xiii, 160 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number. / Feldstein and Horioka (1980) motivated the international finance literature by claiming a least squares regression of domestic investment rates on domestic savings rates is an informative measure of capital mobility. Their method stirred up controversy when they interpreted a high correlation between savings and investment rates as evidence of capital immobility, creating the famous Feldstein-Horioka puzzle. Current research starts with the Feldstein-Horioka result and shifts focus toward measuring short and long-run adjustments to external imbalances. The literature has implemented dynamic time-series and panel estimators to test the relationship. Following recent literature, each chapter in this dissertation jointly focuses on the adjustment process of current account imbalances and the conditions required for capital mobility. The intent of this study is to show through the use of new estimation techniques previous results have been largely misguided. The starting point for this analysis is a thorough review of three key equations used in saving-investment regressions. The three models in question are an ordinary least squares model, error correction model, and an autoregressive distributive lag estimator. Each model is tested for stability, and it is found that a number of countries have an unstable relationship. One argument for the instability results is the presence of structural breaks. Previous literature has found that both variables follow non-stationary processes, but when using more powerful unit root tests and controlling for level shifts, both variables appear stationary. If each variable is stationary then previous methods assuming non-stationarity will produce incorrect inferences. Each series is optimally estimated for structural breaks, and through a mean differencing process the savings-investment coefficient is significantly reduced. Additionally, removing the exogenous breaks and using the lower frequency components allows for modeling the short-run current account adjustment process. Finally, the results are extended to measure the relationship in a panel framework using dynamic panel estimators and threshold effects. After controlling for structural breaks the coefficient decreases and exhibits a downward trend. The remaining correlation can be explained through trade openness and country size measures. / Committee: Nicolas Magud, Chairperson, Economics; Stephen Haynes, Member, Economics; Jeremy Piger, Member, Economics; Regina Baker, Outside Member, Political Science

Made available in DSpace on 2014-06-11T19:24:17Z (GMT). No. of bitstreams: 0 Previous issue date: 2005-04-15Bitstream added on 2014-06-13T19:30:58Z : No. of bitstreams: 1 mandarino_e_me_arafcl.pdf: 1869929 bytes, checksum: 0f75db5a59bf063708446247c39bde71 (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / O estudo aborda as teorias de conta corrente aplicadas aos países em desenvolvimento para o período da década de noventa. O objetivo é analisar as diferentes perspectivas teóricas do pensamento econômico dominante (mainstream) e alternativo e verificar a sua adequação ao comportamento da conta corrente do Brasil ao longo da década de noventa. As teorias do mainstream dirigem sua atenção à questão da sustentabilidade da conta corrente, enquanto as teorias alternativas enfatizam a restrição externa ao crescimento causada pelo desequilíbrio em transações correntes. As teorias são avaliadas com base em dois critérios. O primeiro consiste em discutir os resultados obtidos por estudos aplicados ao Brasil. O segundo critério, a contribuição original do presente estudo, consiste em oferecer evidência empírica adicional com base em indicadores selecionados e definidos de acordo com cada vertente teórica. A conclusão é que os estudos alternativos constituem o referencial teórico mais adequado para avaliar os desequilíbrios em conta corrente do Brasil nos anos noventa. / The study approaches the theories of current account applied to developing countries for the nineties. The aim of the study is to examine the differing theoretical perspectives of the mainstream and alternative economics and to assess their consistency with the Brazilian current account performance in the nineties. The main issue addressed by the mainstream theories is the sustainability of current account, while the alternative theories emphasize the external restriction to domestic growth caused by current account imbalances. The assessment of the theories is based on two criteria. The first one consists of discussing the outcomes of studies applied to Brazil. The second one, the original contribution of the current study, consists of providing additional empirical evidence based on selected indicators defined according to each theoretical approach. The conclusion is that the alternative studies provide the most adequate theoretical approach to assess the Brazilian current account imbalances of the nineties.

This appendix contains supplementary material to the paper "A sectoral net lending perspective on Europe". It includes information on the data provenance and processing, the statistical and algebraic framework applied in the study as well as supplementary figures for all countries in the sample. Moreover, it provides robustness checks for the cyclicality analysis of sectoral net lending flows. / Series: Ecological Economic Papers

This diploma thesis deals with the analysis of current accounts on the Czech banking market. Its goal is to find the most appropriate accounts for different types of clients. The work is divided into three parts. The theoretical part describes the problem of multicriteria decision making, basic concepts and principles, methods for calculating weight of the criteria and individual methods of multicriterial evaluation of alternatives. The second part is devoted to the description of the currently offered current accounts for individuals and a description of the selected criteria according to which the individual alternatives are evaluated. The last computational part tries to find the most appropriate accounts for those clients. Weights are calculated using the scoring method and DEMATEL method. Subsequently, the best accounts are selected by WSA, TOPSIS, ELECTRE III and MAPPAC. The calculations are made by using MS Excel add-in application Sanna.

