Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Die vorliegende Arbeit vergleicht die Entwicklung des Außenhandels zwischen zwei Ländergruppen : auf der einen Seite Polen, die Tschechische Republik und Ungarn sowie auf der anderen Seite Portugal, Spanien und Griechenland. Die Autoren erkennen zahlreiche Parallelen in der...

Turkey's high current account deficit has been at the core of macroeconomic policy discussions in recent years. Quantifying the role of cyclical factors in driving the current account fluctuations is essential for designing an appropriate policy response and evaluating the impact of policy...

Development accounting shows that a significant part of cross-country income differences is attributed to differences in total factor productivity (TFP), but the sources of TFP differences are not well understood. This paper considers the role of international trade to explain cross-country...