What drives the current account in commodity exporting countries?: the cases of Chile and New Zealand

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dc.contributor.authorMedina, Juan Pablo
dc.contributor.authorMunro, Anella
dc.contributor.authorSoto, Claudio
dc.coverage.spatialCHILEes_ES
dc.coverage.spatialNUEVA ZELANDIAes_ES
dc.date.accessioned2019-11-01T00:04:03Z
dc.date.available2019-11-01T00:04:03Z
dc.date.issued2008
dc.descriptionAs capital markets have become increasingly integrated, savings and investment within countries have tended to become less correlated, in what is known as the Feldstein-Horioka (1980) correlation, with the corollary that savings-investment gaps (that is, current accounts) have tended to become more variable. Many countries have also registered a trend toward larger gross external asset and liability positions relative to gross domestic product (GDP), even when net positions have changed little (Lane and Milesi-Ferretti, 2003). The increase in both external stocks and external flows relative to income allows a more efficient matching of borrowers and savers, but it also creates risks for both macroeconomic stability and financial stability associated with swings in sentiment in financial markets. An assesment of the main domestic and external factors that drive variations in the external accounts helps in understanding the macroeconomic implications that might stem from adjustments.
dc.file.nameBCCh-sbc-v12-p369_434
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 369-434
dc.identifier.isbn978-956-7421-30-5
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3740
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 12
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectPRODUCTOS BÁSICOSes_ES
dc.subjectPOLÍTICA ECONÓMICAes_ES
dc.subjectMERCADO DE CAPITALESes_ES
dc.subjectAHORRO E INVERSIÓNes_ES
dc.titleWhat drives the current account in commodity exporting countries?: the cases of Chile and New Zealand
dc.type.docArtículo

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