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Keywords:Balance of payments 

Journal Article
A monetary view of the balance of payments

Review , Volume 57 , Issue Apr , Pages 14-22

Journal Article
The outlook for net exports

FRBSF Economic Letter

Journal Article
U.S. balance of payments and investment position

Federal Reserve Bulletin , Issue Apr

Journal Article
Trends in international trade and payments

Federal Reserve Bulletin , Issue Apr

Working Paper
The present-value model of the current account has been rejected: round up the usual suspects

Tests of the present-value model of the current account are frequently rejected by the data. Standard explanations rely on the "usual suspects" of non-separable preferences, shocks to fiscal policy and the world real interest rate, and imperfect international capital mobility. We confirm these rejections on post-war Canadian data, then investigate their source by calibrating and simulating alternative versions of a small open economy, real business cycle model. Monte Carlo experiments reveal that, although each of the suspects matters in some way, a "canonical" RBC model moves closest to ...
International Finance Discussion Papers , Paper 760

Journal Article
U.S. balance of payments and investment position

Federal Reserve Bulletin , Issue Apr

Working Paper
Current account adjustment in industrialized countries

This paper examines the dynamics of current account adjustment among industrialized countries. We identify twenty-five episodes in which a large sustained improvement in the current account occurred between 1980 and 1997. We find that a typical current account reversal begins when the current account deficit is about 5 percent of GDP, that it is associated with slowing income growth and a 10-20 percent real exchange rate depreciation. Real export growth, declining investment, and an eventual leveling off in both the net international investment position and the budget deficit-GDP ratio are ...
International Finance Discussion Papers , Paper 692

Journal Article
Euro-dollars: a changing market

Federal Reserve Bulletin , Issue Oct

Journal Article
Budget deficits, exchange rates and the current account: theory and U. S. evidence

Economic Review , Issue Fall , Pages 5-25

Report
Capital flows & current account deficits in the 1990s: why did Latin America & East Asian countries respond differently?

The return of private capital to highly indebted less-developed countries (LDCs) in the late 1980s was accompanied by widening current account deficits in the recipient countries, which were primarily attributed to a consumption boom in Latin America and an investment surge in East Asia. Interpreting the return as an increase in the external debt ceiling, the maximum amount that can be borrowed, this paper analyzes and compares the different response of the two regions using the conceptual framework of a borrowing-constrained agent. According to it, an increase in the debt ceiling can reduce ...
Research Paper , Paper 9610

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