Optimality of the current account of the Spanish economy, 1850-2015
We analyse the possible optimality of the path followed by the current account of the Spanish economy over the period 1850-2015, according to the intertemporal approach to the current account and using a present-value model. In particular, from the estimation of a bivariate VAR model for the current account, we try to assess to which extent the latter has been used to smooth private consumption along time in the presence of temporary shocks that the economy might suffer. In general, the evidence does not seem to be particularly favourable to the validity of the model over the period of analysis.
|Date of creation:||Oct 2017|
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