سال انتشار:
2021
عنوان انگلیسی مقاله:
Assessing the euro area current account
ترجمه فارسی عنوان مقاله:
ارزیابی حساب جاری منطقه یورو
منبع:
ScienceDirect- Elsevier- Journal of International Money and Finance, Corrected proof, 102512: doi:10:1016/j:jimonfin:2021:102512
نویسنده:
Leonor Coutinho
چکیده انگلیسی:
This paper assesses the determinants of the evolution of the euro area current account
against the benchmark provided by the empirical model in the Coutinho et al. (2018).
The paper analyses what part of the current account can be explained by fundamental drivers (current account norms) for the euro area aggregate and for the largest five euro area
economies. In addition, it attempts to make a step forward compared with traditional
empirical current account specifications in two respects. First, in light of the growing stock
imbalances across the euro area embodied by the net international investment position
(NIIP), a different specification of current account norms is proposed for their computation,
where the part of the NIIP that is explained by fundamental drivers is taken into account.
Second, alternative specifications of the empirical model are estimated to better capture
the impact of financial centres and corporate net savings, which have been playing an
increasingly relevant role in shaping current account outturns in a number of euro area
countries in recent decades. Results indicate that while the euro area current account
has been in line with fundamentals until the great financial crisis, its post-crisis widening
partly reflects private and public deleveraging. Accounting for NIIPs and corporate net savings contributes to moderately reduce the gap between the euro area current account and
the norm.
keywords: تعادل حساب جاری | تعادل خارجی | منطقه یورو | چیز | صرفه جویی در خالص شرکت | Current account balance | External equilibrium | Euro area | NIIP | Corporate net savings
قیمت: رایگان
توضیحات اضافی:
تعداد نظرات : 0