LEADER 06272oam 22012014 450 001 9910959048403321 005 20250426110727.0 010 $a9786612840470 010 $a9781462381029 010 $a1462381022 010 $a9781452758169 010 $a1452758166 010 $a9781282840478 010 $a1282840479 010 $a9781451869538 010 $a1451869533 035 $a(CKB)3170000000054999 035 $a(EBL)1607836 035 $a(SSID)ssj0000944010 035 $a(PQKBManifestationID)11503138 035 $a(PQKBTitleCode)TC0000944010 035 $a(PQKBWorkID)10983285 035 $a(PQKB)10929317 035 $a(OCoLC)762039531 035 $a(MiAaPQ)EBC1607836 035 $a(IMF)WPIEE2008092 035 $a(IMF)WPIEA2008092 035 $aWPIEA2008092 035 $a(EXLCZ)993170000000054999 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCurrent Account Developments in New Member States of the European Union : $eEquilibrium, Excess, and EU-Phoria /$fJesmin Rahman 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/92 300 $aDescription based upon print version of record. 311 08$a9781451914078 311 08$a1451914075 327 $aContents; 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 Countries 327 $a4. 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) Regressions 327 $a6. 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-10 327 $aAppendix 2: Robustness Check for Explanation of CA DivergenceAppendix 3: Data sources 330 3 $aThis paper analyzes current account (CA) developments in the following 10 new EU members states: Czech Republic, Bulgaria, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. During the last 15 years, these countries, on average, have run CA deficits that are considerably higher than the average CA deficit of other developing countries. However, more recently, a diverging pattern has emerged among these countries with one group, consisting of the Baltic countries, Bulgaria and Romania, experiencing rapid widening, while the others seeing a stabilization in their CA balances. Using panel data for 59 countries, this paper empirically investigates the following three questions: Are higher average deficits in EU-10 explained by medium-term macroeconomic fundamentals? What explains the diverging CA behavior among EU-10? And finally, how challenging is it for the group experiencing rapidly widening CA deficits to reverse the trend?. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/092 606 $aBalance of payments$zEuropean Union countries 606 $aBalance of trade$2imf 606 $aEconomic theory$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aExports and Imports$2imf 606 $aExports$2imf 606 $aFinance$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal stance$2imf 606 $aForeign direct investment$2imf 606 $aInternational economics$2imf 606 $aInternational Investment$2imf 606 $aInvestments, Foreign$2imf 606 $aLong-term Capital Movements$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aOutput gap$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aTrade balance$2imf 606 $aTrade: General$2imf 607 $aEuropean Union countries$xEconomic conditions 607 $aCzech Republic$2imf 615 0$aBalance of payments 615 7$aBalance of trade 615 7$aEconomic theory 615 7$aEmpirical Studies of Trade 615 7$aExports and Imports 615 7$aExports 615 7$aFinance 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal stance 615 7$aForeign direct investment 615 7$aInternational economics 615 7$aInternational Investment 615 7$aInvestments, Foreign 615 7$aLong-term Capital Movements 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aOutput gap 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aTrade balance 615 7$aTrade: General 676 $a382.17 700 $aRahman$b Jesmin$01815868 801 0$bDcWaIMF 906 $aBOOK 912 $a9910959048403321 996 $aCurrent Account Developments in New Member States of the European Union$94371471 997 $aUNINA