Global imbalances and the intertemporal external budget constraint: A multicointegration approach
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Otros documentos de la autoría: Camarero, Mariam; Carrion-i-Silvestre, Josep Lluís; Tamarit, Cecilio
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Mostrar el registro completo del ítemcomunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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Título
Global imbalances and the intertemporal external budget constraint: A multicointegration approachFecha de publicación
2013-12Editor
Elsevier B.V.ISSN
0378-4266Cita bibliográfica
CAMARERO, Mariam; CARRION-I-SILVESTRE, Josep Lluís; TAMARIT, Cecilio. Global imbalances and the intertemporal external budget constraint: A multicointegration approach. Journal of Banking & Finance, 2013, 37.12: 5357-5372.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://www.sciencedirect.com/science/article/pii/S0378426613000332Versión
info:eu-repo/semantics/acceptedVersionPalabras clave / Materias
Resumen
This paper analyzes the external solvency of a group of 23 OECD countries for the period 1970–2012. The empirical strategy adopted underlines the increasing importance of the financial channel for the external adjustment ... [+]
This paper analyzes the external solvency of a group of 23 OECD countries for the period 1970–2012. The empirical strategy adopted underlines the increasing importance of the financial channel for the external adjustment as proposed in Gourinchas and Rey (2007). We unify the traditional approaches to testing for external sustainability considering the stock-flow system created by the variables representing the external relationships of an open economy. External sustainability is tested using several types of cointegration and multicointegration tests. The results obtained point to weak sustainability in the flows analysis, whereas some degree of strong sustainability is found for up to six countries in the stock-flow approach. Among these countries we find both non-European economies, such as Japan and New Zealand, and Euro-area members, especially those with more restricted access to financing in the international markets. [-]
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Journal of Banking & Finance, 2013, 37.12Derechos de acceso
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