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dc.contributor.authorMoura, Guilherme V.en
dc.contributor.authorRichard, Jean-Françoisen
dc.contributor.authorLiesenfeld, Romanen
dc.date.accessioned2009-01-29T14:13:35Z-
dc.date.available2009-01-29T14:13:35Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/22027-
dc.description.abstractWe use panel probit models with unobserved heterogeneity 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 evaluation of these models requires high-dimensional integration for which we use a generic procedure known as Efficient Importance Sampling (EIS). Our empirical results suggest that current account balance, terms of trades, foreign reserves and concessional debt are important determinants of the probability of current-account reversal. Furthermore we find under all specifications evidence for serially correlated error components and weak evidence for state dependence.en
dc.language.isoengen
dc.publisher|aKiel University, Department of Economics |cKielen
dc.relation.ispartofseries|aEconomics Working Paper |x2007-11en
dc.subject.jelC23en
dc.subject.jelF32en
dc.subject.jelC15en
dc.subject.jelC25en
dc.subject.ddc330en
dc.subject.keywordPanel dataen
dc.subject.keywordDynamic discrete choiceen
dc.subject.keywordCurrent account reversalsen
dc.subject.keywordImportance Samplingen
dc.subject.keywordMonte Carlo integrationen
dc.subject.keywordState dependenceen
dc.titleDynamic Panel Probit Models for Current Account Reversals and their Efficient Estimation-
dc.typeWorking Paperen
dc.identifier.ppn530640848en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cauewp:5584en

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