Financial regulation and the current account /

This paper examines the relationship between financial regulation and the current account in an intertemporal model of the current account where financial regulation affects the current account through liquidity constraints. Greater liquidity constraints decrease the size and persistence of the curr...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Lanau, Sergi (Autor), Wieladek, Tomasz (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C] : International Monetary Fund, Strategy, Policy and Review Department, [2012]
Colección:IMF working paper ; WP/12/98.
Temas:
Balance of payments > Mathematical models.
Fiscal policy > Mathematical models.
Finance, Public > Econometric models.
Balance des paiements > Modèles mathématiques.
Politique fiscale > Modèles mathématiques.
Finances publiques > Modèles économétriques.
Balance of payments > Mathematical models
Finance, Public > Econometric models
Fiscal policy > Mathematical models
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Cover; Contents; I. Introduction; II. Theory; A. How does financial regulation affect the response of the current account to output shocks?; III. Empirical methodology and data; A. General methodology; B. Identification of net output shocks; Tables; 1. Sign restrictions; C. Estimation and inference; D. Data; IV. Empirical results; 2. Country sample; A. Robustness; V. Conclusion; References; Appendix; A. Appendix; A.1. Deriving the linearized budget constraint; A.2. Derivation of the current account reaction function with external habits and a constant world real interest rate.
  • A.3. Derivation of the current account reaction function with internal habits and a constant world real interest rateA. 4. Derivation of the current account reaction function under a stochastic time-varying world real interest rate and no habitual consumption; Figures; 1. Size of current account imbalances; 2. Financial deregulation index; 3. Current account persistence; 4. Impulse response functions to log level net output shock
  • financial regulation; 5. Impulse response functions to log difference net output shock
  • financial regulation.
  • 6. Impulse response functions to log level net output shock
  • capital account openness7. Impulse response functions to log difference net output shock
  • capital account openness; 8. Impulse response functions to log level output shock
  • financial regulation controling for fx regime; 9. Impulse response functions to log difference output shock
  • financial regulation controling for fx regime; 10. Impulse response functions to log level output shock
  • capital account openness controling for fx regime.

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