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Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration


Menzie David Chinn


University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics; National Bureau of Economic Research (NBER)

Eswar S. Prasad


Cornell University - Dyson School of Applied Economics and Management; Cornell University - Department of Economics; Brookings Institution; NBER; Institute for the Study of Labor (IZA)

March 2000

NBER Working Paper No. w7581

Abstract:     
This paper provides an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing countries. The analysis is based on a structural approach that highlights the roles of the fundamental macroeconomic determinants of saving and investment. Cross-section and panel regression techniques are used to characterize the properties of current account variation across countries and over time. We find that current account balances are positively correlated with government budget balances and initial stocks of net foreign assets. Among developing countries, measures of financial deepening are positively associated with current account balances while indicators of openness to international trade are negatively correlated with current account balances.

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Date posted: April 11, 2000  

Suggested Citation

Chinn, Menzie David and Prasad, Eswar S., Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration (March 2000). NBER Working Paper No. w7581. Available at SSRN: http://ssrn.com/abstract=219243

Contact Information

Menzie David Chinn (Contact Author)
University of Wisconsin, Madison - Robert M. La Follette School of Public Affairs and Department of Economics ( email )
1180 Observatory Drive
Madison, WI 53706-1393
United States
608-262-7397 (Phone)
608-262-2033 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Eswar S. Prasad
Cornell University - Dyson School of Applied Economics and Management ( email )
440 Warren Hall
Ithaca, NY 14853
United States
HOME PAGE: http://prasad.aem.cornell.edu
Cornell University - Department of Economics ( email )
414 Uris Hall
Ithaca, NY 14853-7601
United States
Brookings Institution ( email )
1775 Massachusetts Ave, NW
Washington, DC 20036
United States
NBER ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Institute for the Study of Labor (IZA)
P.O. Box 7240
Bonn, D-53072
Germany
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Citations:  100
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