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How Persistent are International Capital Flows?

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Author Info
Galstyan, Vahagn
Abstract

This paper documents the dynamic properties of the current account, trade balance and international capital flows. For this purpose, two approaches are taken: probit and a nonparametric estimation. The probabilistic approach shows that, in general, deficits and net inflows tend to be more persistent than surpluses and net outflows. This result is robust to either specification of pooled and country-specific probits. The results of non-parametric estimation are in line with the results obtained from the probit.

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Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2009-13.

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Date of creation: 2009
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Handle: RePEc:zbw:ifwedp:7492

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Related research
Keywords: Capital flows; persistence;

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Find related papers by JEL classification:
F30 - International Economics - - International Finance - - - General
F00 - International Economics - - General - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Sebastian Edwards, 2004. "Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops," NBER Working Papers 10276, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Daniel Dias & Carlos Robalo Marques, 2005. "Using mean reversion as a measure of persistence," Working Paper Series 450, European Central Bank. [Downloadable!]
  3. Jean Imbs & Haroon Mumtaz & Morten Ravn & Hélène Rey, 2005. "PPP Strikes Back: Aggregation and the Real Exchange Rate," The Quarterly Journal of Economics, MIT Press, vol. 120(1), pages 1-43, January.
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  4. James J. Heckman, 1981. "Heterogeneity and State Dependence," NBER Chapters, in: Studies in Labor Markets, pages 91-140 National Bureau of Economic Research, Inc. [Downloadable!]
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This page was last updated on 2009-10-16.

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