The Persistence of Current Account Balances and its Determinants: The Implications for Global Rebalancing
This paper examines the statistical nature of the persistency of current account balances and its determinants. With the assumption that stationary current account series ensures the long-run budget constraint while countries may experience “local non-stationarity” in current account balances, the authors examine the dynamics of current account balances across a panel of 70 countries.
|Date of creation:||17 Dec 2012|
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- Hall, Stephen G & Psaradakis, Zacharias & Sola, Martin, 1999. "Detecting Periodically Collapsing Bubbles: A Markov-Switching Unit Root Test," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(2), pages 143-154, March-Apr.
- Charles R. Nelson & Eric Zivot & Jeremy M. Piger, 2001.
"Markov regime switching and unit root tests,"
2001-013, Federal Reserve Bank of St. Louis.
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