Long-run relationship between exports and imports: current account sustainability tests for the EU

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2020
Outros Autores: Huart, Florence, Jalles, João Tovar, Stanek, Piotr
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/20066
Resumo: We assess the sustainability of external imbalances for EU countries using panel stationarity tests of Current Account (CA) balance-to-GDP ratios and panel cointegration of exports and imports of goods and services, for the period 1970Q1– 2015Q4. We find that: i) the country panel is non-stationary; ii) cross-sectional dependence plays an important role; iii) there is non-stationarity of the CA, imports, and exports with cross-sectional panel dependence and multiple structural breaks; iv) however, there is a stable long-run relationship between exports and imports in the panel. Hence, trade imbalances can be less unsustainable but this is not sufficient to make current account imbalances sustainable.
id RCAP_d115bcd0b9a00bde40d42a7fe16bc96a
oai_identifier_str oai:www.repository.utl.pt:10400.5/20066
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Long-run relationship between exports and imports: current account sustainability tests for the EUCurrent accountExportsImportsUnit rootsCointegrationWe assess the sustainability of external imbalances for EU countries using panel stationarity tests of Current Account (CA) balance-to-GDP ratios and panel cointegration of exports and imports of goods and services, for the period 1970Q1– 2015Q4. We find that: i) the country panel is non-stationary; ii) cross-sectional dependence plays an important role; iii) there is non-stationarity of the CA, imports, and exports with cross-sectional panel dependence and multiple structural breaks; iv) however, there is a stable long-run relationship between exports and imports in the panel. Hence, trade imbalances can be less unsustainable but this is not sufficient to make current account imbalances sustainable.SpringerRepositório da Universidade de LisboaAfonso, AntónioHuart, FlorenceJalles, João TovarStanek, Piotr2020-05-06T13:16:23Z2020-052020-05-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/20066engAfonso, António ... [et al.] (2020). "Long-run relationship between exports and imports: current account sustainability tests for the EU". Portuguese Economic Journal, 19(2):155-1701617-982X (Print)10.1007/s10258-019-00168-xmetadata only accessinfo: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:RCAAP2023-06-25T01:30:39Zoai:www.repository.utl.pt:10400.5/20066Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:04:52.730022Repositório 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 Long-run relationship between exports and imports: current account sustainability tests for the EU
title Long-run relationship between exports and imports: current account sustainability tests for the EU
spellingShingle Long-run relationship between exports and imports: current account sustainability tests for the EU
Afonso, António
Current account
Exports
Imports
Unit roots
Cointegration
title_short Long-run relationship between exports and imports: current account sustainability tests for the EU
title_full Long-run relationship between exports and imports: current account sustainability tests for the EU
title_fullStr Long-run relationship between exports and imports: current account sustainability tests for the EU
title_full_unstemmed Long-run relationship between exports and imports: current account sustainability tests for the EU
title_sort Long-run relationship between exports and imports: current account sustainability tests for the EU
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
Unit roots
Cointegration
topic Current account
Exports
Imports
Unit roots
Cointegration
description We assess the sustainability of external imbalances for EU countries using panel stationarity tests of Current Account (CA) balance-to-GDP ratios and panel cointegration of exports and imports of goods and services, for the period 1970Q1– 2015Q4. We find that: i) the country panel is non-stationary; ii) cross-sectional dependence plays an important role; iii) there is non-stationarity of the CA, imports, and exports with cross-sectional panel dependence and multiple structural breaks; iv) however, there is a stable long-run relationship between exports and imports in the panel. Hence, trade imbalances can be less unsustainable but this is not sufficient to make current account imbalances sustainable.
publishDate 2020
dc.date.none.fl_str_mv 2020-05-06T13:16:23Z
2020-05
2020-05-01T00:00:00Z
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/10400.5/20066
url http://hdl.handle.net/10400.5/20066
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António ... [et al.] (2020). "Long-run relationship between exports and imports: current account sustainability tests for the EU". Portuguese Economic Journal, 19(2):155-170
1617-982X (Print)
10.1007/s10258-019-00168-x
dc.rights.driver.fl_str_mv metadata only access
info:eu-repo/semantics/openAccess
rights_invalid_str_mv metadata only access
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Springer
publisher.none.fl_str_mv Springer
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
repository.mail.fl_str_mv
_version_ 1799131141212471296

Registros relacionados