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http://hdl.handle.net/10419/19717
  

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dc.contributor.authorHerrmann, Sabineen_US
dc.contributor.authorWinkler, Adalberten_US
dc.date.accessioned2009-01-28T16:02:13Z-
dc.date.available2009-01-28T16:02:13Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/19717-
dc.description.abstractFinancial globalisation has been associated with divergent current account patterns in emerging market economies. While countries in emerging Asia have been running sizeable current account surpluses, countries in emerging Europe have been facing large current account deficits. In this paper we test for the relevance of financial market characteristics in explaining divergent current account patterns in emerging Europe and emerging Asia based on the assumption that both regions constitute two different convergence clubs with the euro area and the US representing the core, respectively. In line with the theoretical literature, we find that better developed and more integrated financial markets increase emerging markets´ ability to borrow abroad. The degree of financial integration within the convergence clubs as well as the extent of reserve accumulation are found to be the most significant factors to explain divergent current account patterns in emerging Europe and emerging Asia. We conclude that the overall character of integration matters for the pattern of current account developments in catching-up economies.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2008,05en_US
dc.subject.jelO53en_US
dc.subject.jelF21en_US
dc.subject.jelF15en_US
dc.subject.jelO52en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordreal convergenceen_US
dc.subject.keywordeconomic integrationen_US
dc.subject.keywordsaving and investmenten_US
dc.subject.keywordcurrent account developmentsen_US
dc.subject.keywordfinancial marketsen_US
dc.subject.keywordemerging market economiesen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwLeistungsbilanzen_US
dc.subject.stwZahlungsbilanzungleichgewichten_US
dc.subject.stwEntwicklungskonvergenzen_US
dc.subject.stwAufstrebende Märkteen_US
dc.subject.stwVergleichen_US
dc.subject.stwOsteuropaen_US
dc.subject.stwAsienen_US
dc.titleFinancial markets and the current account: emerging Europe versus emerging Asiaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn559686595en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:7116-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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