Current Account Sustainability: Selected East Asian and Latin American Experiences

CEPR Discussion Paper Series No. 1509

Posted: 20 Mar 1997

See all articles by Gian Maria Milesi-Ferretti

Gian Maria Milesi-Ferretti

International Monetary Fund (IMF); National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Assaf Razin

Tel Aviv University - Eitan Berglas School of Economics; National Bureau of Economic Research (NBER); CESifo (Center for Economic Studies and Ifo Institute); Centre for Economic Policy Research (CEPR)

Multiple version iconThere are 2 versions of this paper

Date Written: November 1996

Abstract

A number of developing countries have run large and persistent current account deficits in both the late 1970s/ early 1980s and in the early 1990s, raising the issue of whether these persistent imbalances are sustainable. This paper puts forward a notion of current account sustainability and compares the experience of three Latin American countries --Chile, Colombia and Mexico--and three East Asian countries --Korea, Malaysia and Thailand. It identifies a number of potential sustainability indicators and discusses their usefulness in predicting external crises.

JEL Classification: F32, F34

Suggested Citation

Milesi-Ferretti, Gian Maria and Razin, Assaf, Current Account Sustainability: Selected East Asian and Latin American Experiences (November 1996). CEPR Discussion Paper Series No. 1509. Available at SSRN: https://ssrn.com/abstract=4752

Gian Maria Milesi-Ferretti (Contact Author)

International Monetary Fund (IMF) ( email )

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Assaf Razin

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