This paper is based on the viewpoint of the intertemporal substitution of the consumption smoothing. In order to reflection the tendency of economic liberation and the increasing degree of globally regional economic integration, we modify the traditional single-country VAR model which is based on the single country¡¦s economic variable themselves to a cross-country VAR model which is considering international affecting effect. We take one of the most famous region in the world---NATFA¡]North America Free Trade Agreement¡^for example, to investing the Granger causalities between current account and national cash flows within each country, to see if international macroeconomic policy cooperation in the region is necessary or not. In this study, we use six kinds of test which are introduced by Diebold and Mariano¡]1995¡^ to compare which estimation model has better explaining power to forcast the actual current account. Empirical results show that the cross-country VAR estimation model does provide a better estimation about the dynamic performance of current accounts for Canada, US and Mexico. It implies that one¡¦s current account is not only affected by her own economic variable, but also others. We conclude that one country should consider the other countries¡¦ economic performance when making macroeconomic and international trade policies.

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This study is based on the viewpoint of the intertemporal substitution of the consumption smoothing. Under considering the interactive influences on the international economy, the writer employs the present value model to investigate an estimated model of the current accounts. The basis of the traditional current account model is to apply the traditional single-country VAR estimation, and not to consider the internationally interactive effects among countries. However, with the more and more frequent interactions among nations, the economic development in different countries, for the aspect of economic theory, may have interactive influences on each other. Respecting this viewpoint that the current account theory of the traditionally intertemporal model are actually unable to effectively support the inference of the model, the writer therefore adds the cross-country VAR estimation method analyze the transnational influences. I hope that the model can effectively modify the estimation index for the conventional model. In addition, a good model not only should contain in-sample goodness of fit, but also could reveal the variables of the future by using the out-of-sample. Therefore, according to the method of predictive capability assessment proposed by Diebold and Mariano (1995), I attempt to compare the out-of-sample prediction between the single and the cross-country VAR. From the aspect of the goodness of fit, the finding of this study has proven that the model considered the cross-country VAR indeed has a relatively better goodness-of-fit result in Japan, if compared to the traditional single-country. However, in the U.S., the traditional single-country model does not immensely improve the goodness-of-fit result. The finding shows that either the traditional single-country VAR or cross-country VAR, it possesses the perfect goodness of fit. The reason, perhaps, is that America itself has already been the center of the politics and economy. Also, it seems those Americans representative households have as well as the worldview. Therefore, people in the States might have considered the economic conditions of other countries when they are engaged in consumption behaviors. If this is the case, there are no many opportunities for those people to adjust their behaviors when considering the foreign economic situations. On the other hand, from the viewpoint of the prediction capability, the final result conducted both in the U.S. and in Japan agreeably demonstrates that it is a better method of prediction using the cross-country VAR estimation than the traditional single-country one.

<p>The purpose of this thesis was to from a Swedish perspective investigate the fantastic growth rates of Estonia and Latvia and why it became such a massive collapse when the world economy was slowing down.</p><p>To build a theoretical foundation for the investigation several international macroeconomic theories such as the Mundell-Flemming model, the fundamental national income equilibrium, and international parity relations were used.</p><p>The empirical section shows that Estonia and Latvia have based much of their growth on imports from their Baltic and especially their Nordic neighbours. At the same time they have been highly dependent on continuously growing Nordic stock markets and high risk appetite from investors to be able to keep the fabulous growth figures.</p><p>The conclusions drawn are that it has been possible for Estonia and Latvia to grow at fast rates, by running large current accounts deficits, as long as the world was in a boom. But when the world economy is slowing down they are now forced into the very painful process of re-establishing a more balanced current account.</p>

The purpose of this thesis was to from a Swedish perspective investigate the fantastic growth rates of Estonia and Latvia and why it became such a massive collapse when the world economy was slowing down. To build a theoretical foundation for the investigation several international macroeconomic theories such as the Mundell-Flemming model, the fundamental national income equilibrium, and international parity relations were used. The empirical section shows that Estonia and Latvia have based much of their growth on imports from their Baltic and especially their Nordic neighbours. At the same time they have been highly dependent on continuously growing Nordic stock markets and high risk appetite from investors to be able to keep the fabulous growth figures. The conclusions drawn are that it has been possible for Estonia and Latvia to grow at fast rates, by running large current accounts deficits, as long as the world was in a boom. But when the world economy is slowing down they are now forced into the very painful process of re-establishing a more balanced current account.

This study analyses how the real effective exchange rate affected the current account in Argentina between the years 1978 and 2006 divided into three sub-periods. Theory concerning the subject, the so called J-curve that the current account should immediately be reduced after a devaluation, thereafter recovering and in the end becoming larger than it was initially. This study has been unable find all the three stages of the J-curve, at best only the first two were found. In the first two periods – 1978 to 1990 and 1991 to 2000 – a real depreciation seemed to have an instant negative impact on the current account and then a positive trend could be seen. For the third sub-period of 2001 – 2006, there was even less evidence supporting a J-curve, although the small number of observations may be driving this results.

