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Christian-Albrechts-Universität Kiel (CAU) >
Department of Economics, Universität Kiel >
Economics Working Papers, Department of Economics, CAU Kiel >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/27739
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Liesenfeld, Roman | | en_US |
| dc.contributor.author | | Moura, Guilherme V. | | en_US |
| dc.contributor.author | | Richard, Jean-François | | en_US |
| dc.date.accessioned | | 2009-08-27 | | en_US |
| dc.date.accessioned | | 2009-09-07T14:31:22Z | | - |
| dc.date.available | | 2009-09-07T14:31:22Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/27739 | | - |
| dc.description.abstract | | We use panel probit models with unobserved heterogeneity, state-dependence and serially correlated errors in order to analyze the determinants and the dynamics of current-account reversals for a panel of developing and emerging countries. The likelihood-based inference of these models requires high-dimensional integration for which we use Efficient Importance Sampling (EIS). Our results suggest that current account balance, terms of trades, foreign reserves and concessional debt are important determinants of current-account reversal. Furthermore, we find strong evidence for serial dependence in the occurrence of reversals. While the likelihood criterion suggest that state-dependence and serially correlated errors are essentially observationally equivalent, measures of predictive performance provide support for the hypothesis that the serial dependence is mainly due to serially correlated country-specific shocks related to local political or macroeconomic events. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Univ., Dep. of Economics Kiel | | en_US |
| dc.relation.ispartofseries | | Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2009,04 | | en_US |
| dc.subject.jel | | C15 | | en_US |
| dc.subject.jel | | C23 | | en_US |
| dc.subject.jel | | C25 | | en_US |
| dc.subject.jel | | F32 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Panel data | | en_US |
| dc.subject.keyword | | dynamic discrete choice | | en_US |
| dc.subject.keyword | | importance sampling | | en_US |
| dc.subject.keyword | | Monte Carlo integration | | en_US |
| dc.subject.keyword | | state dependence | | en_US |
| dc.subject.keyword | | spillover effects | | en_US |
| dc.subject.stw | | Leistungsbilanz | | en_US |
| dc.subject.stw | | Zahlungsbilanzungleichgewicht | | en_US |
| dc.subject.stw | | Terms of Trade | | en_US |
| dc.subject.stw | | Währungsreserven | | en_US |
| dc.subject.stw | | Auslandsverschuldung | | en_US |
| dc.subject.stw | | Schätzung | | en_US |
| dc.subject.stw | | Panel | | en_US |
| dc.subject.stw | | Entwicklungsländer | | en_US |
| dc.subject.stw | | Schwellenländer | | en_US |
| dc.title | | Determinants and dynamics of current account reversals: an empirical analysis | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 60768688X | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Economics Working Papers, Department of Economics, CAU Kiel
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