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000771463 019__ $$a894169890
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000771463 0247_ $$a10.1007/978-3-658-07091-5$$2doi
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000771463 1001_ $$aHerzberg, Angélique,$$eauthor.
000771463 24510 $$aSustainability of external imbalances :$$ba critical appraisal /$$cAngélique Herzberg ; with a preface by Prof. Dr. Heinz-Dieter Smeets.
000771463 264_1 $$aWiesbaden :$$bSpringer Gabler,$$c[2014]
000771463 264_4 $$c©2015
000771463 300__ $$a1 online resource (xi, 329 pages) :$$billustrations
000771463 336__ $$atext$$btxt$$2rdacontent
000771463 337__ $$acomputer$$bc$$2rdamedia
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000771463 500__ $$a"Dissertation Heinrich-Heine-Universität Düsseldorf, 2013."
000771463 504__ $$aIncludes bibliographical references.
000771463 5050_ $$aPreface; Acknowledgments; Contents; 1 Introduction; 1.1 Motivation and aim of the study; 1.2 Preliminaries: defining the main concepts; 1.2.1 External imbalances; 1.2.2 Sustainability concepts; 1.3 Outline of the study; 2 Digression on balance of payments accounting identities; 2.1 Accounting identity based on trade balance and income balances; 2.2 Accounting identity based on income and absorption; 2.3 Accounting identity based on saving and investment; 2.4 Combining accounting identities; 3 Intertemporal budget constraint as a sustainability criterion.
000771463 5058_ $$a3.1 Long-run budget constraint in the intertemporal approach to the current account3.1.1 Description of the model economy; 3.1.2 Single-period budget constraint; 3.1.3 Intertemporal budget constraint in the deterministic setting; 3.1.4 Specific intertemporal budget constraint in the stochastic setting; 3.2 Intertemporal budget constraint in a general-equilibrium model; 3.2.1 Characteristics of the model economy and the representative agent's maximization problem; 3.2.2 General intertemporal budget constraint.
000771463 5058_ $$a3.2.3 Comparison of the general intertemporal budget constraint to the specific intertemporal budget constraint3.3 Discussion of the theoretical framework; 3.4 Conclusion; Appendix to Chapter 3; 3.A Appendix to subsection 3.1.3; 3.A.1 Recursive substitution method; 3.A.2 Telescoping Argument; 3.B Appendix to subsection 3.2.2; 4 Empirical implications of the intertemporal budget constraint; 4.1 Sufficient conditions for the strong notion of sustainability; 4.1.1 Stationarity of the NIIP and the trade balance; 4.1.2 First-difference-stationarity of the NIIP.
000771463 5058_ $$a4.1.3 Cointegration between current account components4.1.4 Conclusion; 4.2 Sufficient conditions for the strong and weak notions of sustainability; 4.2.1 Difference-stationarity of the NIIP of any order; 4.2.2 Responsiveness of the trade account to the NIIP; 4.3 Conclusion; Appendix to Chapter 4; 4.A Appendix to subsubsection 4.2.2.1; 4.B Appendix to subsubsection 4.2.2.2; 5 Empirical studies on the validity of the intertemporal budget constraint; 5.1 Testing for stationarity of the NIIP and the current account; 5.1.1 Overview; 5.1.2 Linear univariate unit root tests.
000771463 5058_ $$a5.1.3 Linear panel-based unit root tests5.1.4 Nonlinear unit root tests; 5.2 Testing for cointegration between the components of the current account; 5.2.1 Overview; 5.2.2 Two-step Engle-Granger methodology; 5.2.3 Error-correction model tests; 5.2.4 Autoregressive distributed lag bounds test; 5.2.5 Gregory-Hansen test with structural breaks; 5.2.6 Johansen methodology; 5.2.7 Panel cointegration tests; 5.3 Testing for the responsiveness of the trade account to the NIIP; 5.3.1 Wickens and Uctum's (1993) approach; 5.3.2 Multicointegration approach; 5.3.3 Bohn's (2007) approach; 5.4 Conclusion.
000771463 506__ $$aAccess limited to authorized users.
000771463 520__ $$aSince the mid-1990s, sustainability of large and persistent current account positions have been attracting much attention from policy makers and economists alike. Alongside global imbalances, sustainability of imbalances within the euro area, which started widening shortly after the introduction of the euro, raised much concern. While there exists a large body of theoretical and empirical literature on sustainability of external imbalances, a systematic survey has been lacking so far. Angelique Herzberg fills this gap by examining a broad range of established sustainability measures concerning.
000771463 588__ $$aOnline resource; title from PDF title page (SpringerLink, viewed September 10, 2014).
000771463 650_0 $$aMacroeconomics.
000771463 650_0 $$aEconomic development.
000771463 650_0 $$aExternalities (Economics)
000771463 77608 $$iPrint version:$$aHerzberg, Angelique.$$tSustainability of External Imbalances : A Critical Appraisal.$$dDordrecht : Springer, ©2014$$z9783658070908
000771463 85280 $$bebk$$hSpringerLink
000771463 85640 $$3SpringerLink$$uhttps://univsouthin.idm.oclc.org/login?url=http://link.springer.com/10.1007/978-3-658-07091-5$$zOnline Access$$91397441.1
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