A new mathematical structural model of the exchange rate and a new nonlinear multifactorial dependence of the exchange rate dynamics on a wide system of fundamental economic factors are the main results of the work. The model includes a wide system of economic factors based on the balance of...

In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a...

This paper documents that cross-border investment income flows are important for explaining current account balances in major economies. Those investment incomes reflect returns on cross-border asset holdings and on balance often reach magnitudes around 5% of major economies' gross domestic...

This study aims to examine the relationship between customs policy and the economic blocs of which Egypt is a member, with a focus on the theory of New Regionalism and modern trends in customs policies. Egypt joined numerous economic blocs following its accession to the world trade organization...

The main purpose of the paper is to build a balance of payments constraint model with capital inflows, where green innovations are inducers of the structural change process. The main results indicate that green R&D can reduce the growth rate of natural resource use. On the other hand, green...

The main goal of this contribution is to assess the development of the economic condition of the Slovak Republic in the context of the impacts of the COVID-19 pandemic. The situation regarding the development of and changes in the economic condition of Slovakia is compared with that in selected...

Despite an initial reversal of capital inflows, the COVID-19 pandemic resulted in relatively mild impacts on net capital flows to Emerging and Developing Economies. In contrast to previous crises, gross capital inflows offset residents' outflows, resulting in relatively stable net capital flows...

Monetary policy and balance of payments (BoP) are the key parameters in any country's economy performance. This study is an attempt to re-explore the impact of domestic credit provided by the financial sector, real interest rate, real GDP growth, inflation rate, and exchange rate on the balance...

In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a...

This paper presents a formal proof of the notion by which a country devoid of tradable assets and without access to foreign borrowing and lending must systematically pay for its imports in foreign currency through its exports alone, provided a demand for them to begin with. It likewise sets...

This paper deepens the analysis of the income elasticities of import and export demand in relation to the real exchange rate (RER) within a balance of payments constrained growth framework. It identifies how the RER can affect these elasticities and explores the resulting implications. A key...

This paper presents the estimation method used to break down the euro area portfolio investment liabilities in the international investment position (i.i.p.) and their corresponding income debits in the balance of payments (b.o.p.), by main geographical counterpart. Identifying non-resident...

This booklet provides updated, detailed information on the transmission of monthly and quarterly balance of payments (b.o.p.) statistics, as well as international investment position (i.i.p.) and international reserves template data within the European System of Central Banks (ESCB). It also...

This paper presents the estimation method used to break down the euro area portfolio investment liabilities in the international investment position (i.i.p.) and their corresponding income debits in the balance of payments (b.o.p.), by main geographical counterpart. Identifying non-resident...

Foreword (Sabine Mauderer, Vice-President of the Deutsche Bundesbank) -- Introduction (Ursula Schipper, Jens Walter, Robert Kirchner) -- Part I: 100 Years Balance of Payments in Germany: The German Balance of Payments from an Analytical Perspective – Milestones Through History (Axel Jochem,...

The paper analyses the reasons for Japan's persistently low inflation since the bursting of the Japanese bubble economy (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively high inflation to a low-growth period with...

Modern Monetary Theory (MMT) has recently received significant at- tention in academic and policy circles. Critics question the sustainability of MMT-prescribed approaches to fiscal and monetary policy, especially over extended periods of time, in the presence of international financial markets,...

The paper contains a retrospective analysis of macroeconomic policy and reforms in the countries of the former Soviet Union (FSU) from 1992 to 2021, after obtaining political and economic independence in 1991. Special attention is given to problems of macroeconomic stabilization and economic...

This study presents and discusses structural features of the Mozambique economy through the lens of a recently constructed 2019 social accounting matrix (SAM). This is an important reality check of the SAM construction process since it brings together various data sources that are not...

The growth in TARGET balances after 2009 has given rise to intense academic and public debate. Our paper offers a systematic exposition of the necessary conditions for TARGET balances to emerge and provides a clear link to monetary policy. We show that large TARGET balances can only arise with...

This paper documents that cross-border investment income flows are important for explaining current account balances in major economies. Those investment incomes reflect returns on cross-border asset holdings and on balance often reach magnitudes around 5% of major economies' gross domestic...

In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a...

What explains the US dollar's role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin's dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for...