Does financial openness explain the increase of global imbalances before the crisis of 2008?

Jamel Saadaoui ()
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Jamel Saadaoui: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique

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Abstract: We investigate whether financial openness has played a major role in the evolution of global imbalances over the period before the crisis of 2008. We estimate, with panel regression techniques, the impact of financial openness on medium run trends in current account imbalances for industrialized and emerging countries by using a de jure measure of financial openness and a de facto measure of financial openness. Nowadays, current account imbalances are larger in reason of higher capital mobility. Nevertheless, a large part of imbalances may be considered as unrelated with the evolution of macroeconomic fundamentals.

Keywords: Global imbalances; Financial openness; Panel data (search for similar items in EconPapers)
Date: 2015-05-02
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Citations: View citations in EconPapers (3)

Published in International Economics, 2015, 143, ⟨10.1016/j.inteco.2015.04.002⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01397611

DOI: 10.1016/j.inteco.2015.04.002

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