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The B.E. Journal of Macroeconomics Topics Volume 11, Issue 1 2011 Article 37 External Debts and Current Account Adjustments Levent Bulut∗ ∗Georgia State University, bulut@gsu.edu Recommended Citation Levent Bulut (2011) “External Debts and Current Account Adjustments,” The B.E. Journal of Macroeconomics: Vol. 11: Iss. 1 (Topics), Article 37. Copyright c©2011 De Gruyter. All rights reserved. External Debts and Current Account Adjustments∗ Levent Bulut Abstract We empirically investigate the effect of net external-debt positions on the size of medium-term current

References Avdjiev, S., Everett, M., Lane, P. R. & Shin, H. S. (2018). Tracking the International Footprints of Global Firms. BIS Quarterly Review , March 2018, 47–66. Barattieri, A. (2014). Comparative Advantage, Service Trade, and Global Imbalances. Journal of International Economics , 92 (1), 1–13. Borio, Claudio & Disyatat, Piti (2015). Capital flows and the current account: Taking financing (more) seriously. BIS Working Papers, No 525 (October 2015). Monetary and Economic Department. Frenkel, Jacob, Razin, Assaf & Yuen, Chi-Wa (1996). Fiscal Policies

Global Economy Journal Volume 12, Issue 4 2012 Article 4 Does Demographic Change Affect the Current Account? A Reconsideration Michael Graff∗ Kam Ki Tang† Jie Zhang‡ ∗Jacobs University Bremen and ETH Zurich, graff@kof.ethz.ch †University of Queensland, kk.tang@uq.edu.au ‡National University of Singapore, ecszj@nus.edu.sg DOI: 10.1515/1524-5861.1885 Copyright c©2012 De Gruyter. All rights reserved. Does Demographic Change Affect the Current Account? A Reconsideration∗ Michael Graff, Kam Ki Tang, and Jie Zhang Abstract This paper re-examines the impact of

References: 1. Cociuba, S.E. (2011), “Upstream capital flows: Why emerging markets send savings to advanced economies” . In: Federal Reserve Bank of Dallas, Research Publication Vol. 6, No. 5, May 2011, ( http://www.dallasfed.org/pages/research/eclett/2011/el1105.cfm . 2. Edwards, S. (2004), “Financial Openness, Sudden Stops and Current Account Reversals ” In: National Bureau of Economic Research, NBER Working Paper No. 10277, February, ( http://www.nber.org/papers/w10277 ). 3. European Central Bank (2012), “Euro area cross-border financial flows”. Monthly

Contributions to Macroeconomics Volume 2, Issue 1 2002 Article 2 Determinants of Current Account Deficits in Developing Countries Cesar Augusto Calderon∗ Alberto Chong† Norman V. Loayza‡ ∗Banco Central de Chile, ccaldero@bcentral.cl †Inter-American Development Bank, albertochong@ymail.com ‡World Bank, nloayza@worldbank.org Copyright c©2002 by the authors. All rights reserved. Determinants of Current Account Deficits in Developing Countries Cesar Augusto Calderon, Alberto Chong, and Norman V. Loayza Abstract The objective of this paper is to provide some stylized

1 Introduction The smoldering European debt crisis is rooted in growing current account imbalances and strongly diverging net international investment positions in pre-crisis Europe. After the turn of the millennium fast rising current account surpluses of Germany (and some of its smaller neighboring countries) were paired with rising current account deficits of Southern, Western and Eastern European countries. Unidirectional capital flows from the center to the periphery of the European (Monetary) Union financed increasing government expenditure and unit labor

issues that influence growth and development ( Stiglitz 2013 ; OECD 2014 ). Another reason inequality has gained traction in the economic debate is that many authors have seen it – along with global current account imbalances and financial deregulation – as an underlying cause of the international financial crisis that began in 2008 ( Rajan 2010 ). There is also a complementary discussion happening, in academia, international organizations, and at international fora like the G20, about the role of income distribution in global growth prospects. “[A] declining labour

Topics in Macroeconomics Volume 3, Issue 1 2003 Article 6 The Role of Stock Markets in Current Account Dynamics: a Time Series Approach Benoit Mercereau∗ ∗International Monetary Fund (the views expressed in this paper are those of the author and do not necessarily represent those of the International Monetary Fund), bmercereau@imf.org Copyright c©2003 by the authors. All rights reserved. No part of this publication may be re- produced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or

References Albanian Institute of Statistics (2017). www.instat.gov.al (Accessed April 11, 2017). Aristovnik, A. (2006). Current Account Sustainability In Selected Transition Countries. William Davidson Institute Working Papers Series wp844: William Davidson Institute at the University of Michigan. Bussière, M., Fratzscher, M. and Muller, G. J. (2006). Current Account Dynamics in OECD and New EU Member States: An Intertemporal Approach. Journal of Economic Integration, 21, 593-618. Central Bank of the Republic of Turkey (2017). www.tcmb.gov.tr (Accessed March

1 Introduction The sustainability of current account deficits and the solvency of external debt remain central to the stability of financial markets and the formulation of macro-management strategies. The recurrent episodes of economic and financial crises have deepened concerns and rejuvenated the need for constant vigilance on external account imbalances. The short-run and transitory current account deficits (CADs) reflect the reallocation of world capital resources to most productive avenues and, as such, are commonly not a cause of concern. In contrast, the