Current account balance cyclicality

Afonso, António; Silva, Jorge

http://hdl.handle.net/10400.5/12203

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Autores

Afonso, António

Silva, Jorge

Resumo(s)

We assess the cyclicality of current account balances for the period 2001Q1-2014Q4, focussing on Portugal and in Germany, as a benchmark. We find that the cyclical component of the current account was positively explained by 3-months Euribor, but negatively by the financial crisis, systemic stress in Europe, employment and compensation of employees. Moreover, the non-cyclical current account was positively affected by the period of the Economic and Financial Adjustment Program and the terms of trade, but negatively influenced by financial integration.

Palavras-chave

Current Account Cyclicality Financial Markets Portugal Germany

URI

http://hdl.handle.net/10400.5/12203

Citação

Afonso, António e Jorge Silva .2016. "Current account balance cyclicality". Instituto Superior de Economia e Gestão. DE Working papers nº 20-2016/DE

Editora

ISEG - Departamento de Economia

Coleções

DE - Documentos de trabalho / Working Papers

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