Assessing the sustainability of external imbalances in the European Union
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/15968 |
Resumo: | We assess the sustainability of the current account (CA) balance, net international investment position (NIIP) and net external debt (NED) in a sample of EU countries using two complementary approaches. First, we employ both time-series and panel-data stationarity tests of current account balance-to-GDP ratios as well as cointegration tests of exports and imports of goods and services. Second, we assess the level of trade balance that stabilizes the NIIP and the NED. We find that there is sustainability of the CA balance mainly in a few surplus countries whereas there is more concern about the sustainability of the NIIP or NED in countries with a credit position than in countries with a debit position. Both approaches are consistent with each other given the relationship between flows and stocks, the existence of important structural breaks, and valuation effects via the exchange rate. |
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Assessing the sustainability of external imbalances in the European Unioncurrent accountexportsimportsnet foreign assetsunit rootsstructural breakscointegrationerror-correctioncross-sectional dependence European UnionWe assess the sustainability of the current account (CA) balance, net international investment position (NIIP) and net external debt (NED) in a sample of EU countries using two complementary approaches. First, we employ both time-series and panel-data stationarity tests of current account balance-to-GDP ratios as well as cointegration tests of exports and imports of goods and services. Second, we assess the level of trade balance that stabilizes the NIIP and the NED. We find that there is sustainability of the CA balance mainly in a few surplus countries whereas there is more concern about the sustainability of the NIIP or NED in countries with a credit position than in countries with a debit position. Both approaches are consistent with each other given the relationship between flows and stocks, the existence of important structural breaks, and valuation effects via the exchange rate.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaAfonso, AntónioHuart, FlorenceJalles, João TovarStanek, Piotr2018-09-26T14:17:00Z2017-092017-09-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/15968engAfonso, António ... [et al.] (2017). "Assessing the sustainability of external imbalances in the European Union". Instituto Superior de Economia e Gestão – REM Working paper nº 001 - 20172184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:45:50Zoai:www.repository.utl.pt:10400.5/15968Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:01:29.494848Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Assessing the sustainability of external imbalances in the European Union |
title |
Assessing the sustainability of external imbalances in the European Union |
spellingShingle |
Assessing the sustainability of external imbalances in the European Union Afonso, António current account exports imports net foreign assets unit roots structural breaks cointegration error-correction cross-sectional dependence European Union |
title_short |
Assessing the sustainability of external imbalances in the European Union |
title_full |
Assessing the sustainability of external imbalances in the European Union |
title_fullStr |
Assessing the sustainability of external imbalances in the European Union |
title_full_unstemmed |
Assessing the sustainability of external imbalances in the European Union |
title_sort |
Assessing the sustainability of external imbalances in the European Union |
author |
Afonso, António |
author_facet |
Afonso, António Huart, Florence Jalles, João Tovar Stanek, Piotr |
author_role |
author |
author2 |
Huart, Florence Jalles, João Tovar Stanek, Piotr |
author2_role |
author author author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Afonso, António Huart, Florence Jalles, João Tovar Stanek, Piotr |
dc.subject.por.fl_str_mv |
current account exports imports net foreign assets unit roots structural breaks cointegration error-correction cross-sectional dependence European Union |
topic |
current account exports imports net foreign assets unit roots structural breaks cointegration error-correction cross-sectional dependence European Union |
description |
We assess the sustainability of the current account (CA) balance, net international investment position (NIIP) and net external debt (NED) in a sample of EU countries using two complementary approaches. First, we employ both time-series and panel-data stationarity tests of current account balance-to-GDP ratios as well as cointegration tests of exports and imports of goods and services. Second, we assess the level of trade balance that stabilizes the NIIP and the NED. We find that there is sustainability of the CA balance mainly in a few surplus countries whereas there is more concern about the sustainability of the NIIP or NED in countries with a credit position than in countries with a debit position. Both approaches are consistent with each other given the relationship between flows and stocks, the existence of important structural breaks, and valuation effects via the exchange rate. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-09 2017-09-01T00:00:00Z 2018-09-26T14:17:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/15968 |
url |
http://hdl.handle.net/10400.5/15968 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Afonso, António ... [et al.] (2017). "Assessing the sustainability of external imbalances in the European Union". Instituto Superior de Economia e Gestão – REM Working paper nº 001 - 2017 2184-108X |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131103996411904 |