Description |
1 online resource (39 pages) |
Series |
IMF working paper, 2227-8885 ; no. 05/56 |
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IMF working paper ; no. 05/56.
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Contents |
Contents -- I. INTRODUCTION -- II. ANALYSIS OF CURRENT ACCOUNT DATA BY COUNTRY -- III. MODELING CYCLICAL EFFECTS ON THE BALANCE OF PAYMENTS -- A. The Current Account -- B. The Financial Account -- C. The Relation between the Current and Financial Accounts -- D. Empirical Investigation -- E. Non-Stationarity and Cointegration Analysis -- F. Analysis of Cyclical Fluctuations -- IV. RESULTS FROM REDUCED FORM EQUATIONS -- A. Determinants of Fluctuations in the Current Account Balance -- B. Determinants of Fluctuations in the Financial Balance |
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V. ON CORRELATION BETWEEN FINANCIAL AND CURRENT ACCOUNTSA. Cyclical Correlations Between Current and Financial Accounts -- B. Correlations between Estimated Parameters for the Current and Financial Balances -- VI. SUMMARY AND CONCLUSIONS -- ECONOMETRIC METHODOLOGY -- DATA DESCRIPTION AND SOURCES -- REFERENCES |
Summary |
The paper investigates cyclical fluctuations in the current and financial (formerly capital) accounts of the balance of payments and major underlying components for nine industrial countries. The empirical model uses as explanatory variables domestic output growth, price inflation, real exchange rate fluctuations, energy price inflation, global growth, and regional growth. The evidence from the estimation of the model indicates the importance of fluctuations in output growth to the cyclicality of the current and financial account balances. The necessary and sufficient condition to sustain a large current account deficit is high domestic growth, which tends to stimulate financial inflows and provides adequate resources for financing. Other factors appear to be less important to the cyclicality of the current and financial account balances and their negative correlations |
Notes |
Cover title |
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"March 2005." |
Bibliography |
Includes bibliographical references (pages 36-39) |
Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
Subject |
Balance of payments.
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Balance of payments -- Developed countries
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Imports -- Developed countries
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Exports -- Developed countries
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Imports
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Exports
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Balance of payments
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Balance of payments.
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Business cycle.
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Capital account.
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Cointegration.
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Competition (companies)
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Current account.
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Economics.
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Economy.
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Exchange rate.
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Finance.
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Developed countries
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Genre/Form |
Electronic books
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Form |
Electronic book
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Author |
Kandil, Magda
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International Monetary Fund.
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ISBN |
1282003410 |
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9781282003415 |
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9781451906110 |
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1451906110 |
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146232259X |
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9781462322596 |
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1451996446 |
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9781451996449 |
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9786613795632 |
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6613795631 |
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