Revisiting the Glick–Rogoff Current Account Model: An Application to the Current Accounts of BRICS Countries

Yushi Yoshida*, Weiyang Zhai

*この論文の責任著者

研究成果: 書籍の章/レポート/会議録査読

3 被引用数 (Scopus)

抄録

Understanding what drives the changes in current accounts is one of the most important macroeconomic issues for developing countries. Excessive surpluses in current accounts can trigger trade wars, and excessive deficits in current accounts can, on the other hand, induce currency crises. The Glick–Rogoff (1995, Journal of Monetary Economics) model, which emphasizes productivity shocks at home and in the world, fit well with developed economies in the 1970s and 1980s. However, the Glick–Rogoff model fits poorly when it is applied to fast-growing BRICS countries for the period including the global financial crisis. We conclude that different mechanisms of current accounts work for developed and developing countries.

本文言語英語
ホスト出版物のタイトルDynamic Modeling and Econometrics in Economics and Finance
出版社Springer Science and Business Media Deutschland GmbH
ページ265-291
ページ数27
DOI
出版ステータス出版済み - 2021

出版物シリーズ

名前Dynamic Modeling and Econometrics in Economics and Finance
27
ISSN(印刷版)1566-0419
ISSN(電子版)2363-8370

ASJC Scopus 主題領域

  • 経済学、計量経済学および金融学一般

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