Sustainable and Excessive Current Account Deficits:
Large current account deficits are often assumed to play an important role in the propagation of financial crises in emerging markets in receipt of heavy private capital inflows. This paper reaches some major conclusions. First, the Lawson Doctrine - according to which current account deficits that...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
1998
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| Schriftenreihe: | OECD Development Centre Working Papers
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| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | Large current account deficits are often assumed to play an important role in the propagation of financial crises in emerging markets in receipt of heavy private capital inflows. This paper reaches some major conclusions. First, the Lawson Doctrine - according to which current account deficits that result from a shift in private-sector behaviour should not be a public policy concern - has been discredited by recent currency crises in Latin America and Asia. Second, it is possible to define the size of current account deficits that should be sustainable in the long run. Third, the intertemporal approach to the current account does not provide a reliable benchmark to define when deficits become "excessive". Fourth, large external deficits should be resisted if unsustainable currency appreciation, excessive risk-taking in the banking system and a sharp drop in private savings are seen to coincide ... |
| Beschreibung: | 1 Online-Ressource (29 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/808008067635 |
Internformat
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Datensatz im Suchindex
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| spelling | Reisen, Helmut Verfasser aut Sustainable and Excessive Current Account Deficits Helmut Reisen Paris OECD Publishing 1998 1 Online-Ressource (29 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Development Centre Working Papers Large current account deficits are often assumed to play an important role in the propagation of financial crises in emerging markets in receipt of heavy private capital inflows. This paper reaches some major conclusions. First, the Lawson Doctrine - according to which current account deficits that result from a shift in private-sector behaviour should not be a public policy concern - has been discredited by recent currency crises in Latin America and Asia. Second, it is possible to define the size of current account deficits that should be sustainable in the long run. Third, the intertemporal approach to the current account does not provide a reliable benchmark to define when deficits become "excessive". Fourth, large external deficits should be resisted if unsustainable currency appreciation, excessive risk-taking in the banking system and a sharp drop in private savings are seen to coincide ... Development https://doi.org/10.1787/808008067635 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Reisen, Helmut Sustainable and Excessive Current Account Deficits Development |
| title | Sustainable and Excessive Current Account Deficits |
| title_auth | Sustainable and Excessive Current Account Deficits |
| title_exact_search | Sustainable and Excessive Current Account Deficits |
| title_exact_search_txtP | Sustainable and Excessive Current Account Deficits |
| title_full | Sustainable and Excessive Current Account Deficits Helmut Reisen |
| title_fullStr | Sustainable and Excessive Current Account Deficits Helmut Reisen |
| title_full_unstemmed | Sustainable and Excessive Current Account Deficits Helmut Reisen |
| title_short | Sustainable and Excessive Current Account Deficits |
| title_sort | sustainable and excessive current account deficits |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/808008067635 |
| work_keys_str_mv | AT reisenhelmut sustainableandexcessivecurrentaccountdeficits |