Current Accounts and the Persistence of Global and Country-Specific Shocks: Is Investment really too Volatile?
Using a small VAR of the current account and investment, we identify two categories of shocks: permanent vs. transitory and country-specific vs. global. Our approach involves only the most minimal identifying assumption. Using data from the G7n countries, we find that the predictions of the intertemporal approach to the currenct account are confirmed by the data.
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