Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/19717 
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dc.contributor.authorHerrmann, Sabineen
dc.contributor.authorWinkler, Adalberten
dc.date.accessioned2009-01-28T16:02:13Z-
dc.date.available2009-01-28T16:02:13Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2008,05en
dc.subject.jelO53en
dc.subject.jelF21en
dc.subject.jelF15en
dc.subject.jelO52en
dc.subject.jelO16en
dc.subject.ddc330en
dc.subject.keywordreal convergenceen
dc.subject.keywordeconomic integrationen
dc.subject.keywordsaving and investmenten
dc.subject.keywordcurrent account developmentsen
dc.subject.keywordfinancial marketsen
dc.subject.keywordemerging market economiesen
dc.subject.stwFinanzmarkten
dc.subject.stwInternationaler Finanzmarkten
dc.subject.stwMarktintegrationen
dc.subject.stwLeistungsbilanzen
dc.subject.stwZahlungsbilanzungleichgewichten
dc.subject.stwEntwicklungskonvergenzen
dc.subject.stwAufstrebende Märkteen
dc.subject.stwVergleichen
dc.subject.stwOsteuropaen
dc.subject.stwAsienen
dc.titleFinancial markets and the current account: emerging Europe versus emerging Asia-
dc.typeWorking Paperen
dc.identifier.ppn559686595en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:7116en

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