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Comment on 'External performance in low income countries' (by L. Christiansen, A. Prati, L. A. Ricci, S. Tokarick, and T. Tressel)

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  • Nicolas Coeurdacier

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

The paper investigates empirically the medium-term determinants of Current Accounts, Net Foreign Asset Positions and Real Exchange Rates in Low Income Countries (LICs). The authors build a new dataset for 54 LICs over the period 1981-2005. They control for the standard determinants of external balance (demography, fiscal stance, Net foreign assets, levels of development; see for instance Chinn and Prasad (2003)) among others and add some new potentially important variables for LICs such as external financing (Foreign Aid), policy distortions (quality of insititutions, capital account restrictions and domestic financial reforms) and the role of external shocks.

Suggested Citation

  • Nicolas Coeurdacier, 2009. "Comment on 'External performance in low income countries' (by L. Christiansen, A. Prati, L. A. Ricci, S. Tokarick, and T. Tressel)," SciencePo Working papers Main hal-01053625, HAL.
    • Handle: RePEc:hal:spmain:hal-01053625
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-01053625
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    References listed on IDEAS

    as
    1. Aart Kraay & Jaume Ventura, 2000. "Current Accounts in Debtor and Creditor Countries," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1137-1166.
    2. repec:hal:spmain:info:hdl:2441/9261 is not listed on IDEAS
    3. Hélène Rey & Philippe Martin, 2006. "Globalization and Emerging Markets: With or Without Crash?," American Economic Review, American Economic Association, vol. 96(5), pages 1631-1651, December.
    4. Pierre-Olivier Gourinchas & Olivier Jeanne, 2013. "Capital Flows to Developing Countries: The Allocation Puzzle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(4), pages 1484-1515.
    5. repec:hal:wpspec:info:hdl:2441/9261 is not listed on IDEAS
    6. Jin, Keyu, 2009. "Industrial structure and financial capital flows," LSE Research Online Documents on Economics 25827, London School of Economics and Political Science, LSE Library.
    7. Chinn, Menzie D. & Prasad, Eswar S., 2003. "Medium-term determinants of current accounts in industrial and developing countries: an empirical exploration," Journal of International Economics, Elsevier, vol. 59(1), pages 47-76, January.
    8. Philip R. Lane & Gian Maria Milesi-Ferretti, 2002. "Long-Term Capital Movements," NBER Chapters, in: NBER Macroeconomics Annual 2001, Volume 16, pages 73-136, National Bureau of Economic Research, Inc.
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