| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18380 |
| 来源ID | Working Paper 18380 |
| On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment | |
| C. Bora Durdu; Enrique G. Mendoza; Marco E. Terrones | |
| 发表日期 | 2012-09-13 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We test the hypothesis that net foreign asset positions are consistent with external solvency and examine the dynamics of external adjustment using data for 50 countries over the 1970-2006 period. Our analysis adapts Bohn's (2007) error-correction reaction function approach--which tests for a negative long-run relationship between net exports (NX) and net foreign assets (NFA) as a sufficiency condition for the intertemporal budget constraint to hold--to a dynamic panel framework. Pooled Mean Group and Mean Group error-correction estimation yield evidence of a statistically significant, negative response of NX to NFA. Moreover, we cannot reject the hypothesis that the response is largely homogeneous across countries. Our sensitivity analysis shows that the countries with relatively weaker fundamentals need to respond more strongly to the changes in NFA to keep their NFAs on a sustainable path. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w18380 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576057 |
| 推荐引用方式 GB/T 7714 | C. Bora Durdu,Enrique G. Mendoza,Marco E. Terrones. On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18380.pdf（435KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
