,...
Persistent link: https://www.econbiz.de/10010264156
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