A Century of Current Account Dynamics

By Alan M. Taylor. 2002

245 citations recorded by the source corpus.

Recent globalization trends have refocused attention on the historical evolution of international capital mobility over the long run. The issue is examined here using time-series analysis of current-account dynamics for fifteen countries since circa 1850. The inter-war period emerges as an era of low capital mobility and only recently can we observe a tentative return to the degree of capital mobility witnessed during the late nineteenth century. The analysis of saving and investment dynamics also helps make sense of the frequently observed high correlation of saving and investment rates in historical data.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/037f7c271642f401a39caeff61d8d27f57623775

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Citations in the corpus

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons (2011, unknown): “The main sources for the current account and trade data were Jones and Obstfeld (1997), A. M. Taylor (2002), the various volumes compiled by Mitchell (2007a, b, c), as well as the IMF’s International Financial Statistics (2010).”
Financial Integration, Investment, and Economic Growth: Evidence from Two Eras of Financial Globalization (2010, methodology): “For many countries, we could rely on Taylor (2002) and Jones and Obstfeld (1997).”
Foreign currency debt, financial crises and economic growth: A long-run view (2010, background): “Data on saving are from Taylor (2002) who calculated the ratio of saving to GDP as the current account surplus divided by GDP plus the ratio of investment to GDP.”
Current account determinants and external sustainability in periods of structural change (2011, unknown): “6), implying, among others, that the economy satisfies its intertemporal long-run budget constraint (see Taylor 2002 ).”