Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single monetary policy. The ECB broadened the scope of its instruments and enacted a series of non-standard measures to engineer an appropriate degree of policy accommodation. The...

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...

Migrations of the resident population in Serbia, with the Western European countries as the main destination, have influenced remittances becoming an important source of income from abroad. Relevant economic literature, as well as the influential views expressed in the international financial...

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 examines the Balance-of-Payment (BOP) constraint growth model in Nigeria for the period of 1980 to 2012 using the bounds testing Auto regressive Distributed Lag (ARDL) approach. The ARDL test suggests that the variables in the framework have a long run relationship. The empirical...

Does the current account improve or deteriorate following a monetary policy expansion? We examine this issue theoretically and empirically. We show that a standard open economy DSGE model predicts that the current account response to a monetary policy shock depends on the degree of economic...

The condition of a country's balance of payments is a crucial factor for effective development in small open economies, such as Poland and Ukraine. Because of their dependence on the climate in international markets, Poland and Ukraine are especially vulnerable to fluctuations in the global...

This paper aims to reapproach the external vulnerability of the brazilian economy, based on the the theory and considering the new conditions of the world economy and the transformations that carachterized the Brazilian economy in this century, in the period or rapid growth (until 2010) as well...