| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP8546
|
| DP8546 External Adjustment and the Global Crisis |
| Philip Lane
|
| 发表日期 | 2011-08-01
|
| 出版年 | 2011
|
| 语种 | 英语
|
| 摘要 | The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external adjustment in advanced economies and emerging markets. We find that countries whose pre- crisis current account balances were in excess of what could be explained by standard economic fundamentals have experienced the largest contractions in their external balance. We subsequently examine the contributions of real exchange rates, domestic demand and domestic output to the adjustment process (allowing for differences across exchange rate regimes) and find that external adjustment in deficit countries was achieved primarily through demand compression, rather than expenditure switching. Finally, we show that other investment flows was the main adjustment category in the financial account but that ECB liquidity and official external assistance have cushioned the exit of private capital flows for some countries. |
| 主题 | International Macroeconomics
|
| 关键词 | Current account adjustment
Global crisis
|
| URL | https://cepr.org/publications/dp8546
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537379
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推荐引用方式
GB/T 7714 |
Philip Lane. DP8546 External Adjustment and the Global Crisis. 2011.
|
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