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Current Account Norms in Natural Resource Rich and Capital Scarce Economies

Current Account Norms in Natural Resource Rich and Capital Scarce Economies »

Volume/Issue: 2013/80

Series: IMF Working Papers

Author(s): Juliana Araujo , Bin Li , Marcos Poplawski-Ribeiro , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2013

DOI: http://dx.doi.org/10.5089/9781484396032.001

ISBN: 9781484396032

Keywords: External Sustainability, Developing Economies, current account balances, current account balance, current account deficits, current account surpluses, Open Economy Macroeconomics, Cooperative Enterprises,

The permanent income hypothesis implies that frictionless open economies with exhaustible natural resources should save abroad most of their resource windfalls and, therefore, feature current account surpluses. Res...

Current Account Reversals and Currency Crises
			: Empirical Regularities

Current Account Reversals and Currency Crises : Empirical Regularities »

Volume/Issue: 1998/89

Series: IMF Working Papers

Author(s): Gian Milesi-Ferretti , and Assaf Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1998

DOI: http://dx.doi.org/10.5089/9781451952421.001

ISBN: 9781451952421

Keywords: currency crisis, current account reversal, growth, real exchange rate, current account deficits, currency crises, current account balance, current account reversals

This paper studies large reductions in current account deficits and exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency...

Current Account Sustainability
			: Selected East Asian and Latin American Experiences

Current Account Sustainability : Selected East Asian and Latin American Experiences »

Volume/Issue: 1996/110

Series: IMF Working Papers

Author(s): Assaf Razin , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1996

DOI: http://dx.doi.org/10.5089/9781451853292.001

ISBN: 9781451853292

Keywords: current account, current account deficits, capital inflows, external debt, capital flows

A number of developing countries have run large and persistent current account deficits in both the late seventies/early eighties and in the early nineties, raising the issue of whether these persistent imbalances...

Current Accounts
			: What Is Their Relevance for Economic Policymaking?

Current Accounts : What Is Their Relevance for Economic Policymaking? »

Volume/Issue: 1998/71

Series: IMF Working Papers

Author(s): Fabio Scacciavillani , and Malcolm Knight

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1998

DOI: http://dx.doi.org/10.5089/9781451849219.001

ISBN: 9781451849219

Keywords: current account sustainability, current account balance, current account deficit, balance of payments, current account position

This paper surveys the main theoretical approaches for analyzing movements in the current account of the balance of payments, from the Mundell-Fleming paradigm to modern intertemporal approaches. It discusses the m...

Do Capital Flows Reflect Economic Fundamentals in Developing Countries?

Do Capital Flows Reflect Economic Fundamentals in Developing Countries? »

Volume/Issue: 1993/34

Series: IMF Working Papers

Author(s): Atish Ghosh , and Jonathan Ostry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1993

DOI: http://dx.doi.org/10.5089/9781451978827.001

ISBN: 9781451978827

Keywords: current account, current account deficit, current account balances, current account surplus, debt crisis

This paper proposes a methodology for testing whether capital flows to developing countries are determined by economic fundamentals or by purely speculative forces. We use the intertemporal optimizing approach to c...

Equilibrium Non-Oil Current Account Assessments for Oil Producing Countries

Equilibrium Non-Oil Current Account Assessments for Oil Producing Countries »

Volume/Issue: 2008/198

Series: IMF Working Papers

Author(s): Alun Thomas , Jun Kim , and Aqib Aslam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

DOI: http://dx.doi.org/10.5089/9781451870565.001

ISBN: 9781451870565

Keywords: exchange rate assessment, oil-exporting countries, consumption smoothing, current account, current account balance, current accounts, current account deficit, current account deficits,

This paper introduces a methodology for assessing external balance in countries with large stocks of non-renewable resources based on oil stock data, and applies it to selected oil producing countries. The methodol...

Financial Regulation and the Current Account

Financial Regulation and the Current Account »

Volume/Issue: 2012/98

Series: IMF Working Papers

Author(s): Tomasz Wieladek , and Sergi Lanau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2012

DOI: http://dx.doi.org/10.5089/9781475502886.001

ISBN: 9781475502886

Keywords: financial regulation, panel VAR, capital account, capital account openness, current account deficit, current account imbalances, Open Economy Macroeconomics, Financial Institutions and Services: Government Policy and Regulation,

This paper examines the relationship between financial regulation and the current account in an intertemporal model of the current account where financial regulation affects the current account through liquidity co...

Fiscal Deficits and Current Account Deficits

Fiscal Deficits and Current Account Deficits »

Volume/Issue: 2009/237

Series: IMF Working Papers

Author(s): Michael Kumhof , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

DOI: http://dx.doi.org/10.5089/9781451873849.001

ISBN: 9781451873849

Keywords: Non-Ricardian Households, Government Deficits, Global Current Account Imbalances, current account, fiscal deficits, government spending, Open Economy Macroeconomics, International Policy Coordination and Transmission, Fiscal Policies and Behavior of Economic Agents: General,

The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implicatio...

Fiscal Policy and the Current Account
			: Are Microstates Different?

Fiscal Policy and the Current Account : Are Microstates Different? »

Volume/Issue: 2012/51

Series: IMF Working Papers

Author(s): Yehenew Endegnanew , Therese Turner-Jones , and Charles Amo Yartey

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463937126.001

ISBN: 9781463937126

Keywords: Microstates, current account balance, current accounts, current account adjustments, current account deficits, Fiscal Policies and Behavior of Economic Agents: General, Fiscal and Monetary Policy in Development,

This paper examines the empirical link between fiscal policy and the current account focusing on microstates defined as countries with a population of less than 2 million between 1970 and 2009. The paper employs pa...

Fiscal Sustainability in Remittance-Dependent Economies

Fiscal Sustainability in Remittance-Dependent Economies »

Volume/Issue: 2009/190

Series: IMF Working Papers

Author(s): Ralph Chami , Yasser Abdih , Amine Mati , and Michael Gapen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

DOI: http://dx.doi.org/10.5089/9781451873375.001

ISBN: 9781451873375

Keywords: remittance-dependent economies, growth rate, remittance, growth rate of remittances, real gdp, Open Economy Macroeconomics, Fiscal Policies and Behavior of Economic Agents: General, National Deficit Surplus,

We investigate the impact of remittances on public debt sustainability and detail how the traditional debt-to-GDP ratio can be modified to create a more accurate representation of debt sustainability for a country...