Structural and Cyclical Factors behind Current-Account Balances:
Global external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to which structural or cyclical factors may have driven these patterns is important to assess the likely evolution of global imbala...
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | Global external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to which structural or cyclical factors may have driven these patterns is important to assess the likely evolution of global imbalances going forward, as well as the potential adjustment that can be achieved through changes in policy. This paper assesses the link between structural and cyclical factors and current-account balances using a panel of 94 countries from 1973 to 2008. We find that the medium-term evolution of global external imbalances can be related in large part to structural factors including cross-country differences in demographics, fiscal deficits, oil dependency and intensity, stage of economic development, financial market development, and institutional quality. Part of the narrowing in current-account balances since the financial crisis appears to be related to various cyclical factors including changes in output growth, oil prices, and exchange rates, and may be expected to reverse alongside the economic recovery |
| Beschreibung: | 1 Online-Ressource (35 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5kmfkz2t4mbr-en |
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| spelling | Cheung, Calista Verfasser aut Structural and Cyclical Factors behind Current-Account Balances Calista Cheung, Davide Furceri and Elena Rusticelli = Les facteurs structurels et cycliques derrière l'évolution des comptes courantsGlobal external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to whic / Calista Cheung, Davide Furceri et Elena Rusticelli Les facteurs structurels et cycliques derrière l'évolution des comptes courantsGlobal external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to whic Paris OECD Publishing 2010 1 Online-Ressource (35 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Global external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to which structural or cyclical factors may have driven these patterns is important to assess the likely evolution of global imbalances going forward, as well as the potential adjustment that can be achieved through changes in policy. This paper assesses the link between structural and cyclical factors and current-account balances using a panel of 94 countries from 1973 to 2008. We find that the medium-term evolution of global external imbalances can be related in large part to structural factors including cross-country differences in demographics, fiscal deficits, oil dependency and intensity, stage of economic development, financial market development, and institutional quality. Part of the narrowing in current-account balances since the financial crisis appears to be related to various cyclical factors including changes in output growth, oil prices, and exchange rates, and may be expected to reverse alongside the economic recovery Economics Furceri, Davide ctb Rusticelli, Elena ctb https://doi.org/10.1787/5kmfkz2t4mbr-en Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Cheung, Calista Structural and Cyclical Factors behind Current-Account Balances Economics |
| title | Structural and Cyclical Factors behind Current-Account Balances |
| title_alt | Les facteurs structurels et cycliques derrière l'évolution des comptes courantsGlobal external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to whic |
| title_auth | Structural and Cyclical Factors behind Current-Account Balances |
| title_exact_search | Structural and Cyclical Factors behind Current-Account Balances |
| title_exact_search_txtP | Structural and Cyclical Factors behind Current-Account Balances |
| title_full | Structural and Cyclical Factors behind Current-Account Balances Calista Cheung, Davide Furceri and Elena Rusticelli = Les facteurs structurels et cycliques derrière l'évolution des comptes courantsGlobal external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to whic / Calista Cheung, Davide Furceri et Elena Rusticelli |
| title_fullStr | Structural and Cyclical Factors behind Current-Account Balances Calista Cheung, Davide Furceri and Elena Rusticelli = Les facteurs structurels et cycliques derrière l'évolution des comptes courantsGlobal external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to whic / Calista Cheung, Davide Furceri et Elena Rusticelli |
| title_full_unstemmed | Structural and Cyclical Factors behind Current-Account Balances Calista Cheung, Davide Furceri and Elena Rusticelli = Les facteurs structurels et cycliques derrière l'évolution des comptes courantsGlobal external imbalances widened persistently over the last several years and have narrowed abruptly over the course of the financial crisis. Understanding the extent to whic / Calista Cheung, Davide Furceri et Elena Rusticelli |
| title_short | Structural and Cyclical Factors behind Current-Account Balances |
| title_sort | structural and cyclical factors behind current account balances |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5kmfkz2t4mbr-en |
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