This paper studies the global imbalances that occurred in the first years of the twenty-first century. The analysis encompasses the two biggest countries in the world: the U.S.A. and China. Many authors defend the assertion that the relationship between the current accounts of these two...

In der Juliausgabe veröffentlichte der Wirtschaftsdienst einen Aufsatz von Georg Erber mit dem Titel „Irrungen und Wirrungen mit der Leistungsbilanzstatistik“. Dazu äußert sich Jan Priewe kritisch. Anschließend stellt Georg Erber in einer Erwiderung seine Sicht dar.

This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...

After a period of deepening financial integration, the financial crisis triggered a fragmentation of Europe’s capital markets along national lines. Financial integration was prone to sudden stops and capital reversals because cross-border capital flows predominantly consisted of short-term...

Der Austritt des Vereinigten Königreichs aus der Europäischen Union hat weitreichende Implikationen für die britische Finanzbranche. London ist die bisherige Finanzhauptstadt Europas. Dort ansässige Finanzinstitutionen können spezielle EU-Rechte nutzen, um Dienstleistungen im gesamten...

This study adopts the "buffer stock model" advanced by Frenkel and Jovanovic (1981) to estimate the optimal level of foreign reserves for Nigeria. The Autoregressive Distributed Lag Approach (ARDL) was used to estimate the optimal foreign reserves function. The results show that the Nigeria's...

Purpose - The purpose of this paper is to investigate the impact of foreign capital shifts on economic activities and asset prices in South Korea. Design/methodology/approach - The authors in this paper apply the Bayesian threshold vector autoregressive (TVAR) model to estimate the regimes of...

This paper seeks to empirically explore how an international financial integration influences a country's GDP growth. The long run relationship is tested by PMG estimator for the sample of ten EU countries from Central, Eastern and Southeastern Europe (CEE-10 countries) between 1995 and 2017....

Purpose - This paper aims to obtain a recent estimate of the cost of precautionary foreign reserve accumulation that emerging market and developing economies (EMDEs) had to endure to protect themselves against the risks of financial globalization. In addition, the study estimates the cost of...

This study examined the determinants of capital flows in Nigeria, using quarterly data that covered the period, 2006 to 2018. The capital flows data include Foreign Direct Investment (FDI), Portfolio Investment (POI) and Other Investment (OTI) Flows. A structural VAR model was used to...