The existing literature on current account¡¦s analysis of influencing factors-related issues had had extensive research achievements, but they mostly stressed the discussion of influencing factors from outside the economic body. To better understand and improve government¡¦s ability of controlling variations in current account balance in order to suit the macro economic situation through the use of nimble interest and exchange rate policies, we employ the analytical tool to examine factors that influence Taiwan's excess saving during the period from 1987Q3 to 2009Q1. We modify the current account share of GDP regression by including interest rate, exchange rate and quarterly rate of inflation to reflect the effect of current account dynamics. Empirical evidences indicate that the coefficients of the long-run relationship are significantly crucial. We apply both the linear error-correction model (ECM) and nonlinear smooth transition regression model to investigate the dynamics of current account vis-a-vis interest rate, exchange rate and the quarterly rate of inflation. and find supportings to the appropriateness of nonlinear smooth transition regression model. Furthermore, exchange rate was found having positive impact on current account balances. That is, a depreciation in the exchange rate would improve the current account and an appreciation, on the other hand, will worsen the current account. But the quarterly rate of inflation has a significantly negative effect, with an increase in the quarterly rate of inflation leading to a decrease in current account balances. Finally, from the long run cointegrating relationship, current account balances raises while the interest rate is decreasing, indicating there might exist income effect when interest rates fall. Because a fall in income reduces consumption, and increases saving, in turn, causes current account balances to rise, and vice versa. The empirical results shows all coefficients¡¦ sign can not only explain and interpret real economic phenomena, but also are consistent with theoretical expectations.

The fluctuation of the world economy has a tremendous influence to domestic imports and exports to a small opened economy. In another word, it has great impact to the current account of a small opened economy. After the 1980s, Taiwan relies on the growth of net export to drive its economy growth, showing that depend on to foreign trade degree quite high, so government values the current account very much. With the economic variables of the region of America, Asia, and Europe to carry on regional study the relation with the current account of Taiwan, the relevant parameter included in this research is that foreign production value, domestic production value, real effective of exchange rate, and real interest rate differential of domestic and international. Utilize structural vector autoregressive model, with impulse response functions and forecast error variance decompositions analysis result, to consider each variable in short-run and long-run to the current account of influence. According to impulse response functions, it synthesizes three regional analysis results, the current account accord with the theories with the relevant parameter. The foreign production value increases to cause the current account increment. The domestic production value increases to cause the current account reduced and converge in the long-run. The real effective of exchange rate increases to cause the current account surplus in the short-run, the impulsive effect is convergence in the long-run. The real interest rate differential increases to cause the current account deficit in the short-run. According to forecast error variance decompositions, the current account is influence by the real effective of exchange rate and itself factor in three regions, in addition the influence by the foreign production value in the region of America and Asia. In the region of America and Asia, the current account receives self influence that decreases progressively at time changes that part substitutes by the foreign production value. Under the long-run, the foreign production value in the region of America and Asia is also influence by the current account because imports and exports of Taiwan are in the majority that the main country comes from America and Asia, that the production value of regions are easier to cause the current account. The current account always causes by the real effective of exchange rate in the long-run. Accord with Shirvani and Wilbratte (1997), the real exchange rate has the long-run relational with the current account in real example analysis. In the short-run, the exchange rate depreciation has not influenced the result to the current account. In the long-run, the depreciation can improve the current account to become surplus. This research discovers to influence the factor of the current account of Taiwan, in the region of America and Asia, the foreign production value makes the phenomenon with the current account surplus in the long-run. In the region of American, Asia, and Europe, the real effective of exchange rate increases to make the phenomenon with the current account surplus in the long-run, the current account receives self influence no matter under short-run and long-run. In the short-run, the influence of the current account results negative direction and oscillation to convergence.

This diploma work describes a specific banking product children account on the Czech market. Compares existing product line with the requirements of potential customers. Its aim is to monitor the product in the portfolios of Czech banks, analysis of the marketing mix for market leaders, evaluation of preferred features of the product from the perspective of potential customers and their motivations. Produces results useful for product managers of the products in banks, workers of marketing departments of banks, personal bankers, employees of advertising agencies and also for those who seek this kind of product. Based on the findings, recommendations regarding this product are formulated, as well as recommendations for other marketing mix areas.

The financial and exchange rate crisis observed in Argentine at the end of 2001 showed the importance of understanding the factors that explain the evolution of the balance of payments and, in particular, of the current account. The objective of this work is to show recent developments in the theory of the current account and its application to the Argentine case. In the first place, short and long term correlations between national saving and domestic investment is considered through a model of a mechanism of correction of errors. Later, the paper analyzes the main shocks that affect to the current account in agreement with different theories. Finally, the paper shows the intertemporary approach of the current account. In this case, the paper considers a standard version of this approach and a model that makes flexible some of its main basic assumptions. / La crisis financiera y cambiaria que tuvo lugar en la Argentina hacia fines del año 2001 puso de relieve la importancia de entender los factores que explican la evolución de la balanza de pagos y, en particular, de la cuenta corriente. El objetivo de este trabajo es mostrar algunos de los desarrollos relativamente recientes en la teoría de la cuenta corriente y su aplicación al caso argentino. En primer lugar, se estima la correlación de corto y de largo plazo entre las tasas de ahorro nacional y de inversión doméstica, a través de un modelo planteado en la forma de un mecanismo de corrección de errores. Posteriormente, se analizan los principales shocks que podrían afectar a la cuenta corriente, de acuerdo con diferentes teorías. Por último, se describe la propuesta intertemporal de la cuenta corriente. Para ello, se expone, en primer lugar, la versión estándar de esta propuesta y, posteriormente, un modelo que flexibiliza algunos de sus principales supuestos básicos.