欧元区和美国双边经常账户余额的决定因素

Q3 Social Sciences

European Journal of Government and Economics Pub Date : 2022-12-01 DOI:10.17979/ejge.2022.11.2.8925

G. Bertsatos

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引用次数: 0

摘要

研究了19个欧元区（EZ）成员国与美国（US）的长期和短期经常账户余额（CAB）决定因素。特别是，研究了EZ对美国的竞争力，经常账户赤字和预算赤字（双重赤字）之间的关系，以及决定经常账户余额的其他因素。季度数据用于2008-2018年期间以美国为贸易伙伴的19个EZ成员国的样本。研究发现，从长期来看，CAB与实际利率、实际汇率、人均国内生产总值和汇率波动率呈正相关，但与财政平衡呈负相关。从短期来看，值得注意的是，只有实际汇率才会影响经常账户余额。最后，讨论了关于经常账户决定因素的政策影响。

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Determinants of bilateral current account balance between the Eurozone and the United States

Long- and short-run current account balance (CAB) determinants of the nineteen Eurozone (EZ) member states vis-a-vis the United States (US) are examined. Particularly, the competitiveness of the EZ vs the US, the relationship between the current account deficit and the budget deficit (twin deficit), and other factors determining the current account balance are studied. Quarterly data was used in a sample of the nineteen EZ member states with the US as a trading partner over the period 2008 - 2018. It is found that the CAB in the long run has a positive relationship with the real interest rate, real exchange rate, Gross Domestic Product (GDP) per capita, and exchange rate volatility, but a negative relationship with the fiscal balance. In the short run, it is notable that only the real exchange rate affects the current account balance. Finally, policy implications are discussed regarding the determinants of the current account.

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来源期刊

European Journal of Government and Economics Social Sciences-Public Administration

CiteScore

0.90

自引率

0.00%

发文量

审稿时长

14 weeks

期刊介绍： The European Journal of Government and Economics (EJGE) is an international academic journal for peer reviewed research on all aspects of government and economics. EJGE is particularly interested in current issues regarding the interrelationship between the fields of government and economics, from the influence of government on the economy (economic policy) to economic explanations of government (public choice). It is also particularly interested in questions directly or indirectly related to Europe.