Global Current Account Adjustment
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Global Current Account Adjustment
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Author :
language : en
Publisher:
Release Date : 2006
Global Current Account Adjustment written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
G7 Current Account Imbalances
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Author : Richard H. Clarida
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
G7 Current Account Imbalances written by Richard H. Clarida and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including other G7 countries such as Japan and Germany, must collectively run current account surpluses to finance this deficit. How long can such unevenness between imports and exports be sustained, and what form might their eventual reconciliation take? Putting forth scenarios ranging from a gradual correction to a crash landing for the dollar, G7 Current Account Imbalances brings together economists from around the globe to consider the origins, status, and future of those disparities. An esteemed group of collaborators here examines the role of the bursting of the dot-com bubble, the history of previous episodes of current account adjustments, and the possibility of the Euro surpassing the dollar as the leading international reserve currency. Though there are areas of broad agreement—that the imbalances will ultimately decline and that currency revaluations will be part of the solution—many areas of contention remain regarding both the dangers of imbalances and the possible forms of adjustment. This volume will be of tremendous value to economists, politicians, and business leaders alike as they look to the future of the G7 economies.
Current Account Adjustment And Capital Flows
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Author : Gabriele Galati
language : en
Publisher:
Release Date : 2013
Current Account Adjustment And Capital Flows written by Gabriele Galati and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper examines episodes of current account adjustment in industrial countries over the past 30 years. We find that they were typically associated with a sizeable slowdown in domestic growth and a large exchange rate depreciation. There was no discernable change in the nature of capital flows in the period just prior to an adjustment, with the possible exception of non-residents' holdings of currency and deposits. This suggests that a current account adjustment may be an endogenous event - responding to the resolution of domestic imbalances - rather than an exogenous event where the size of the current account deficit itself precipitates the adjustment in the domestic economy and the exchange rate. Econometric evidence suggests that global developments trigger the adjustment, possibly because they trigger the unwinding of the domestic imbalances. We find that the bulk of the ex post adjustment of the financial account was in private sector flows, primarily on the part of foreign investors. Finally, we document some notable differences in the adjustment of the current account in the United States in 1987 compared with that observed in the other episodes.
Rebalancing
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Author : Mr.Ruben Atoyan
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-22
Rebalancing written by Mr.Ruben Atoyan 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 2013-03-22 with Business & Economics categories.
After the 2003-2007 economic boom, European countries with large pre-crisis current account imbalances are undergoing adjustments. Countries are adjusting at different paces and ways reflecting the source and magnitude of imbalances, availability of financing, competitiveness of the tradable sector and external environment. While emerging European countries with large pre-crisis imbalances and a fixed exchange rate regime have seen sharp current account adjustments and a rebound in growth, adjustment in the euro zone periphery countries, which are also carrying a legacy of pre-crisis CA imbalances, has been gradual with difficulties bringing back growth. This paper is an empirical investigation of current account adjustment in Europe with a focus on these two groups, looking at contributions from cyclical and other factors, and seeking to draw policy conclusions.
Global Imbalances And External Adjustment After The Crisis
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Author : Mr.Philip R. Lane
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-12
Global Imbalances And External Adjustment After The Crisis written by Mr.Philip R. Lane 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 2014-08-12 with Business & Economics categories.
This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.
The Current Account Income Balance External Adjustment Channel Or Vulnerability Amplifier
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Author : Mr. Alberto Behar
language : en
Publisher: International Monetary Fund
Release Date : 2022-05-27
The Current Account Income Balance External Adjustment Channel Or Vulnerability Amplifier written by Mr. Alberto Behar 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 2022-05-27 with Business & Economics categories.
In terms of size, the net income balance (IB) is comparable to the trade balance (TB) for many countries. Yet the role of the IB in mitigating external vulnerabilities or complicating external adjustment remains underexplored. This paper studies the role of the IB in stabilizing or destabilizing the current account over the cycle and in crises. Our results show that, due to a negative correlation with the TB, the IB significantly dampens the time series volatility of the current account for most countries. However, the IB generally does not improve during crisis episodes, so current account adjustment occurs entirely through improvements in the TB. The paper also estimates IB semi-elasticities with respect to the exchange rate (ER). Semi-elasticities are small for most countries, so the IB is generally not a significant channel through which the ER stabilizes the current account, and trade-based semi-elasticities are, with some important exceptions, good proxies for current account semi-elasticities used in external sector assessments.
Current Account Adjustment In Industrialized Countries
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Author : Caroline L. Freund
language : en
Publisher:
Release Date : 2000
Current Account Adjustment In Industrialized Countries written by Caroline L. Freund and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Balance of trade categories.
What Shapes Current Account Adjustment During Recessions
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Author : Ms. Christina Kolerus
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-30
What Shapes Current Account Adjustment During Recessions written by Ms. Christina Kolerus 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 2021-07-30 with Business & Economics categories.
This paper studies the dynamics of external accounts during 278 economic recession events in the past 60 years and sheds light on key factors that shape these patterns. Economic recessions trigger highly-persistent increases in the current account, driven by an initial, sharp decline in investment and fueled by medium term deleveraging, more so in advanced economies than in emerging markets. The strengthening of the current account is more pronounced when internal and external imbalances are present, and less when recessions are synchronized across countries. During severe natural disasters or epidemics, however, current accounts tend to weaken in the short term. Consistent with these findings, the COVID-19 shock, with comparatively moderate pre-existing imbalances yet high synchronization, had a muted effect on current account balances. The compositional changes, however, were unique and driven by unprecedented policy intervention, with record public dissaving more than offsetting exceptional private saving.
American Trade Adjustment
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Author : William R. Cline
language : en
Publisher:
Release Date : 1989
American Trade Adjustment written by William R. Cline and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with United States categories.
The Global Effects Of Fund Supported Adjustment Programs
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Author : Mr.Morris Goldstein
language : en
Publisher: International Monetary Fund
Release Date : 1986-03-19
The Global Effects Of Fund Supported Adjustment Programs written by Mr.Morris Goldstein 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 1986-03-19 with Business & Economics categories.
This is the second of a group of papers dealing with various aspects of Fund-supported adjustment Programs.