The Current Account and Balance of Payments: Implications towards the Real Exchange Rate, GDP Growth, Asset Prices and Stability Abstract in English In the aftermath of the global financial crisis, large global imbalances among countries' current account have been cited as a possible cause. The real exchange rate emerges as a key policy tool among countries within the research literature and in practice to manage a country's Balance of Payments indicators, despite mixed evidence. In this master thesis, we will construct a vector error correction model for cointegrating relationships utilizing the Johansen's test, using time series data for the US, UK, and Australia for the period 1973-2018. We examined the relationships between the real exchange rate, the current account, the financial account, net reserves, the interest rate, and openness to trade as well as employing Granger Causality tests. In the US, we found relationships between net reserves and both the current account and the real exchange rate. In the UK, the interest rate and the real exchange rate have a cointegrating relationship. In both the UK and Australia, we found a cointegrating relationship with the real exchange rate and current account. We examine the various theoretical and practical approaches towards viewing the Balance of Payments...

Yes / The global economy has experienced considerable turbulence since 2007. The financial crisis has been viewed as the trigger for a prolonged period of economic decline. This decline remains an issue for all member states of the European Union, the eurozone and beyond. We argue genesis of this crisis lies in the integration negotiations of 1991, ratified in 1992. These produced a flawed economic model within the eurozone. Given the seeds of decay were planted at origin; we argue the solution can be found through a reconstructed eurozone via looser integration, where countries less equipped to deal with the realities of closer integration will be economically independent.

This thesis deals with credit unions in the Czech Republic. The work describes historical development and current situation of the credit unions. Trend of recent years is compared with the situation in the bank sector. Two representatives of credit unions -- AKCENTA and Moravský peněžní ústav -- are analyzed closer. There is also a comparison of competitiveness in current and saving account between two mentioned credit unions and two banks -- Česká spořitelna and mBank.

This thesis analyzes the interactions between domestic credit expansion, capital inflows and current account imbalances in a framework of empirical models carried out for Brazil and Turkey. In this context, three vector autoregressive (VAR) models are specified covering the time period between January 2002 and March 2012 for Brazil and 2003 January and 2012 March for Turkey. Real effective exchange rate (REER) and relative yield spreads formed with country specific Embi + indexes are also included in the estimations of the models. The analyses of the models show that capital inflows in these countries trigger the domestic credit expansion which create an upward pressure on import demands and affect current account balances negatively. The results support the implementation of domestic credit tightening policies to reduce the current account imbalances in these countries.

This study investigates the validity of the twin deficits hypothesis for the Turkish quarterly data over the 1988:1-2005:2 periods. To this end, we consider a VAR variable space containing budget deficits, current account deficits, real output, real interest rates and real exchange rates and employ cointegration, equilibrium/error correction mechanism techniques along with Granger-non-causality tests and impulse response analyses. The empirical results from decompositions of the budget and current account deficits into their cyclical and structural components suggest that both CAD and BD are counter-cyclical. The twin deficit hypothesis, consistent with the conventional Mundell-Flemming framework, postulates that current account and budget deficits move together in the long run and the causality runs from the former to the latter. The results from Engle-Granger and Johansen cointegration procedures support either the twin divergence or the Ricardian equivalence postulations but not the twin deficits hypothesis. Current account deficits and budget deficits are also found to be jointly endogenous. The short-run impacts of budget deficits on current account deficits are found to be mainly through the real exchange rate and real interest rate channels.

This study aims to analyze the causes and consequences of sudden stops in international capital flows with special reference to the recent Turkish experience. We aim to investigate also the vulnerability of the Turkish economy to a sudden stop and compute the required change in the real exchange rates for a current account adjustment in the face of a sudden stop. The assessment of the economic and structural indicators, which are assumed to be related with the resilience of the economy against sudden stops, such as openness and dollarization, refers that the risk of experiencing a sudden stop has increased in Turkey in the last two years, despite a decrease in its exposure to the destructive effects of such shocks thanks to the structural improvements in the economy. Our empirical results based on a small open economy model with tradables and non-tradables suggest that a sudden stop that requires the closing of the current account imbalance in Turkey would necessitate a real depreciation of around 36 percent as of May 2008 under the assumption that international reserves were not used in order to mitigate the level and the effects of the adjustment. Although the effects of such a real depreciation may be milder due to the decreased currency mismatches in the public and banking sector, there is still the risk of experiencing a financial crisis following a sudden stop because of the high liability dollarization in the real sector.