منابع مشابه
Current account imbalances and international financial integration
International capital flows expanded strongly before the global financial crisis, and current account imbalances accumulated in key economies. The crisis triggered a contraction in capital flows, which often forced a painful adjustment on countries running high external deficits. This special issue of the Journal of International Money and Finance consists of seven papers that offer novel empir...
متن کاملDomestic or global imbalances? Rising inequality and the fall in the US current account
This paper shows how the rise in individual income risk in the US since the 1980s might help explain the fall in its foreign asset position. The key to this result is endogenous financial deepening in an open economy with participation-constrained domestic financial markets. There, more volatile income makes individuals less inclined to default on financial contracts as this excludes them from ...
متن کاملCurrent Account Imbalances, Thriftiness and the Real Exchange Rate in a Growing Economy
This paper analyses the theoretical relevance of the dynamical aspects of growth on the discussion about the observed positive correlation between per capita real income and real exchange rates. With this purpose, we develop a simple exogenous growth model where the internal, external and intertemporal equilibrium conditions of a typical macroeconomic model are imposed; this last one through th...
متن کاملReviewing the sustainability/stationarity of current account imbalances with tests for bounded integration
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 based conclusions are biased towards the rejection of unit root features. The current account imbalance...
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ژورنال
عنوان ژورنال: Intereconomics
سال: 2018
ISSN: 0020-5346,1613-964X
DOI: 10.1007/s10272-018-0739-2