Current account imbalances : can structural policies make a difference? /

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Bibliographic Details
Author / Creator:	Ivanova, Anna, 1968- author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2012.
Description:	1 online resource (35 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/12/61 IMF working paper ; WP/12/61.
Subject:	Balance of payments -- Econometric models. Balance of payments -- Econometric models. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12500085

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. European Department, issuing body.
Notes:	At head of title: European Department. Title from PDF title page (IMF Web site, viewed March 1, 2012). "February 2012." Includes bibliographical references.
Summary:	The discussion of global and regional imbalances has put the spotlight on the possible link between current accounts and structural policies. Drawing on standard empirical current account models, the paper finds that the commonly recommended structural factors cannot explain the widening of imbalances prior to the 2008 - 09 crisis. That said, structural factors do help explain some part of long-standing cross-country differences in the current account levels. In particular, countries with stricter credit market regulation, higher taxes on businesses, lower minimum wage (in particular, in slow growing economies) and generous unemployment benefits tend to have higher current account balances than others.

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