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Medium-Term Determinants of Current Accounts in Industrial and Developing Countries
Menzie David ChinnEswar Prasad
其他書名
An Empirical Exploration
出版International Monetary Fund, 2000-02
主題Business & Economics / GeneralBusiness & Economics / Exports & ImportsBusiness & Economics / Economics / Macroeconomics
ISBN14518465419781451846546
URLhttp://books.google.com.hk/books?id=yDyyAAAAIAAJ&hl=&source=gbs_api
註釋This paper provides an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries. The analysis is based on a structural approach that highlights the roles of the fundamental macroeconomic determinants of saving and investment. Cross-section and panel regression techniques are used to characterize the properties of current account variation across countries and over time. Current account balances are positively correlated with government budget balances and initial stocks of net foreign assets. Among developing countries, measures of financial deepening are positively correlated while indicators of openness to international trade are negatively correlated with current account balances.