The Persistence of Current Account Balances and its Determinants: The Implications for Global Rebalancing

Erica Clower and Hiro Ito
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Erica Clower: Asian Development Bank Institute

No 400, ADBI Working Papers from Asian Development Bank Institute

Abstract: This paper examines the statistical nature of the persistency of current account balances and its determinants. With the assumption that stationary current account series ensures the long-run budget constraint while countries may experience “local non-stationarity” in current account balances, the authors examine the dynamics of current account balances across a panel of 70 countries.

Keywords: current account; financial liberalization; global imbalances; capital controls (search for similar items in EconPapers)
JEL-codes: F32 F41 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2012-12-17
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Citations: View citations in EconPapers (16)

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Working Paper: The Persistence of Current Account Balances and its Determinants: The Implications for Global Rebalancing (2012)
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