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Current account balance cyclicality

Author

Listed:
  • António Afonso
  • Jorge Silva

Abstract

We assess the cyclicality of current account balances for the period 2001Q1–2014Q4, focusing on Portugal and using Germany as a benchmark. We find that the cyclical component of the current account was positively explained by 3-month Euribor, but negatively by the financial crisis, systemic stress in Europe, employment and compensation of employees. Moreover, the noncyclical current account was positively affected by the period of the economic and financial adjustment programme and the terms of trade, but negatively influenced by financial integration.

Suggested Citation

  • António Afonso & Jorge Silva, 2017. "Current account balance cyclicality," Applied Economics Letters, Taylor & Francis Journals, vol. 24(13), pages 911-917, July.
    • Handle: RePEc:taf:apeclt:v:24:y:2017:i:13:p:911-917
    DOI: 10.1080/13504851.2016.1240333
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    Cited by:

    1. António Afonso & João Tovar Jalles, 2019. "Decomposing and Analysing the Determinants of Current Accounts’ Cyclicality: Evidence from the Euro Area," Open Economies Review, Springer, vol. 30(1), pages 133-156, February.
    2. Jorge Silva, 2020. "Determinants of the structure of external funding: the Portuguese case," Economics Bulletin, AccessEcon, vol. 40(3), pages 2073-2084.
    3. repec:ptu:bdpart:e201902 is not listed on IDEAS
    4. Jorge Silva, 2017. "Are external accounts sustainable in Portugal?," Working Papers REM 2017/21, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    More about this item

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G01 - Financial Economics - - General - - - Financial Crises

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