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United States current account deficits: A stochastic optimal control analysis 1

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0009
Subject:
Economics and Finance, Financial Economics

For nearly a quarter of a century, the US has persistently run significant current account deficits that transformed it from the world’s largest net creditor to its largest debtor. The stochastic ... More


The transition economies: A NATREX evaluation of research 1

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0006
Subject:
Economics and Finance, Financial Economics

On the basis of the NATREX model, several key studies are evaluated to answer the questions: How can the trends in the real exchange rates of the transition economies of Eastern Europe be explained? ... More


Optimal debt and equilibrium exchange rates in a stochastic environment: an overview

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0001
Subject:
Economics and Finance, Financial Economics

This overview chapter explains the relevance and the contributions of this book to economic theory and policy. The economic theory and mathematics developed in chapters 2 and 3 derive benchmarks for ... More


The Natural Real Exchange Rate of the United States Dollar, and Determinants of Capital Flows

Jerome L. Stein

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, International

To what extent has the real exchange rate of the US dollar been as stable as is justified by the ”fundamentals” – fiscal policy, private saving ratio, productivity, rate of return on investment, real ... More


Are There Thresholds of Current Account Adjustment in the G7?

Richard H. Clarida, Manuela Goretti, and Mark P. Taylor

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0006
Subject:
Economics and Finance, Financial Economics

This chapter addresses the nonlinear models of current account adjustment for the G7 countries. For most of the G7 countries, significant evidence of threshold effects in current account adjustment ... More


Dynamics of Crises

Giovanni Piersanti

in The Macroeconomic Theory of Exchange Rate Crises

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199653126
eISBN:
9780191741210
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199653126.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

In order to describe the path followed by major macroeconomic variable around the time of crises, this chapter examines some dynamic models. It thus shows how the dynamic adjustment path of the ... More


Current Account Deficits in Industrial Countries: The Bigger They Are, the Harder They Fall?

Caroline Freund and Frank Warnock

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter investigates the episodes of current account adjustment in industrial countries. The data support the claims that the size of the current account deficit and the extent to which it is ... More


Current Account Reversals: Always a Problem?

Muge Adalet and Barry Eichengreen

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter evaluates the frequency, magnitude, and effects of current account reversals in the gold standard era (1880–1914), the interwar period (1919–1939), Bretton Woods (1945–1970), and the ... More


Causes and Lessons of the Mexican Peso Crisis

Griffith-Jones Stephany

in Short-Term Capital Flows and Economic Crises

Published in print:
2001
Published Online:
October 2011
ISBN:
9780198296867
eISBN:
9780191685286
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198296867.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics

The Managing Director of the IMF deemed the crisis faced by the Mexican peso in December 1994 as the ‘first major crisis of the 21st century’. Analyzing the Mexican peso crisis reveals that it was ... More


The Unsustainable U.S. Current Account Position Revisited

Maurice Obstfeld and Kenneth Rogoff

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0010
Subject:
Economics and Finance, Financial Economics

This chapter reveals that when one takes into account the global equilibrium ramifications of an unwinding of the U.S. current account deficit, currently running at nearly 6 percent of gross domestic ... More


The Dot-Com Bubble, the Bush Deficits, and the U.S. Current Account

Aart Kraay and Jaume Ventura

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0012
Subject:
Economics and Finance, Financial Economics

This chapter reports a novel theoretical model that connects present international imbalances and the bursting of the global equity bubble in 2000. Budget deficits constitute a welfare-improving ... More


Bubbles in the Periphery

Hans-Werner Sinn

in The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs

Published in print:
2014
Published Online:
October 2014
ISBN:
9780198702139
eISBN:
9780191771828
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198702139.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

The firm announcement of the euro at the EU Madrid Summit in 1995 removed the exchange rate uncertainty that had impeded investment in the European periphery, caused dramatic interest rate ... More


G7 Current Account Imbalances: Sustainability and Adjustment

Richard H. Clarida (ed.)

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.001.0001
Subject:
Economics and Finance, Financial Economics

The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including other G7 countries such as Japan and ... More


India: Crisis and the Impact on Fiscal Space

Y.V. Reddy, Narayan Valluri, and Partha Ray

in Financial and Fiscal Policies: Crises and New Realities

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199452651
eISBN:
9780199084524
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199452651.003.0008
Subject:
Economics and Finance, Financial Economics

This chapter presents an overview of the state of the Indian macroeconomy (with an emphasis on the fisc) and its relationship with the global crisis so that the monetary and fiscal stimulus can be ... More


Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?

Menzie Chinn and Jeffrey A. Frankel

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0009
Subject:
Economics and Finance, Financial Economics

This chapter investigates whether the dollar might eventually follow the precedent of the pound and cede its status as leading international reserve currency. The link between currency shares and ... More


Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration

Guillermo Calvo, Alejandro Izquierdo, and Luis-Fernando Mejía

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

Using a sample of 110 developed and developing countries for the period 1990-2004, the chapter claims that a small supply of tradable goods relative to their domestic absorption, and large ... More


Fiscal Adjustment, Growth, and Global Imbalances

Mika Kortelainen, Douglas Laxton, and Jack Selody

in Post-crisis Fiscal Policy

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262027182
eISBN:
9780262324113
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027182.003.0021
Subject:
Economics and Finance, Macro- and Monetary Economics

Using the International Monetary Fund's Global Integrated Monetary and Fiscal Model (GIMF), this chapter examines how combining fiscal adjustment with structural reform and coordinated fiscal policy ... More


Divergent Views on the Coming Dollar Crisis

J. Bradford DeLong

in The Economists' Voice: Top Economists Take On Today's Problems

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231143653
eISBN:
9780231527866
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231143653.003.0005
Subject:
Economics and Finance, Public and Welfare

This chapter sets out the two contrasting views among economists on the likely consequences of America's huge current account deficit. Domestically oriented macroeconomists see a forthcoming fall in ... More


Ineffective Controls on Capital Inflows under Sophisticated Financial Markets: Brazil in the Nineties

Bernardo S. de M. Carvalho and Márcio G. P. Garcia

in Financial Markets Volatility and Performance in Emerging Markets

Published in print:
2008
Published Online:
February 2013
ISBN:
9780226184951
eISBN:
9780226185040
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226185040.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter explores the effects of ex ante capital controls. In contrast to ex post controls, ex ante controls should not jeopardize the emerging market country's reputation, as they are included ... More


Credit and Capital Export

L. Albert Hahn

in Economic Theory of Bank Credit

Published in print:
2015
Published Online:
November 2015
ISBN:
9780198723073
eISBN:
9780191789649
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198723073.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This section examines the effects of exports on credit and capital. It shows that a nation exporting goods without importing goods in return is exporting capital (in modern terms the country has a ... More


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