LEADER 06301nam 22006735 450 001 9910298519203321 005 20200919230554.0 010 $a3-658-07091-9 024 7 $a10.1007/978-3-658-07091-5 035 $a(CKB)3710000000227311 035 $a(EBL)1802502 035 $a(SSID)ssj0001338340 035 $a(PQKBManifestationID)11735554 035 $a(PQKBTitleCode)TC0001338340 035 $a(PQKBWorkID)11337808 035 $a(PQKB)11333044 035 $a(DE-He213)978-3-658-07091-5 035 $a(MiAaPQ)EBC1802502 035 $a(PPN)180623672 035 $a(EXLCZ)993710000000227311 100 $a20140828d2015 u| 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSustainability of External Imbalances $eA Critical Appraisal /$fby Angélique Herzberg 205 $a1st ed. 2015. 210 1$aWiesbaden :$cSpringer Fachmedien Wiesbaden :$cImprint: Springer Gabler,$d2015. 215 $a1 online resource (336 p.) 300 $aDescription based upon print version of record. 311 $a1-322-17267-6 311 $a3-658-07090-0 320 $aIncludes bibliographical references. 327 $aPreface; Acknowledgments; Contents; 1 Introduction; 1.1 Motivation and aim of the study; 1.2 Preliminaries: defining the main concepts; 1.2.1 External imbalances; 1.2.2 Sustainability concepts; 1.3 Outline of the study; 2 Digression on balance of payments accounting identities; 2.1 Accounting identity based on trade balance and income balances; 2.2 Accounting identity based on income and absorption; 2.3 Accounting identity based on saving and investment; 2.4 Combining accounting identities; 3 Intertemporal budget constraint as a sustainability criterion 327 $a3.1 Long-run budget constraint in the intertemporal approach to the current account3.1.1 Description of the model economy; 3.1.2 Single-period budget constraint; 3.1.3 Intertemporal budget constraint in the deterministic setting; 3.1.4 Specific intertemporal budget constraint in the stochastic setting; 3.2 Intertemporal budget constraint in a general-equilibrium model; 3.2.1 Characteristics of the model economy and the representative agent's maximization problem; 3.2.2 General intertemporal budget constraint 327 $a3.2.3 Comparison of the general intertemporal budget constraint to the specific intertemporal budget constraint3.3 Discussion of the theoretical framework; 3.4 Conclusion; Appendix to Chapter 3; 3.A Appendix to subsection 3.1.3; 3.A.1 Recursive substitution method; 3.A.2 Telescoping Argument; 3.B Appendix to subsection 3.2.2; 4 Empirical implications of the intertemporal budget constraint; 4.1 Sufficient conditions for the strong notion of sustainability; 4.1.1 Stationarity of the NIIP and the trade balance; 4.1.2 First-difference-stationarity of the NIIP 327 $a4.1.3 Cointegration between current account components4.1.4 Conclusion; 4.2 Sufficient conditions for the strong and weak notions of sustainability; 4.2.1 Difference-stationarity of the NIIP of any order; 4.2.2 Responsiveness of the trade account to the NIIP; 4.3 Conclusion; Appendix to Chapter 4; 4.A Appendix to subsubsection 4.2.2.1; 4.B Appendix to subsubsection 4.2.2.2; 5 Empirical studies on the validity of the intertemporal budget constraint; 5.1 Testing for stationarity of the NIIP and the current account; 5.1.1 Overview; 5.1.2 Linear univariate unit root tests 327 $a5.1.3 Linear panel-based unit root tests5.1.4 Nonlinear unit root tests; 5.2 Testing for cointegration between the components of the current account; 5.2.1 Overview; 5.2.2 Two-step Engle-Granger methodology; 5.2.3 Error-correction model tests; 5.2.4 Autoregressive distributed lag bounds test; 5.2.5 Gregory-Hansen test with structural breaks; 5.2.6 Johansen methodology; 5.2.7 Panel cointegration tests; 5.3 Testing for the responsiveness of the trade account to the NIIP; 5.3.1 Wickens and Uctum's (1993) approach; 5.3.2 Multicointegration approach; 5.3.3 Bohn's (2007) approach; 5.4 Conclusion 327 $aAppendix to Chapter 5 330 $aSince the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which started widening shortly after the introduction of the euro, raised much concern. While there exists a large body of theoretical and empirical literature on sustainability of external imbalances, a systematic survey has been lacking so far. Angélique Herzberg fills this gap by examining a broad range of established sustainability measures concerning their applicability to the various global and intra-euro imbalances of the recent past. Furthermore, the author examines the existence of feedback effects from an economy´s net international investment position to its trade balance.  Contents Empirical Studies on the Validity of the Intertemporal Budget Constraint Dynamic Benchmarks of External Sustainability  Targets Teachers and Students of Economics and Business Economic Policy Advisors  The Author Angélique Herzberg obtained a PhD in Economics in 2013 from Heinrich-Heine-University, Düsseldorf. Her areas of specialization are international macroeconomics and finance. 606 $aEconomic policy 606 $aPublic finance 606 $aMacroeconomics 606 $aEconomic Policy$3https://scigraph.springernature.com/ontologies/product-market-codes/W34010 606 $aPublic Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W34000 606 $aMacroeconomics/Monetary Economics//Financial Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W32000 615 0$aEconomic policy. 615 0$aPublic finance. 615 0$aMacroeconomics. 615 14$aEconomic Policy. 615 24$aPublic Economics. 615 24$aMacroeconomics/Monetary Economics//Financial Economics. 676 $a332 700 $aHerzberg$b Angélique$4aut$4http://id.loc.gov/vocabulary/relators/aut$01062856 906 $aBOOK 912 $a9910298519203321 996 $aSustainability of External Imbalances$92528766 997 $aUNINA