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

被引：0
|
作者：
Sabine Herrmann
Adalbert Winkler
机构：
[1] Deutsche Bundesbank,
来源：
Review of World Economics | 2009年 / 145卷
关键词：
F15; F21; O16; O52; O53; Real convergence; Economic integration; Saving and investment; Current account developments; Financial markets; Emerging market economies;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
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.
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页码：531 / 550
页数：19
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