Dominant Drivers Of Current Account Dynamics
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Dominant Drivers Of Current Account Dynamics
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Author : Lukas Boer
language : en
Publisher: International Monetary Fund
Release Date : 2024-04-26
Dominant Drivers Of Current Account Dynamics written by Lukas Boer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-26 with Business & Economics categories.
We estimate shocks that explain most of the variation in the current account at business cycle frequencies and over the long run. We then explore, using a standard open-economy macro model, which macroeconomic shocks are behind the empirical dominant drivers of the current account at business-cycle frequency. Rather than financial shocks or aggregate shocks to supply or demand, shocks to the relative demand between home and foreign goods are found to play a pivotal role in current account dynamics.
Essays On International Trade And Macroeconomic Dynamics
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Author : Keyu Jin
language : en
Publisher:
Release Date : 2009
Essays On International Trade And Macroeconomic Dynamics written by Keyu Jin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
The second essay incorporates endogenous factor-proportions trade into an inter-national business cycle setting and demonstrates that the integrated framework substantially improves upon past, standard models that assume exogenously-determined structures of trade in matching key moments of the international business cycle data, resolving the "anomalies" that arise in the standard framework. An additional implication is that the type of trade rather than overall trade between countries matters: countries trading goods that are similar in factor intensity (intraindustry trade) tend to exhibit negative investment comovement while countries whose trade is characterized by more disparate factor content tend to exhibit greater investment comovement. The third essay, on a portfolio perspective of international capital flows, analyzes a useful accounting framework that breaks down the current account to two components: a portfolio reallocation effect and a portfolio growth effect. Past empirical evidence strongly supporting the growth-effect as the main driver of current account dynamics is misconceived. Its remarkable empirical success is driven by the dominance of the cross-sectional variation, which, under conditions met by the data, is generated by an accounting approximation. Finally, this chapter shows that the portfolio reallocation effect is the quantitatively dominant driving force of current account dynamics in the past data.
The Rise In Corporate Saving And Cash Holding In Advanced Economies Aggregate And Firm Level Trends
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Author : Mai Chi Dao
language : en
Publisher: International Monetary Fund
Release Date : 2018-12-07
The Rise In Corporate Saving And Cash Holding In Advanced Economies Aggregate And Firm Level Trends written by Mai Chi Dao and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-07 with Business & Economics categories.
Using cross-country national accounts and firm-level data, we document a broad-based trend in rising gross saving and net lending of non-financial corporates across major industrialized countries over the last two decades, though most pronounced in countries with persistent current account surpluses. We find that this trend holds consistently across major industries, and is concentrated among large firms, driven by rising profitability, lower financing costs, and reduced tax rates. At the same time, higher gross corporate saving have not supported a commensurate increase in fixed capital investment, but instead led to a build-up of liquid financial assets (cash). The determinants of corporate cash holding and saving are also broad-based across countries, with the growth in assets of large firms, R&D intensity, and lower effective tax rates accounting for most of the increase over the last 15 years.
Terms Of Trade Cycles And External Adjustment
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Author : Gustavo Adler
language : en
Publisher: International Monetary Fund
Release Date : 2017-02-13
Terms Of Trade Cycles And External Adjustment written by Gustavo Adler and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-13 with Business & Economics categories.
We study the process of external adjustment to large terms-of-trade level shifts—identified with a Markov-switching approach—for a large set of countries during the period 1960–2015. We find that adjustment to these shocks is relatively fast. Current accounts experience, on average, a contemporaneous variation of only about 1⁄2 of the magnitude of the price shock—indicating a significant volume offset—and a full adjustment within 3–4 years. Dynamics are largely symmetric for terms-of-trade booms and busts, as well as for advanced and emerging market economies. External adjustment is driven primarily by offsetting shifts in domestic demand, as opposed to variations in output (also reflected in the response of import rather than export volumes), indicating a strong income channel at play. Exchange rate flexibility appears to have played an important buffering role during booms, but less so during busts; while international reserve holdings have been a key tool for smoothing the adjustment process.
