The Persistence of Current Account Balances and its Determinants: The Implications for Global Rebalancing
AbstractThis paper examines the statistical nature of the persistency of current account balances and its determinants. With the assumption that stationary current account series ensures the long-run budget constraint while countries may experience “local non-stationarity” in current account balances, the authors examine the dynamics of current account balances across a panel of 70 countries.
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Bibliographic InfoPaper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 400.
Length: 43 pages
Date of creation: 17 Dec 2012
Date of revision:
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current account; financial liberalization; global imbalances; capital controls;
Other versions of this item:
- Erica Clower & Hiro Ito, 2012. "The Persistence of Current Account Balances and its Determinants : The Implications for Global Rebalancing," Macroeconomics Working Papers 23381, East Asian Bureau of Economic Research.
- 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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- Charles Nelson & Eric Zivot & Jeremy M. Piger, 2001.
"Markov regime switching and unit root tests,"
2001-013, Federal Reserve Bank of St. Louis.
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