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2 results

  • 14 - Accounting Frameworks

  • from Part III. - International Finance
  • Kenneth A. Reinert, George Mason University, Virginia
  • Book:
    An Introduction to International Economics
    Published online:
    18 September 2020
    Print publication:
    27 August 2020, pp 311-333

  • Summary

    This chapter provides an introduction to macroeconomic accounting in international economics, including open-economy accounts and balance of payments accounts. It considers the analysis of the balance of payments and global imbalances. Appendices describe social accounting matrices, a simple Keynesian open-economy model, and the difference between gross domestic product and gross national income.

  • HOW DO MACROECONOMIC IMBALANCES INTERACT? EVIDENCE FROM A PANEL VAR ANALYSIS

  • Blaise Gnimassoun, Valérie Mignon
  • Journal:
    Macroeconomic Dynamics / Volume 20 / Issue 7 / October 2016
    Published online by Cambridge University Press:
    15 July 2015, pp. 1717-1741

  • This paper investigates the interactions between three key macroeconomic imbalances, namely current-account discrepancies (external imbalances), output gaps (internal imbalances), and exchange-rate misalignments. We estimate a panel VAR model for a sample of 22 industrialized countries over the period 1980–2011. Our findings show that macroeconomic imbalances strongly interact through a causal relationship. If current-account disequilibria threaten the stability of the global economy, their origin can be found in internal imbalances and exchange-rate misalignments: positive output-gap shocks as well as currency overvaluation deepen current-account deficits. In addition, although variations in external imbalances mainly result from exchange-rate misalignments in the euro area, they are mostly explained by output gaps for non-eurozone members.