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The Relative Dynamics of Investment and The Current Account in The G7-Economies
Oleh:
Hoffmann, Mathias
Jenis:
Article from Journal - ilmiah internasional
Dalam koleksi:
The Economic Journal (EBSCO) vol. 111 no. 471 (2001)
,
page C148-C163.
Topik:
investment
;
dynamics
;
investment
;
account
;
economies
Fulltext:
148.pdf
(237.27KB)
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
EE28.3
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
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.
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