| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w6468
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| 来源ID | Working Paper 6468
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| Current Account Sustainability in Transition Economies |
| Nouriel Roubini; Paul Wachtel
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| 发表日期 | 1998-03-01
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| 出版年 | 1998
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| 语种 | 英语
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| 摘要 | This paper presents an analysis of the sustainability of current account deficits in transition economies in Central and Eastern Europe. These countries have experienced large current account imbalances in the transition to a market economy. We consider a wide range of macroeconomic factors that may indicate whether such imbalances are sustainable. We find that capital inflows and the choice of regimes of fixed exchange rates have led to a real exchange rate appreciation in many countries; this in turn has led to a significant loss of competitiveness and a worsening of the current account. In several countries there are a number of other indicators that point to a fragility of the external balance: weak banking and financial systems, large fiscal imbalances, low foreign reserves, increasing foreign debt and foreign debt-burden ratios. However, short-term portfolio investments (so-called hot money' inflows) are still relatively small in the transition economies examined, thus limiting the possibility of sudden speculative capital outflows. |
| 主题 | International Economics
; International Finance
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| URL | https://www.nber.org/papers/w6468
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 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/563985
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推荐引用方式
GB/T 7714 |
Nouriel Roubini,Paul Wachtel. Current Account Sustainability in Transition Economies. 1998.
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文件名：
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w6468.pdf
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格式：
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Adobe PDF
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