Accounting For Global Dispersion Of Current Accounts
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| Author | : Yongsung Chang |
| Publisher | : International Monetary Fund |
| Total Pages | : 35 |
| Release | : 2009-12-01 |
| Genre | : Business & Economics |
| ISBN | : 1451874219 |
We undertake a quantitative analysis of the dispersion of current accounts in an open economy version of incomplete insurance model, incorporating important market frictions in trade and financial flows. Calibrated with conventional parameter values, the stochastic stationary equilibrium of the model with limited borrowing can account for about two-thirds of the global dispersion of current accounts. The easing of financial frictions can explain nearly all changes in the current account dispersion in the past four decades whereas the easing of trade frictions has almost no impact on the current account dispersion.
| Author | : International Monetary Fund. Research Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 248 |
| Release | : 2009-07-31 |
| Genre | : Business & Economics |
| ISBN | : 1589068203 |
Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transparent econometric method drawn from the treatment evaluation literature (matching estimators) to make the comparison between treated (that is, open) and control (that is, closed) countries explicit while remaining within a statistical framework. Matching estimators highlight that common cross-country evidence is based on rather far-fetched country comparisons, which stem from the lack of common support of treated and control countries in the covariate space. The paper therefore advocates paying more attention to appropriate sample restriction in crosscountry macro research.
| Author | : Joke Luttik |
| Publisher | : Springer |
| Total Pages | : 244 |
| Release | : 2016-07-27 |
| Genre | : Business & Economics |
| ISBN | : 1349263389 |
The book describes the construction method for a global accounting framework, referred to as the world accounting matrix (WAM). It shows how a WAM can be used for the analysis of trade and finance in a global context and demonstrates how it can contribute to the solution of the large statistical problems in national and global macroeconomic data.
| Author | : Rutger Hoekstra |
| Publisher | : Cambridge University Press |
| Total Pages | : 371 |
| Release | : 2019-05-30 |
| Genre | : Business & Economics |
| ISBN | : 1108497330 |
Proposes an new strategy for the beyond-GDP community which aims to replace the economic paradigm centred on Gross Domestic Product (GDP) by 2030.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 116 |
| Release | : 2019-07-17 |
| Genre | : Business & Economics |
| ISBN | : 1498322751 |
The IMF’s 2019 External Sector Report shows that global current account balances stand at about 3 percent of global GDP. Of this, about 35–45 percent are now deemed excessive. Meanwhile, net credit and debtor positions are at historical peaks and about four times larger than in the early 1990s. Short-term financing risks from the current configuration of external imbalances are generally contained, as debtor positions are concentrated in reserve-currency-issuing advanced economies. An intensification of trade tensions or a disorderly Brexit outcome—with further repercussions for global growth and risk aversion—could, however, affect other economies that are highly dependent on foreign demand and external financing. With output near potential in most systemic economies, a well-calibrated macroeconomic and structural policy mix is necessary to support rebalancing. Recent trade policy actions are weighing on global trade flows, investment, and growth, including through confidence effects and the disruption of global supply chains, with no discernible impact on external imbalances thus far.
| Author | : Alan Greenspan |
| Publisher | : Penguin |
| Total Pages | : 578 |
| Release | : 2008-09-09 |
| Genre | : Business & Economics |
| ISBN | : 144063145X |
In this timely supplement to his incomparable reckoning with the contemporary financial world, Dr. Alan Greenspan presents his views on how the economy has changed since he wrote the #1 New York Times bestseller The Age of Turbulence. Covering the subprime mortgage crisis as well as other national and international issues, this Penguin eSpecial offers a front-line view of the global economy from the man who has worked at its heart longer and with greater effect than any other single living figure.
| Author | : Mr.Emil Stavrev |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2009-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1451872747 |
A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area countries are smaller and have not risen relative to those across 13 other advanced economies with more flexible exchange rates. Also, the size of country-specific current account shocks in EMU countries is smaller and their persistence is greater than in the other advanced economies. However, these differences in current account dynamics do not appear related to different exchange rate dynamics.
| Author | : Alan Greenspan |
| Publisher | : Penguin |
| Total Pages | : 612 |
| Release | : 2008-09-09 |
| Genre | : Biography & Autobiography |
| ISBN | : 9780143114161 |
From the bestselling author of The Map and the Territory and Capitalism in America The Age Of Turbulence is Alan Greenspan’s incomparable reckoning with the contemporary financial world, channeled through his own experiences working in the command room of the global economy longer and with greater effect than any other single living figure. Following the arc of his remarkable life’s journey through his more than eighteen-year tenure as chairman of the Federal Reserve Board to the present, in the second half of The Age of Turbulence Dr. Greenspan embarks on a magnificent tour d’horizon of the global economy. The distillation of a life’s worth of wisdom and insight into an elegant expression of a coherent worldview, The Age of Turbulence will stand as Alan Greenspan’s personal and intellectual legacy.
| Author | : Mr.Damiano Sandri |
| Publisher | : International Monetary Fund |
| Total Pages | : 20 |
| Release | : 2011-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1455263397 |
In this paper we assess the implications of precautionary savings for global imbalances by considering a world economy model composed by the US, the Euro Area, Japan, China, oil-exporting countries, and the rest of the world. These areas are assumed to differ only with respect to GDP volatility which is calibrated based on the 1980-2008 period. The model predicts a wide dispersion in net foreign asset positions, with the highly volatile oil-exporting countries accumulating very large asset holdings. While heterogeneity in GDP volatility may lead to large imbalances in international investment positions, its impact on current accounts is much weaker. This is because countries are expected to move towards their optimal NFA at a very slow pace.
| Author | : Gilles Dufrénot |
| Publisher | : Springer Nature |
| Total Pages | : 387 |
| Release | : 2020-11-21 |
| Genre | : Business & Economics |
| ISBN | : 3030542521 |
The book provides a comprehensive overview of the latest econometric methods for studying the dynamics of macroeconomic and financial time series. It examines alternative methodological approaches and concepts, including quantile spectra and co-spectra, and explores topics such as non-linear and non-stationary behavior, stochastic volatility models, and the econometrics of commodity markets and globalization. Furthermore, it demonstrates the application of recent techniques in various fields: in the frequency domain, in the analysis of persistent dynamics, in the estimation of state space models and new classes of volatility models. The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.
