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Saving, Investment and the Current Account

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  • Genberg, Hans
  • Swoboda, Alexander K

Abstract

In this review of recent work on the relationship between saving, investment and the current account, it is shown that focusing on national saving and investment behavior and modeling these in a modern intertemporal optimization framework will modify some conventional results regarding the relationship between the current account and the terms of trade, the exchange rate and fiscal policy. It is also shown that such a framework can explain the close empirical correlation between national saving and investment rates without relying on limited international capital mobility. It is conjectured that a better empirical understanding of current account developments could be gained if modern theories of investment and saving behavior were used more systematically in applied studies. Copyright 1992 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 94 (1992)
Issue (Month): 2 ()
Pages: 347-66

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Handle: RePEc:bla:scandj:v:94:y:1992:i:2:p:347-66

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Jonathon W. Moses, 1995. "The Fiscal Constraints on Social Democracy," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 22, pages 49-68.
  2. Torsten Schmidt & Torge Middendorf, 2004. "Characterizing Movements of the U.S. Current Account Deficit," RWI Discussion Papers 0024, Rheinisch-Westfälisches Institut für Wirtschaftsforschung.
  3. Carlos Esteban Posada P., 1995. "Ahorro Y Modelos Macroeconómicos," BORRADORES DE ECONOMIA 001956, BANCO DE LA REPÚBLICA.
  4. Jos Jansen, W, 1996. "Estimating saving-investment correlations: evidence for OECD countries based on an error correction model," Journal of International Money and Finance, Elsevier, vol. 15(5), pages 749-781, October.
  5. Apergis, Nicholas & Tsoumas, Chris, 2009. "A survey of the Feldstein-Horioka puzzle: What has been done and where we stand," Research in Economics, Elsevier, vol. 63(2), pages 64-76, June.
  6. Shibata, Akihisa & Shintani, Mototsugu, 1998. "Capital mobility in the world economy: an alternative test," Journal of International Money and Finance, Elsevier, vol. 17(5), pages 741-756, October.

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