| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22741 |
| 来源ID | Working Paper 22741 |
| Current Account Deficits During Heightened Risk: Menacing or Mitigating? | |
| Kristin Forbes; Ida Hjortsoe; Tsvetelina Nenova | |
| 发表日期 | 2016-10-17 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Large current account deficits, and the corresponding reliance on capital flows from abroad, can increase a country’s vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It highlights the central importance of two financial factors: income on international investments and changes in the valuations of those investments. We show how the characteristics of a country’s international investment portfolio – the size of its international asset and liability holdings, their currency denominations, their split between equity and debt, and their return characteristics – affect the dynamics of these financial factors. Then we decompose those dynamics into their drivers, explore how they are affected by domestic and global risk shocks, and apply this framework to 10 OECD economies. These examples, including a more detailed assessment for the UK, show that a substantial degree of international risk sharing can occur through current accounts and international portfolios. Our flexible framework clarifies which characteristics of a country’s international portfolio determine whether a current account deficit is “menacing” or “mitigating”. |
| 主题 | International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w22741 |
| 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/580415 |
| 推荐引用方式 GB/T 7714 | Kristin Forbes,Ida Hjortsoe,Tsvetelina Nenova. Current Account Deficits During Heightened Risk: Menacing or Mitigating?. 2016. |
| 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 | ||
| w22741.pdf（1300KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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