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Current account sustainability in the US: What do we really know about its?
Christopoulos, Dimitris K.; León-Ledesma, Miguel A. - 2004
-linear behaviour under the null of stationarity. This is confirmed by a set of non-linearity tests. We then fit an ESTAR model to the … current account dynamics and reject the null of non-stationarity. Hence, we conclude in favour of sustainability. Furthermore …
Persistent link: https://www.econbiz.de/10010290645
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Analyzing the Present Sustainability of Turkey’s Current Account Position
Oğuş, Ayla; Sohrabji, Niloufer - 2008
In this paper we assess the present sustainability of Turkey's current account position using the framework provided by Milesi-Ferretti and Razin (1996) based on the ability-to-pay and willingness-to-lend model. This framework allows us to assess the structural features and macroeconomic policy...
Persistent link: https://www.econbiz.de/10011807189
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Intertemporal solvency of Turkey’s current account
Oğuş Binatlı, Ayla; Sohrabji, Niloufer - 2008
We test for sustainability of Turkey's current account position between 1992 and 2007 using the intertemporal solvency model of Hakkio and Rush (1991) and Husted (1992). This approach examines the relationship between exports and imports+ (which include imports, net interest and unilateral...
Persistent link: https://www.econbiz.de/10011807191
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Stationarity and invertibility of a dynamic correlation matrix
McAleer, Michael - 2017 - Revised: September 2017
the stationarity and invertibility conditions of the DCC model. The derivation of DCC from a vector random coefficient … than the returns shocks. The derivation of the regularity conditions, especially stationarity and invertibility, should … than returns shocks, as well as the associated stationarity and invertibility conditions. …
Persistent link: https://www.econbiz.de/10011715983
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Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds
De Santis, Roberto A.; Legrenzi, Gabriella; Milas, Costas - 2015
We introduce a non-linear model to study the adjustment of fiscal policy variables in Greece, Ireland, Portugal and Spain over the last 50 years, based on endogenously estimated budget deficit-to-GDP thresholds, which vary with fiscal disequilibria, the economic cycle and financial market...
Persistent link: https://www.econbiz.de/10011605903
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Characterizing Movements of the U.S. Current Account Deficit
Middendorf, Torge; Schmidt, Torsten - 2004
It is unclear whether the exceptionally highU.S. current account deficit can be sustained for a prolonged period. In this paper we approach the topic whether a gradual adjustment or a pronounced reduction of the deficit is likely to occur. We therefore characterize the dynamics of the current...
Persistent link: https://www.econbiz.de/10010261029
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Are exports and imports of Chile cointegrated?
Herzer, Dierk; Nowak-Lehmann D., Felicitas - 2005
This study examines the long-run relationship between Chilean exports and imports during the 1975-2004 period using unit root tests and cointegration techniques that allow for endogenously determined structural breaks. The results indicate that there exists a long-run equilibrium between exports...
Persistent link: https://www.econbiz.de/10010291862
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Relationship between Trade Liberalisation, Growth and Balance of Payments in Developing Countries: An Econometric Study
Parikh, Ashok - 2004
The objectives of this paper are to study the impact of liberalisation on trade deficits and current accounts of developing countries. It is expected that trade liberalisation would promote economic growth from the supply side by leading to a more efficient use of resources, by encouraging...
Persistent link: https://www.econbiz.de/10010295419
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Reviewing the sustainability/stationarity of current account imbalances with tests for bounded integration
Herwartz, Helmut; Xu, Fang - 2006
We investigate for 26 OECD economies if their current account imbalances are driven by stochastic trends. Standard ADF results are contrasted with tests accounting for the bounded support of the current account. Neglecting the latter feature might give misleading results in the sense that ADF...
Persistent link: https://www.econbiz.de/10010296260
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Sobreapreciação cambial no Brasil: Estimativa, causas e consequências (1994-2008)
de Araujo, Eliane Cristina; Leite, Marcos Vinicius Chiliatto - 2009
This article analyzes the exchange rate misalignment in Brazil in the period between 1994 and the early 2008, exploring its causes and consequences. The method used was to adjust the exchange rate according to the economic fundamentals. The estimations led to an expected long-term exchange rate,...
Persistent link: https://www.econbiz.de/10010330858