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The Spanish Current Account Revisited: Descriptive and Empirical Research from 1993 to 2018

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  • Rodrigo, Alejandro

Abstract

The current account in general and the trade balance in particular can be useful indicators of competitiveness. Capital investments are undertaken to increase productive capacity and enhance competitive position, but if competitors also invest wisely or our own investments generate a misallocation of resources the competitive position may remain unchanged or even get worse. Empirical research regarding the sustainability of persistent current account deficits for the Spanish economy aims to provide evidence about the predictability of future financial crises. In addition, further analysis is performed concerning the recent current account adjustment in order to answer the inquiries relating its continuity.

Suggested Citation

  • Rodrigo, Alejandro, 2019. "The Spanish Current Account Revisited: Descriptive and Empirical Research from 1993 to 2018," MPRA Paper 96753, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:96753
    as

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    File URL: https://mpra.ub.uni-muenchen.de/96753/1/MPRA_paper_96753.pdf
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    References listed on IDEAS

    as
    1. Baharumshah, Ahmad Zubaidi & Lau, Evan & Fountas, Stilianos, 2003. "On the sustainability of current account deficits: evidence from four ASEAN countries," Journal of Asian Economics, Elsevier, vol. 14(3), pages 465-487, June.
    2. Gian Maria Milesi-Ferrett & Assaf Razin, 1996. "Sustainability of Persistent Current Account Deficits," NBER Working Papers 5467, National Bureau of Economic Research, Inc.
    3. Husted, Steven, 1992. "The Emerging U.S. Current Account Deficit in the 1980s: A Cointegration Analysis," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 159-166, February.
    4. Catherine L. Mann, 2002. "Perspectives on the U.S. Current Account Deficit and Sustainability," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 131-152, Summer.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    current account deficits; trade balance; capital expenditure; unit labor cost; competitive position; intertemporal budget constraint; sustainability.;

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F30 - International Economics - - International Finance - - - General
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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