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Current Accounts and the Persistence of Global and Country-Specific Shocks: Is Investment really too Volatile?

Author

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  • Hoffman, M.

Abstract

Using a small VAR of the current account and investment, we identify two categories of shocks: permanent vs. transitory and country-specific vs. global. Our approach involves only the most minimal identifying assumption. Using data from the G7n countries, we find that the predictions of the intertemporal approach to the currenct account are confirmed by the data.

Suggested Citation

  • Hoffman, M., 1999. "Current Accounts and the Persistence of Global and Country-Specific Shocks: Is Investment really too Volatile?," Economics Working Papers eco99/25, European University Institute.
    • Handle: RePEc:eui:euiwps:eco99/25
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    Cited by:

    1. Fernando Pérez de Gracia & Juncal Cuñado, "undated". "Intertemporal Current Account and Productivity Shocks: Evidence for Some European Countries," Working Papers on International Economics and Finance 01-05, FEDEA.
    2. Cunado, Juncal & Gracia, Fernando Perez de, 2005. "Current account and productivity: evidence for some European countries," Journal of Policy Modeling, Elsevier, vol. 27(1), pages 75-89, February.

    More about this item

    Keywords

    TIME SERIES ; INVESTMENTS ; INTERNATIONAL ECONOMY;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications

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