06272oam 22012014 450 991095904840332120250426110727.0978661284047097814623810291462381022978145275816914527581669781282840478128284047997814518695381451869533(CKB)3170000000054999(EBL)1607836(SSID)ssj0000944010(PQKBManifestationID)11503138(PQKBTitleCode)TC0000944010(PQKBWorkID)10983285(PQKB)10929317(OCoLC)762039531(MiAaPQ)EBC1607836(IMF)WPIEE2008092(IMF)WPIEA2008092WPIEA2008092(EXLCZ)99317000000005499920020129d2008 uf 0engur|n|---|||||txtccrCurrent Account Developments in New Member States of the European Union : Equilibrium, Excess, and EU-Phoria /Jesmin Rahman1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (36 p.)IMF Working PapersIMF working paper ;WP/08/92Description based upon print version of record.9781451914078 1451914075 Contents; I. Introduction; Text Figures; 1. Average CA Balance (Relative to GDP) in New Member States of the EU and Other Emerging Market Countries, 1992-2006; 2. Trend in CA Balances (Relative to GDP) in New Member States of the EU, 1992-2006; II. Estimating CA Norms: The Empirical Framework; III. Estimation Results: Calculting CA Norms; Text Tables; 1. Current Account Regressions: Pooled and Fixed Effect Estimations; 2. Pooled Estimates and Findings of Other Recent Studies; 3. Average Current Account Norms in EU-10 and Other Developing Countries4. Current Account Regression: Check for Homogeneity in the Sample3. CA Norms in EU-10; IV. CA Balance in EU-10: What Explains Divergence from Norms?; 4. EU-10: Divergence of Actual CA Balances from Annual Norms, 1992-06; 5. Regression Results Explaining Divergence from CA Norms; 5a. EU-10: CA Balances after Accounting for Explanations from CA Norm and Divergence (pooled estimate) Regressions; 5b. EU-10: CA Balances after Accounting for Explanations from CA Norm and Divergence (FE estimate) Regressions6. Current Account and Export Developments in the Low CAD Group: Czech Republic, Hungary, Poland, Slovakia and Slovenia7. Current Account and Export Developments in the High CAD Group: Bulgaria, Latvia, Lithuania, Estonia and Romania; V. Coming Back to Equilibrium: How Difficult is the Road?; 8. Evolution of Corporate Sector Credit and FDI in EU-10, 2002-06; 9. Stock of Manufacturing FDI in EU-10, 2006; 6. Composition of FDI Stock in High CAD Group, 2006; References; Appendix 1: Contribution of Explanatory Variables to CA norms in EU-10Appendix 2: Robustness Check for Explanation of CA DivergenceAppendix 3: Data sourcesThis paper analyzes current account (CA) developments in the following 10 new EU members states: Czech Republic, Bulgaria, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. During the last 15 years, these countries, on average, have run CA deficits that are considerably higher than the average CA deficit of other developing countries. However, more recently, a diverging pattern has emerged among these countries with one group, consisting of the Baltic countries, Bulgaria and Romania, experiencing rapid widening, while the others seeing a stabilization in their CA balances. Using panel data for 59 countries, this paper empirically investigates the following three questions: Are higher average deficits in EU-10 explained by medium-term macroeconomic fundamentals? What explains the diverging CA behavior among EU-10? And finally, how challenging is it for the group experiencing rapidly widening CA deficits to reverse the trend?.IMF Working Papers; Working Paper ;No. 2008/092Balance of paymentsEuropean Union countriesBalance of tradeimfEconomic theoryimfEmpirical Studies of TradeimfExports and ImportsimfExportsimfFinanceimfFiscal PolicyimfFiscal policyimfFiscal stanceimfForeign direct investmentimfInternational economicsimfInternational InvestmentimfInvestments, ForeignimfLong-term Capital MovementsimfMacroeconomicsimfMacroeconomics: ProductionimfOutput gapimfProduction and Operations ManagementimfProductionimfTrade balanceimfTrade: GeneralimfEuropean Union countriesEconomic conditionsCzech RepublicimfBalance of paymentsBalance of tradeEconomic theoryEmpirical Studies of TradeExports and ImportsExportsFinanceFiscal PolicyFiscal policyFiscal stanceForeign direct investmentInternational economicsInternational InvestmentInvestments, ForeignLong-term Capital MovementsMacroeconomicsMacroeconomics: ProductionOutput gapProduction and Operations ManagementProductionTrade balanceTrade: General382.17Rahman Jesmin1815868DcWaIMFBOOK9910959048403321Current Account Developments in New Member States of the European Union4371471UNINA