Die deutsche Vereinigung und das Leistungsbilanzdefizit: Eine ökonometrische Analyse der USA und Deutschlands

Axel Schimmelpfennig

No 788, Kiel Working Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: The German current account balance has moved from surplus to deßcit in the course of unificalion. A theorelical model for the current account, encompassing the elaslicities, the monetary, and the absorptions approach, is set up and lested for Germany and the United States, using cointegration analysis. In addition, private savings are modelled by a life-cylce model nested in a model of overlapping generations. A counlry's private and government savings are idenlified as the major factors driving the current accounl. Private savings are explained by the specified model. The concepi of a primary deßcit as well as the concept of half- and full-debt-cycles are used to argue that the German current account deßcit can easily move from sustainability lo unsuslainability in the near future.

JEL-codes: C3 C32 F4 H6 H62 (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:788

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