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来源类型Working Paper
规范类型报告
DOI10.3386/w22741
来源IDWorking 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
URLhttps://www.nber.org/papers/w22741
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580415
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Kristin Forbes,Ida Hjortsoe,Tsvetelina Nenova. Current Account Deficits During Heightened Risk: Menacing or Mitigating?. 2016.
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