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Sustainability of external imbalances in the OECD countries

  • Oscar Bajo-Rubio

    (Universidad de Castilla-La Mancha)

  • Carmen Díaz-Roldán

    (Universidad de Castilla-La Mancha)

  • Vicente Esteve

    (Universidad de Valencia and Universidad de La Laguna)

In 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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File URL: http://www.aeefi.com/RePEc/pdf/defi11-07.pdf
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Paper provided by Asociación Española de Economía y Finanzas Internacionales in its series Working Papers with number 11-07.

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Length: 20 pages
Date of creation: Oct 2011
Date of revision:
Handle: RePEc:aee:wpaper:1107
Contact details of provider: Web page: http://www.aeefi.com

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  1. Jyh-lin Wu & Stilianos Fountas & Show-lin Chen, 1996. "Testing for the Sustainability of the Current Account Deficit in Two Industrial Countries," Working Papers 11, National University of Ireland Galway, Department of Economics, revised 1996.
  2. 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.
  3. Enrique G. Mendoza & Marco Terrones & Ceyhun Bora Durdu, 2010. "On the Solvency of Nations; Are Global Imbalances Consistent with Intertemporal Budget Constraints?," IMF Working Papers 10/50, International Monetary Fund.
  4. 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.
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