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Financial markets and the current account: emerging Europe versus emerging Asia

[Zeitschriftenartikel]

Herrmann, Sabine; Winkler, Adalbert

Zitationshinweis

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Abstract Financial globalisation has been associated with divergent current account patterns in emerging markets. In this paper we test for the relevance of financial market characteristics in explaining different current account patterns in emerging Europe and emerging Asia. We find that better developed and more integrated financial markets increase emerging markets' ability to borrow abroad. The degree of financial integration within the convergence clubs as well as the extent of reserve accumulation are found to be the most significant factors to explain divergent current account patterns in emerging Europe and emerging Asia.
Klassifikation Volkswirtschaftslehre; Wirtschaftspolitik
Freie Schlagwörter F15; F21; O16; O52; O53; Real convergence; Economic integration; Saving and investment; Current account developments; Financial markets; Emerging market economies
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 531-550
Zeitschriftentitel Review of World Economics, 145 (2009) 3
DOI http://dx.doi.org/10.1007/s10290-009-0025-2
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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