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Cuñat, Alejandro - 2019

economies and the rest of the world. Through a variance decomposition and counterfactuals, the model allows us to assess the …

Persistent link: https://www.econbiz.de/10012861448

Bilateral Trade Imbalances

Cuñat, Alejandro; Zymek, Robert - 2019

economies and the rest of the world. Through a variance decomposition and counterfactuals, the model allows us to assess the …

Persistent link: https://www.econbiz.de/10012141024

International Value-Added Linkages in Development Accounting

Cuñat, Alejandro - 2018

We generalise the traditional development-accounting framework to an open-economy setting. In addition to factor endowments and productivity, relative factor costs emerge as a source of real-income variation across countries. These are shaped by bilateral trade determinants (which underpin the...

Persistent link: https://www.econbiz.de/10012908693

Patterns of Current Account Adjustment - Insights from Past Experience

Algieri, Bernardina; Bracke, Thierry - 2021

The paper examines episodes of current account adjustment in individual economies. A central finding is that these episodes are very divergent and can be usefully classified, on the basis of cluster analysis, in three groups. A majority of cases is characterised by internal adjustment,...

Persistent link: https://www.econbiz.de/10013317000

Trade costs, trade balances and current accounts : an application of gravity to multilateral trade

Fazio, Giorgio; MacDonald, Ronald; Melitz, Jacques - 2005

explaining the so-called Feldstein-Horioka puzzle. Using a gravity framework in an intertemporal context, we provide strong …

Persistent link: https://www.econbiz.de/10010261322

Macroeconomic Policy Making and Current Account Imbalances in the Euro Area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10013221180

Twin Deficits Through the Looking Glass : Time-Varying Analysis in the Euro Area

Afonso, António; Coelho, José Carlos - 2022

Using two measures of the fiscal position, the cyclically adjusted primary budget balance (CAPB) and the total budget balance, we assess the Twin Deficit Hypothesis for the Euro Area in the period 1995-2020. Furthermore, we estimate time-varying coefficients of the current account balance...

Persistent link: https://www.econbiz.de/10013306033

Barriers to Global Capital Allocation

Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2021

model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign … asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated … benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to …

Persistent link: https://www.econbiz.de/10012582149

Barriers to Global Capital Allocation

Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain T. - 2021

Persistent link: https://www.econbiz.de/10013226659

Holes in the Dike: The Global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation

Hoffmann, Mathias; Stewen, Iryna - 2015

We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2012. To obtain an ex ante measure of financial liberalization, we focus on the history...

Persistent link: https://www.econbiz.de/10010531822