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E-book
Author Clausen, Jens R

Title On cyclicality in the current and financial accounts : evidence from nine industrial countries / Jens R. Clausen and Magda Kandil
Published Washington, D.C. : International Monetary Fund, 2005 (Saint-Lazare, Quebec : Gibson Library Connections, 2008)

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Description 1 online resource (39 pages)
Series IMF working paper, 2227-8885 ; no. 05/56
IMF working paper ; no. 05/56.
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
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
"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
English
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Subject Balance of payments.
Balance of payments -- Developed countries
Imports -- Developed countries
Exports -- Developed countries
Imports
Exports
Balance of payments
Balance of payments.
Business cycle.
Capital account.
Cointegration.
Competition (companies)
Current account.
Economics.
Economy.
Exchange rate.
Finance.
Developed countries
Genre/Form Electronic books
Form Electronic book
Author Kandil, Magda
International Monetary Fund.
ISBN 1282003410
9781282003415
9781451906110
1451906110
146232259X
9781462322596
1451996446
9781451996449
9786613795632
6613795631