Current Account Reversals: Always a Problem? / Barry Eichengreen, Muge Adalet.

Format:

Book

Author/Creator:

Eichengreen, Barry.

Contributor:

National Bureau of Economic Research.

Adalet, Muge.

Series:

Working Paper Series (National Bureau of Economic Research) no. w11634.

NBER working paper series no. w11634

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Current Account Reversals

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2005.

Summary:

Using panel data and case studies, we analyze the pre-1970 history of international capital flows and current account reversals. Considering a sample of emerging markets and advanced economies with per capita GDPs at least 60 per cent those of the lead country, we show that the incidence of reversals has been unusually great in recent years. The only prior period that matched the last three decades in terms of the frequency and magnitude of reversals was the 1920s and 1930s, decades notorious for the instability of capital flows. In contrast, reversals were both less common and smaller in the Bretton Woods and pre-World War I gold standard eras.

Notes:

Print version record

September 2005.