On the Solvency of Nations: Are Global Imbalances Consistent with Intertemporal Budget Constraints?
Theory predicts that a nation''s stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual integrated of any finite order. We test this hypothesis using data for 21 industrial and 29 em...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/50 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Theory predicts that a nation''s stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual integrated of any finite order. We test this hypothesis using data for 21 industrial and 29 emerging economies for the 1970-2004 period to search for existence of negative relationship between NX and NFA. The results show that, despite the large global imbalances of recent years, NX and NFA positions are consistent with external solvency. Pooled Mean Group error-correction estimation yields evidence of a statistically significant, negative response of the NX-GDP ratio to the NFA-GDP ratio that is largely homogeneous across countries |
| Beschreibung: | 1 Online-Ressource (39 p) |
| ISBN: | 1451963297 9781451963298 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:27Z |
| indexdate | 2024-07-10T09:35:36Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Mendoza, Enrique G. Verfasser aut On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? Mendoza, Enrique G Washington, D.C International Monetary Fund 2010 1 Online-Ressource (39 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/50 Theory predicts that a nation''s stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual integrated of any finite order. We test this hypothesis using data for 21 industrial and 29 emerging economies for the 1970-2004 period to search for existence of negative relationship between NX and NFA. The results show that, despite the large global imbalances of recent years, NX and NFA positions are consistent with external solvency. Pooled Mean Group error-correction estimation yields evidence of a statistically significant, negative response of the NX-GDP ratio to the NFA-GDP ratio that is largely homogeneous across countries Online-Ausg Durdu, Ceyhun Bora Sonstige oth Terrones, Marco Sonstige oth http://elibrary.imf.org/view/IMF001/10743-9781451963298/10743-9781451963298/10743-9781451963298.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Mendoza, Enrique G. On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? |
| title | On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? |
| title_auth | On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? |
| title_exact_search | On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? |
| title_exact_search_txtP | On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? |
| title_full | On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? Mendoza, Enrique G |
| title_fullStr | On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? Mendoza, Enrique G |
| title_full_unstemmed | On the Solvency of Nations Are Global Imbalances Consistent with Intertemporal Budget Constraints? Mendoza, Enrique G |
| title_short | On the Solvency of Nations |
| title_sort | on the solvency of nations are global imbalances consistent with intertemporal budget constraints |
| title_sub | Are Global Imbalances Consistent with Intertemporal Budget Constraints? |
| url | http://elibrary.imf.org/view/IMF001/10743-9781451963298/10743-9781451963298/10743-9781451963298.xml |
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