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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | The relative dynamics of investment and the current account in the G7-economies |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Economic Journal |
| Publisher | Wiley-Blackwell |
| Geographical Reach | international |
| ISSN | 0013-0133 |
| Volume | 111 |
| Number | 471 |
| Page Range | 148 - 163 |
| Date | 2001 |
| Abstract Text | This paper contributes to the empirics of the intertemporal approach to the current account. We use a cointegrated VAR framework to identify permanent and transitory components of country-specific and global shocks. Our approach allows us to investigate empirically the sensitivity to persistence implied by many forward-looking models and our results shed new light on the excess volatility of investment encountered by Glick and Rogoff (1995). In G7 data, we find the relative current-account and investment response to be in line with the intertemporal approach. |
| Digital Object Identifier | 10.1111/1468-0297.00625 |
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