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

[journal article]

Herrmann, Sabine; Winkler, Adalbert

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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.
Classification Political Economy; Economic Policy
Free Keywords F15; F21; O16; O52; O53; Real convergence; Economic integration; Saving and investment; Current account developments; Financial markets; Emerging market economies
Document language English
Publication Year 2009
Page/Pages p. 531-550
Journal Review of World Economics, 145 (2009) 3
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)