Persistent current account defficits are common among low- andmiddle-income countries. We evaluate when this situation triggers acrisis and characterize it. Using a non-parametric estimator, we finda critical value for the yearly current account defficit just before thecrisis sets of. These findings give rise to a different type of crises:countries that have increased their external indebtedness by an accumulated amount of at least 26%-31% of the GDP in a time span of 3 to 5 years, when they are hit by a crisis, they suffer a more severe recession than an average sudden stop. We call these events persistent balance of payment crises. This generates a consumption fall of 3.1% and a current account reversal 4.9 percentage points. We also cont...
The Nordic countries of Denmark, Finland, Norway and Sweden have had persistent current account surp...
Whether or not a current account deficit sustainable has important implications for policy. If the c...
Abstract. The global economy has, in recent times, continued to face large and unprecedented externa...
Persistent current account defficits are common among low- andmiddle-income countries. We evaluate w...
Persistent current account deficits are common among low and middle income countries. When is this s...
This paper empirically documents the important differences between persistent episodes of current ac...
The sustainability of global imbalances or large current account deficits are analyzed using durat...
We examine whether the behavior of current account balances changed in the years preceding the globa...
The abundance of private capital flows confronts many emerging-market authorities with a transfer pr...
We examine the sustainability of the current account (CA) deficits among the top deficit countries o...
Global external imbalances widened persistently over the last several years and have narrowed abrupt...
This paper examines the notion of sustainability of current account deficit using the consumption sm...
This paper was presented at the NBER Conference on Currency Crises, Cambridge, Mass., February 6 an...
Abstract. This paper is an attempt to examine the G-7 sustainability properties of current accounts ...
The paper investigates sharp reductions seen in current account deficits in selected transition coun...
The Nordic countries of Denmark, Finland, Norway and Sweden have had persistent current account surp...
Whether or not a current account deficit sustainable has important implications for policy. If the c...
Abstract. The global economy has, in recent times, continued to face large and unprecedented externa...
Persistent current account defficits are common among low- andmiddle-income countries. We evaluate w...
Persistent current account deficits are common among low and middle income countries. When is this s...
This paper empirically documents the important differences between persistent episodes of current ac...
The sustainability of global imbalances or large current account deficits are analyzed using durat...
We examine whether the behavior of current account balances changed in the years preceding the globa...
The abundance of private capital flows confronts many emerging-market authorities with a transfer pr...
We examine the sustainability of the current account (CA) deficits among the top deficit countries o...
Global external imbalances widened persistently over the last several years and have narrowed abrupt...
This paper examines the notion of sustainability of current account deficit using the consumption sm...
This paper was presented at the NBER Conference on Currency Crises, Cambridge, Mass., February 6 an...
Abstract. This paper is an attempt to examine the G-7 sustainability properties of current accounts ...
The paper investigates sharp reductions seen in current account deficits in selected transition coun...
The Nordic countries of Denmark, Finland, Norway and Sweden have had persistent current account surp...
Whether or not a current account deficit sustainable has important implications for policy. If the c...
Abstract. The global economy has, in recent times, continued to face large and unprecedented externa...