Afonso, AntónioSilva, Jorge2016-09-232016-09-232016Afonso, António e Jorge Silva .2016. "Current account balance cyclicality". Instituto Superior de Economia e Gestão. DE Working papers nº 20-2016/DE2183-1815http://hdl.handle.net/10400.5/12203We 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.engCurrent Account CyclicalityFinancial MarketsPortugalGermanyworking paper