Current Account Balance Estimates for Emerging Market Economies
AbstractThis paper uses a modified version of the methodology used by the IMF's Consultative Group on Exchange Rate Issues (CGER) to calculate equilibrium current account balances (or ?norms?) for a sample of 33 emerging market economies. We find that the fundamental determinants of the equilibrium current account balances are similar to those identified by the CGER using a sample that also comprises advanced economies. However, the fiscal balance has a considerably stronger impact on current account norms for emerging markets. This paper also offers estimates for the equilibrium current account balances of eleven smaller emerging market economies that are not currently included in the country sample used by the CGER.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 10/43.
Date of creation: 01 Feb 2010
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-28 (All new papers)
- NEP-IFN-2010-03-28 (International Finance)
- NEP-OPM-2010-03-28 (Open Economy Macroeconomic)
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