The Resource Current accounts in the long and short run, Aart Kraay [and] Jaume Ventura., (electronic resource)

Current accounts in the long and short run, Aart Kraay [and] Jaume Ventura., (electronic resource)

Label
Current accounts in the long and short run
Title
Current accounts in the long and short run
Statement of responsibility
Aart Kraay [and] Jaume Ventura.
Creator
Contributor
Provider
Language
eng
Summary
Faced with income fluctuations, countries smooth their consumption by raising savings when income is high, and vice versa. How much of these savings do countries invest at home and abroad? In other words, what are the effects of fluctuations in savings on domestic investment and the current account? In the long run, we find that countries invest the marginal unit of savings in domestic and foreign assets in the same proportions as in their initial portfolio, so that the latter is remarkably stable. In the short run, we find that countries invest the marginal unit of savings mostly in foreign assets, and only gradually do they rebalance their portfolio back to its original composition. This means that countries not only try to smooth consumption, but also domestic investment. To achieve this, they use foreign assets as a buffer stock. Keywords: Current account adjustment, short and long run, international capital flows. JEL Classification: F32, F41
Member of
Additional physical form
Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
Cataloging source
MYG
http://library.link/vocab/creatorName
Kraay, Aart
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • bibliography
  • technical reports
http://library.link/vocab/relatedWorkOrContributorName
  • Ventura, Jaume
  • Massachusetts Institute of Technology
  • Internet Archive
Series statement
Working paper series / Massachusetts Institute of Technology, Dept. of Economics
Series volume
working paper 02-21
Label
Current accounts in the long and short run, Aart Kraay [and] Jaume Ventura., (electronic resource)
Instantiates
Publication
Note
"June 2002."
Bibliography note
Includes bibliographical references (p. 25-26)
Dimensions
28 cm.
Extent
40 p.
Other physical details
ill.
Specific material designation
remote
System control number
  • (OCoLC)51760160
  • (CaSfIA)currentaccountsi00kraa2
  • (CaSfIA)001137455
Label
Current accounts in the long and short run, Aart Kraay [and] Jaume Ventura., (electronic resource)
Publication
Note
"June 2002."
Bibliography note
Includes bibliographical references (p. 25-26)
Dimensions
28 cm.
Extent
40 p.
Other physical details
ill.
Specific material designation
remote
System control number
  • (OCoLC)51760160
  • (CaSfIA)currentaccountsi00kraa2
  • (CaSfIA)001137455

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