On the Solvency of Nations : Are Global Imbalances Consistent with Intertemporal Budget Constraints?

Are Global Imbalances Consistent with Intertemporal Budget Constraints?

On the Solvency of Nations : Are Global Imbalances Consistent with Intertemporal Budget Constraints?
Theory predicts that a nation's stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual integrated of any finite order. We test this hypothesis using data for 21 industrial and 29 emerging economies for the 1970-2004 period to search for READ MORE...

Publication date: February 2010
ISBN 9781451963298
$18.00

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