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.
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