, such as public debt, external debt, primary balance, output growth, current account balance, and oil prices, over the …

We revisit the so-called "secular international problem", whereby the adjustment of current account imbalances … counter-cyclical policy reaction that is stronger for deficit countries. When considering large current account adjustments …, whereas deficit adjustments tend to accompanied by import contraction. Moreover, when we look at current account (terms of …

-varying coefficients of the current account balance responses to changes in the CAPB and in the government balance and we identify the … determinants of these responses. The CAPB and the government balance, in addition to being determinants of the current account … balance, are also determinants of the time-varying responses of the current account balance. The levels of government balance …