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We study the role that changes in credit and fiscal positions play in explaining current account fluctuations. Empirically, the current account declines when credit increases, and when the fiscal balance declines. We use a two-country model with financial frictions and fiscal policy to study...
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experience of Japan. Exchange rate appreciation, or the threat of it, causes macroeconomic distress without having any … predictable effect on the trade surpluses of creditor economies. …
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Expanding trade with East Asia’s "Big Three" economic giants - the People's Republic of China (PRC), Japan, and the … quantitatively assess the different permutations of ASEAN’s free trade agreements (FTAs) with the Big Three (e.g., ASEAN-PRC, ASEAN-Japan … actively pursuing trade liberalization with the Big Three. The central objective of this paper is to qualitatively and …
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