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Causality between external balance and (some) fiscal variables : preliminary results for the Eurozone

Carrasco, Carlos Alberto - In: Economics and Business Letters : EBL 5 (2016) 3, pp. 80-86

In this article, we present preliminary results, analyzing the causality between external balance and fiscal variables (primary public balance, interest paid on debt and overall public balance) within the so-called twin deficits hypothesis for a set of six Eurozone countries – three core...

Persistent link: https://www.econbiz.de/10011573231

Current account targeting hypothesis versus twin deficit hypothesis : the EMU experience of Portugal

Afonso, António; Coelho, José Carlos - 2021

We study the relationship between the government budget balance and the current account balance for Portugal, using quarterly data from 1999 to 2019. On the one hand, the causality tests find a unidirectional relation running from the current account balance to the government budget balance. On...

Persistent link: https://www.econbiz.de/10012595472

Devaluation and trade balance in Latin American countries

Kalyoncu, Huseyin; Ozturk, Ilhan; Artan, Seyfettin; … - In: Zbornik radova Ekonomskog fakulteta u … 27 (2009) 1, pp. 115-128

, Brazil, Mexico and Peru. We use the Johansen-Juselius cointegration test and impulse response function to estimate the long … and Peru. In addition, the cointegration is found among the four variables (trade balance, domestic income, foreign … incomes and real exchange rate) in the case of Argentina and Peru. The results also indicate that there is no cointegration …

Persistent link: https://www.econbiz.de/10010904511

Sustainability of the current account in Bangladesh: an Intertemporal and cointegration analysis

Wadud, Md Abdul; Rahman, S. M. Atiar; Chowdhury, Mohd. … - In: Journal of Developing Areas 49 (2015) 1, pp. 353-364

between exports and imports plus unilateral transfer payments. We apply Johansen cointegration test and Dynamic Ordinary Least … Square (DOLS) to evaluate the sustainability. Cointegration between inflows and outflows of current account implies that the … intertemporal budget constraint is satisfied. Results of the Johansen cointegration test imply that there is a cointegrating …

Persistent link: https://www.econbiz.de/10011213090

Investment-Specific Technology Shocks and International Business Cycles : An Empirical Assessment

Mandelman, Federico; Rabanal, Pau; Rubio-Ramirez, Juan … - 2014

In this paper, we first introduce investment-specific technology (IST) shocks into an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses several of the existing puzzles in the...

Persistent link: https://www.econbiz.de/10014048949

Cointegrated TFP Processes and International Business Cycles

Rabanal, Pau; Rubio-Ramirez, Juan Francisco; Tuesta … - 2014

A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that total factor productivity processes for the United States and the rest of the world are...

Persistent link: https://www.econbiz.de/10014048952

Investment-Saving Comovement and Capital Mobility : Evidence from Century Long U.S. Time Series

Levy, Daniel - 2010

This paper makes three contributions. First, I construct annual time series of gross domestic investment and national saving in the United States for the 1897-1949 period using historical component series. I compare the qualitative and quantitative properties of the newly constructed series with...

Persistent link: https://www.econbiz.de/10014087784

Behavior Equilibrium Exchange Rate and Misalignment of Renminbi: A Recent Empirical Study

Chen, Jinzhao - Institut for Miljø og Erhvervsøkonomi, Syddansk … - 2007

This paper employs the behavioral equilibrium exchange rate (BEER) model to estimate the equilibrium real exchange rate of Renminbi (RMB) and the exchange rate misalignment in China, which covers the period from 1994q1 to 2006q2. Using the most precise and recent data, the main findings of the...

Persistent link: https://www.econbiz.de/10005482025

Cointegrated TFP Processes and International Business Cycles

Rabanal, Pau; Rubio-Ramirez, Juan Francisco; Reátegui, … - Duke University, Department of Economics - 2010

A central puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard International Real Business Cycle (IRBC) models cannot reproduce this fact when calibrated using conventional parameterizations, and can only generate one fourth of the real...

Persistent link: https://www.econbiz.de/10008549057

Beyond Cheap Talks: Assessing the Undervaluation of the Chinese Currency Between 1994 and 2007

Chen, Jinzhao - In: Economie Internationale (2009) 119, pp. 47-82

Relying on new cointegration framework with structural breaks in the deterministic trend, this article employs the …

Persistent link: https://www.econbiz.de/10008494333