Sustainability of external imbalances in the OECD countries
AbstractIn this paper, we provide a test of the sustainability of external imbalances in the OECD countries, over the years 1970-2007. Specifically, we deal with the case of those countries that have experienced current account deficits in more than half of the years throughout the period of analysis, and address the recent critique of Bohn (2007) on unit root and cointegration tests of the intertemporal budget constraint.
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Bibliographic InfoPaper provided by Department of Applied Economics II, Universidad de Valencia in its series Working Papers with number 1201.
Length: 18 pages
Date of creation: Jan 2012
Date of revision:
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External imbalances; Sustainability; Current account;
Other versions of this item:
- Oscar Bajo-Rubio & Carmen Díaz-Roldán & Esteve, 2014. "Sustainability of external imbalances in the OECD countries," Applied Economics, Taylor & Francis Journals, vol. 46(4), pages 441-449, February.
- Oscar Bajo-Rubio & Carmen Díaz-Roldán & Vicente Esteve, 2011. "Sustainability of external imbalances in the OECD countries," Working Papers 11-07, Asociación Española de Economía y Finanzas Internacionales.
- Oscar Bajo-Rubio & Carmen Díaz-Roldán & Vicente Esteve, 2013. "Sustainability of external imbalances in the OECD countries," Working Papers 10/13, Instituto Universitario de Análisis Económico y Social.
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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- Ceyhun Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2009. "On the solvency of nations: are global imbalances consistent with intertemporal budget constraints?," International Finance Discussion Papers 975, Board of Governors of the Federal Reserve System (U.S.).
- Reuven Glick & Mark M. Spiegel, 2010. "Asia and the global financial crisis: conference summary," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue mar15.
- Nicholas Apergis & Konstantinos Katrakilidis & Nicholas Tabakis, 2000. "Current account deficit sustainability: The case of Greece," Applied Economics Letters, Taylor & Francis Journals, vol. 7(9), pages 599-603.
- Bajo-Rubio, Oscar, 2012.
"The balance-of-payments constraint on economic growth in a long-term perspective: Spain, 1850–2000,"
Explorations in Economic History,
Elsevier, vol. 49(1), pages 105-117.
- Oscar Bajo-Rubio, 2010. "The balance-of-payments constraint on economic growth in a long-term perspective: Spain, 1850-2000," Working Papers 10-10, Asociación Española de Economía y Finanzas Internacionales.
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