The main aim of the paper is to examine the short- and medium-term empirical link between current account balances and a broad set of (economic) variables proposed by theoretical and empirical literature. The paper focuses on the Middle East and North Africa (MENA), an economically diverse...

Two of the most discussed issues triggered by the so called Feldstein-Horioka puzzle in international macroeconomics are: What does the saving-investment (SI) relation really measure and how should the SI relation be measured? The first contribution of this study is to develop a new variant of...

Una década después del comienzo de la Gran Recesión, los desequilibrios externos, medidos por la cuenta corriente [current Account (CA)], se han reducido notablemente. Sin embargo, los desequilibrios externos medidos a través de variables de stock, es decir, la posición de inversión...

Artículo de revista ; According to the balance of payments statistics, Spain’s net lending stood at 2.3% as a percentage of GDP in 2019, slightly down on the prior year, against a backdrop of continued, albeit slowing, economic growth. Developments in net lending are explained by the...

New EU members share two very marked features which have conflicting implications for the evolution of their real exchange rates in the long run: accelerated growth and systematic current account imbalances, which would anticipate, respectively an appreciation and a depreciation of their...

Los desequilibrios del saldo por cuenta corriente y su sostenibilidad están entre los temas de política internacional más debatidos. Mediante una metodología recientemente diseñada —external balance assessment (EBA)—, el FMI estima el impacto sobre el saldo por cuenta corriente de sus...

Después de la crisis reciente, se ha observado una reducción en los desequilibrios globales de los saldos por cuenta corriente («desequilibrios en términos de flujo»). Sin embargo, los desequilibrios globales medidos en términos de los activos externos netos de los países...

Artículo de revista ; According to the balance of payments (BoP) statistics, in an environment of ongoing economic upturn, Spain was once again a net lender in 2018, albeit to a lesser extent than in preceding years. The decline in net lending is explained by the decrease in the goods and...

Artículo de revista ; On balance of payments statistics, in 2021 Spain’s net lending amounted to 1.8% of GDP (1.2% in 2020). This increase mainly reflected the partial recovery in the travel surplus, thanks to the improvement in the epidemiological situation prompted by the headway in...

Artículo de revista ; In 2020, the Spanish economy recorded net lending of 1.1% of GDP, significantly below the previous year’s level of 2.5%. This decline essentially reflects the impact of the health crisis on travel credits, which contracted sharply, owing to the restrictions on...