English, Article, Journal or magazine article edition: Sources of Current Account Fluctuations in Industrialized Countries Aikaterini Karadimitropoulou; Miguel A. León-Ledesma

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Bookmark: http://trove.nla.gov.au/version/157851
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Sources of Current Account Fluctuations in Industrialized Countries
Author
  • Aikaterini Karadimitropoulou
  • Miguel A. León-Ledesma
Physical Description
  • preprint
Notes
  • We analyze the sources of current account fluctuations for the G6 economies. Based on Bergin and Sheffrin’s (2000) two-goods inter-temporal framework, we build a SVAR model including the world real interest rate, net output, real exchange rate, and the current account. The theory model allows for the identification of structural shocks in the SVAR using longrun restrictions. Our results suggest three main conclusions: i) we find evidence in favour of the present-value model of the CA for all countries except France; ii) there is substantial support for the two-good intertemporal model, since both external supply and preferences shocks account for an important proportion of CA fluctuations; iii) temporary domestic shocks account for a large proportion of CA fluctuations, but the excess response of the CA is less pronounced than in previous studies.
  • Current account; real exchange rate; two-good intertemporal model; SVAR
  • RePEc:ukc:ukcedp:0910
Language
  • English
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