How Successful Is The G7 In Managing Exchange Rates
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Author : Marcel Fratzscher
language : en
Publisher: DIANE Publishing
Release Date : 2010
How Successful Is The G7 In Managing Exchange Rates written by Marcel Fratzscher and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. The G7 has been effective in moving the U.S. dollar, yen and euro in the intended direction at horizons of up to three months after G7 meetings, but not at longer horizons. The findings indicate that the reputation and credibility of the G7, as well as its ability to form and communicate a consensus among individual G7 members, are important determinants for the G7¿s ability to manage major currencies. This paper concludes by analyzing the factors that help the G7 build reputation and consensus, and by discussing the implications for global economic governance. Charts and tables.
International Capital Flows And Debt Dynamics
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Author : Mr.Martin D. Evans
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-01
International Capital Flows And Debt Dynamics written by Mr.Martin D. Evans and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-01 with Business & Economics categories.
This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The estimates show that most of the secular rise in U.S. international indebtedness is attributable to growing optimism about future returns on U.S. holdings of foreign equity and FDI assets. They also show that the transformation of world savings into risky assets by the U.S. had little effect on its external position, but the expected future real depreciation of the dollar allowed the U.S. to sustain a higher level of international debt after the 1990s.
Guinea Bissau
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-21
Guinea Bissau written by International Monetary Fund. African Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-21 with Business & Economics categories.
This Selected Issues paper aims at identifying some of the main channels of transmission through which political instability feeds and foster fragility and provide an estimate of the “fragility gap” that haunts the Bissau-Guinean society. This paper argued that, until today, due to chronic political instability, Guinea-Bissau has been in a costly fragility trap. This analytical piece argues that the major factor behind Guinea-Bissau’s fragility has been the chronic political instability. It also uncovers some of the main transmission channels from political instability to fragility and provides simple estimates about the cost of instability. Estimates based on reasonable assumptions reveal that, considering only Guinea-Bissau’s post-war period, without chronic political instability real GDP per capita could have been at least two thirds higher than its 2013 level. This assessment shows the crucial importance of the security sector reform. It also shows that the current estimated cost of the security sector reform is modest in comparison, since it puts into perspective its monetary costs—which are easy to calculate and mostly frontloaded—vis-à-vis its wide and deep benefits, which are not as explicit and accrue over time.
Highway Safety Literature
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Author :
language : en
Publisher:
Release Date : 1977
Highway Safety Literature written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Highway research categories.
Managing For The Future Understanding The Relative Roles Of Climate And Fishing On Structure And Dynamics Of Marine Ecosystems
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Author : Alida Bundy
language : en
Publisher: Frontiers Media SA
Release Date : 2021-11-29
Managing For The Future Understanding The Relative Roles Of Climate And Fishing On Structure And Dynamics Of Marine Ecosystems written by Alida Bundy and has been published by Frontiers Media SA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-29 with Science categories.
Space Weather
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Author : Volker Bothmer
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-01-10
Space Weather written by Volker Bothmer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-10 with Science categories.
The editors present a state-of-the-art overview on the Physics of Space Weather and its effects on technological and biological systems on the ground and in space. It opens with a general introduction on the subject, followed by a historical review on the major developments in the field of solar terrestrial relationships leading to its development into the up-to-date field of space weather. Specific emphasis is placed on the technological effects that have impacted society in the past century at times of major solar activity. Chapter 2 summarizes key milestones, starting from the base of solar observations with classic telescopes up to recent space observations and new mission developments with EUV and X-ray telescopes (e.g., STEREO), yielding an unprecedented view of the sun-earth system. Chapter 3 provides a scientific summary of the present understanding of the physics of the sun-earth system based on the latest results from spacecraft designed to observe the Sun, the interplanetary medium and geospace. Chapter 4 describes how the plasma and magnetic field structure of the earth's magnetosphere is impacted by the variation of the solar and interplanetary conditions, providing the necessary science and technology background for missions in low and near earth's orbit. Chapter 5 elaborates the physics of the layer of the earth's upper atmosphere that is the cause of disruptions in radio-wave communications and GPS (Global Positioning System) errors, which is of crucial importance for projects like Galileo. In Chapters 6-10, the impacts of technology used up to now in space, on earth and on life are reviewed.