Net Foreign Asset Positions, Capital Flows and GDP Spillovers

Joscha Beckmann and Robert Czudaj

Open Economies Review, 2020, vol. 31, issue 2, No 6, 295-308

Abstract: Abstract This paper sheds light on global GDP spillovers in the context of external imbalances. We adopt a Bayesian time-varying panel vector autoregression framework to analyze the global implications of changes in assets and liabilities of the US and the Euro Area in a global framework which includes 25 industrial and emerging economies. We find significant evidence for assets and liabilities spillovers from positions in the Euro Area and the US which often result in negative effects on GDP growth.

Keywords: Capital flows; Global imbalances; GDP growth; Spillovers; Panel VAR (search for similar items in EconPapers)
JEL-codes: C32 F31 F32 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s11079-019-09563-5

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