TY  - BOOK
AU  - Milesi-Ferretti,Gian
AU  - Razin,Assaf
TI  - Sharp Reductions in Current Account Deficits: An Empirical Analysis 
T2  - IMF Working Papers; Working Paper
SN  - 1451858221 :
SN  - 1018-5941
PY  - 1997///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Capital Flows
KW  - imf
KW  - Current Account Balance
KW  - Current Account Deficit
KW  - Current Account Deficits
KW  - Current Account Imbalances
KW  - Current Account
KW  - Bhutan
KW  - Botswana
KW  - Congo, Democratic Republic of the
KW  - Korea, Republic of
KW  - Thailand
N2  - The paper studies determinants and consequences of sharp reductions in current account imbalances (reversals) in low- and middle-income countries. It poses two questions: what triggers reversals, and what factors explain how costly reversals are? It finds that both domestic variables, such as the current account balance, openness to trade, and the level of reserves, and external variables, such as terms of trade shocks, U.S. real interest rates, and growth in industrial countries, seem to play important roles in explaining reversals in current account imbalances. It also finds some evidence that countries with a less appreciated real exchange rate, higher investment, and more openness before the reversal tend to grow faster after a reversal occurs
UR  - http://elibrary.imf.org/view/IMF001/06202-9781451858228/06202-9781451858228/06202-9781451858228.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451858228
ER  -