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Sobre la interpretación de la cuenta corriente

Author

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  • Daniel Heymann

    (CEPAL. Buenos Aires, Argentina.)

Abstract

The interpretation of the current account of the balance of payments often causes discussion. This is not surprising since data must be seen in the context of the expectations that the agents and the analyst entertain. This paper presents a simple intertemporal model as a reference which may help to evaluate the equilibrium response of the current account and related variables to different impulses. It is then argued that “unprecedented” shocks may induce agents to form inconsistent beliefs, and particularly to hold biased wealth perceptions, with repercussions on the current account. The paper discusses some scenarios of this type.

Suggested Citation

  • Daniel Heymann, 1994. "Sobre la interpretación de la cuenta corriente," Economía Mexicana NUEVA ÉPOCA, CIDE, División de Economía, vol. 0(1), pages 31-59, January-J.
    • Handle: RePEc:emc:ecomex:v:3:y:1994:i:1:p:31-59
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    File URL: http://www.economiamexicana.cide.edu/num_anteriores/III-1/02_HEYMANN_31-59.pdf
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    Cited by:

    1. Sebastian Galiani & Daniel Heymann & Mariano Tommasi, 2002. "Missed Expectations: The Argentine Convertibility," William Davidson Institute Working Papers Series 515, William Davidson Institute at the University of Michigan.
    2. Daniel Heymann, 2008. "Macroeconomics of Broken Promises," Chapters, in: Roger E.A. Farmer (ed.), Macroeconomics in the Small and the Large, chapter 4, Edward Elgar Publishing.
    3. José Daniel Aromí, 2021. "Large Current Account Deficits and Neglected Vulnerabilities," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(4), pages 597-623, December.

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