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Exogeneity tests for the Chinese and U.S. external balance : empirical evidence of the connection and the subprime crisis

Lima Júnior, Luiz Antônio; Vasconcelos, Claudio … - In: Economia : revista da ANPEC 15 (2014) 3, pp. 307-326

encompasses the two biggest countries in the world: the U.S.A. and China. Many authors defend the assertion that the relationship … increased its deficit in the last decade, China has improved its surplus. To investigate this relationship, this study performed … for the external balances of America and China in 2008. The dynamics of the Chinese external balance changed after the …

Persistent link: https://www.econbiz.de/10011865319

Determinants and dynamics of current account reversals : an empirical analysis

Liesenfeld, Roman; Moura, Guilherme Valle; Richard, … - 2009

We use panel probit models with unobserved heterogeneity, state-dependence and serially correlated errors in order to analyze the determinants and the dynamics of current-account reversals for a panel of developing and emerging countries. The likelihood-based inference of these models requires...

Persistent link: https://www.econbiz.de/10003870630

Determinants and dynamics of current account reversals : an empirical analysis

Liesenfeld, Roman; Moura, Guilherme Valle; Richard, … - In: Oxford bulletin of economics and statistics 72 (2010) 4, pp. 486-517

Persistent link: https://www.econbiz.de/10003983873

Sharp Reductions in Current Account Deficits : An Empirical Analysis

Milesi-Ferretti, Gian Maria - 2006

The paper studies determinants and consequences of sharp reductions in current account imbalances (reversals) in low- and middle-income countries. It poses two questions: what triggers reversals, and what factors explain how costly reversals are? It finds that both domestic variables, such as...

Persistent link: https://www.econbiz.de/10012781958

Are Current Accounts of Asian Economies Mean-Reverting? : Nonlinear Unit Root Test Approach

Kim, Bong-Han - 2017

This paper tests the mean reverting property of current account in the financial crisis-affected 5 counties of southeast Asia using nonlinear unit root tests of Park and shintani (2004). Our approach is based on the idea that a conventional unit root test has lower power in detecting the...

Persistent link: https://www.econbiz.de/10012942573

The Level Reer Model in the External Balance Assessment (EBA) Methodology

Mano, Rui C. - 2019

This paper offers an empirical model of the drivers of the level of the Real Effective Exchange Rate (REER) that is now part of the IMF's methodology for the assessment of external positions, including exchange rates. It constructs a measure of the level of the REER and it offers a panel...

Persistent link: https://www.econbiz.de/10012860991

The External Balance Assessment (EBA) Methodology

Phillips, Steven - 2014

The External Balance Assessment (EBA) methodology has been developed by the IMF's Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing...

Persistent link: https://www.econbiz.de/10013059857

External Liabilities and Crises

Catão, Luis - 2013

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ratio of net foreign liabilities (NFL) to GDP is a significant crisis predictor, and...

Persistent link: https://www.econbiz.de/10013080853

The "new normal" of the Swiss balance of payments in a global perspective : central bank intervention, global imbalances and the rise of sovereign wealth funds

Senner, Richard; Sornette, Didier - 2017

Since the global financial crisis, the Swiss National Bank has been accumulating reserve assets amounting to the size of the Swiss GDP. Yet, the Swiss franc is still considered to be significantly over-valued. This paper analyzes the drivers behind the new situation and discusses challenges and...

Persistent link: https://www.econbiz.de/10011762254

A sovereign wealth fund for Switzerland

Senner, Richard; Sornette, Didier - Eidgenössische Technische Hochschule Zürich / … - 2017

Exchange rates are crucial variables for each economy as they affect the price at which a country can exchange goods and services with other currency areas. A strong domestic currency makes it relatively cheap to import goods and services, but at the same time renders domestic goods and services...

Persistent link: https://www.econbiz.de/10011762264