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Si us plau utilitzeu sempre aquest identificador per citar o enllaçar aquest document: https://hdl.handle.net/2445/220683
Current account determinants in a globalized world
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This paper investigates the determinants of external imbalances for a group of
26 developed and emerging countries over the period 1972-2021. In addition to
traditional factors, the model incorporates the impact of external imbalances in
third countries. The empirical evidence highlights the importance of accounting for parameter instabilities in modeling external imbalances, with countries
exhibiting heterogeneous behavior in terms of the estimated break dates. The
results underscore the critical role of external drivers, such as oil shocks, and
the growing influence of third-country imbalances in an increasingly globalized
world. Additionally, demographic trends emerge as a significant long-run internal
driver. Finally, the paper calculates regime-specific short-run multipliers.
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CAMARERO, Mariam, CARRIÓN I SILVESTRE, Josep Lluís and TAMARIT, Cecilio R. Current account determinants in a globalized world. Empirical Economics. 2025. Vol. 68, num. 1497-1527. ISSN 0377-7332. [consulted: 25 of June of 2026]. Available at: https://hdl.handle.net/2445/220683