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International macroeconomic fluctuations and the current account

Hoffmann, Mathias (1999) International macroeconomic fluctuations and the current account , Southampton, UK University of Southampton 21pp. (Discussion Papers in Economics and Econometrics, 9915).

Record type: Monograph (Discussion Paper)


Intertemporal models of the current account generally assume that global shocks do not affect the current account. We use this assumption to identify global and country-specific shocks in a bivariate VAR. We test the quality of the identification using evidence from G7-data. In accordance with the theory, we observe a link between the global shock and a measure of the world real interest rate. We also find that long-term output growth is driven by global factors in most countries, that country-specific shocks are less persistent in smaller economies and generally less volatile than global shocks

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Published date: January 1999


Local EPrints ID: 33150
PURE UUID: de20e9bd-3dc8-4c65-943b-f31d6f8923bb

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Date deposited: 21 Dec 2007
Last modified: 17 Jul 2017 15:53

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Author: Mathias Hoffmann

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