In this paper we study the long-run determinants of current account balances in 21 OECD countries. We define long-run targets to determine whether actual current account balances are in line with their equilibrium values and find that, following the crisis, the United States, Japan and Spain...

This paper investigates the link between trade and convergence in per capita income by applying a threshold methodology to standard growth regressions in order to capture a nonlinear effect of trade on growth. We use 10 trade measures, divided into trade intensity ratios and measure of trade...

[eng] Wealth effects and consumer spending in the US and the UK Corinne Houizot, Helene Baudchon, Catherine Mathieu and Francisco Serranito The sharp rise in stock market priees over the second half of the 90's is said to have boosted household consumption in the US. Changes in housing and net...

Long run convergence implies that the convergence hypothesis will be rejected if the income differential is not stationary. However, this definition is valid only if the catching-up process between the two countries is already over. If we take into account catching-up dynamics, then poorest...