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On Current Account Surpluses and the Correction of Global Imbalances

Edwards, Sebastian - 2007

In this paper I analyze the nature of external adjustments in current account surplus countries. I ask whether a realignment of world growth rates -- with Japan and Europe growing faster, and the U.S. growing more slowly -- is likely to solve the current situation of global imbalances. The main...

Persistent link: https://www.econbiz.de/10012777651

The Eurocrisis : Muddling Through, or on the Way to a More Perfect Euro Union?

Aizenman, Joshua - 2014

This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new … institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing …

Persistent link: https://www.econbiz.de/10013052139

Target Loans, Current Account Balances and Capital Flows : The Ecb's Rescue Facility

Sinn, Hans-Werner - 2011

additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank …

Persistent link: https://www.econbiz.de/10013118098

Financial Openness, Sudden Stops and Current Account Reversals

Edwards, Sebastian - 2011

In this paper I use a panel data set to investigate the mechanics of sudden stops of capital inflows and current account reversals. I am particularly interested in four questions: (a) What is the relationship between sudden stops and current account reversals? (b) To what extent does financial...

Persistent link: https://www.econbiz.de/10013133169

Current Account Reversals and Currency Crises : Empirical Regularities

Milesi-Ferrett, Gian Maria - 2010

This paper studies sharp reductions in current account deficits and large exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. It finds...

Persistent link: https://www.econbiz.de/10013137242

Current Account Fact and Fiction

Backus, David - 2009

With US trade and current account deficits approaching 6% of GDP, some have argued that the country is "on the comfortable path to ruin" and that the required "adjustment'' may be painful. We suggest instead that things are fine: although national saving is low, the ratios of household and...

Persistent link: https://www.econbiz.de/10013153986

Globalization and the Sustainability of Large Current Account Imbalances : Size Matters

Aizenman, Joshua - 2010

This paper evaluates the sustainability of large current account imbalances in the era when the Chinese GDP growth rate and current account/GDP exceed 10%. We investigate the size distribution and the durability of current account deficits during 1966-2005, and report the results of a simulation...

Persistent link: https://www.econbiz.de/10012759610

Business Cycles in the Euro Area

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2021

This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and their cross-correlations. Member countries which had similar levels of GDP per-capita in the seventies have also experienced similar business cycles since then and no significant...

Persistent link: https://www.econbiz.de/10013212911

Stochastic Growth in the United States and Euro Area

Ireland, Peter N. - 2011

This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity, both...

Persistent link: https://www.econbiz.de/10013131508

Three Current Account Balances : A "Semi-Structuralist" Interpretation

Chinn, Menzie David - 2006

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area) -- are subjected to a minimalist structural interpretation. Though simple, this interpretation enables us to assess how much of each of the imbalances require a real exchange...

Persistent link: https://www.econbiz.de/10012783481