skip to content
Current account balances, financial development and institutions : assaying the world Preview this item
ClosePreview this item
Checking...

Current account balances, financial development and institutions : assaying the world "savings glut"

Author: Menzie David Chinn; Hiro Ito; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2005.
Series: Working paper series (National Bureau of Economic Research), working paper no. 11761.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
"We investigate the medium-term determinants of the current account using a model that controls for factors related to institutional development, with a goal of informing the recent debate over the existence and relevance of the "savings glut." The economic environmental factors that we consider are the degree of financial openness and the extent of legal development. We find that for industrial countries, the  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Menzie David Chinn; Hiro Ito; National Bureau of Economic Research.
OCLC Number: 62494086
Notes: "November 2005."
Description: 43 pages : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 11761.
Responsibility: Menzie D. Chinn, Hiro Ito.

Abstract:

"We investigate the medium-term determinants of the current account using a model that controls for factors related to institutional development, with a goal of informing the recent debate over the existence and relevance of the "savings glut." The economic environmental factors that we consider are the degree of financial openness and the extent of legal development. We find that for industrial countries, the government budget balance is an important determinant of the current account balance; the budget balance coefficient is 0.21 in a specification controlling for institutional variables. More interestingly, our empirical findings are not consistent with the argument that the more developed financial markets are, the less saving a country undertakes. We find that this posited relationship is applicable only for countries with highly developed legal systems and open financial markets. For less developed countries and emerging market countries we usually find the reverse correlation; greater financial development leads to higher savings. Furthermore, there is no evidence of "excess domestic saving" in the Asian emerging market countries; rather they seem to have suffered from depressed investment in the wake of the 1997 financial crises. We also find evidence that the more developed equity markets are, the more likely countries are to run current account deficits"--National Bureau of Economic Research web site.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/62494086> # Current account balances, financial development and institutions : assaying the world "savings glut"
    a schema:CreativeWork, schema:Book ;
   library:oclcnum "62494086" ;
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/46660665#Place/cambridge_mass> ; # Cambridge, Mass.
   schema:about <http://id.worldcat.org/fast/1242969> ; # Developing countries.
   schema:about <http://id.worldcat.org/fast/924477> ; # Finance, Public
   schema:about <http://id.worldcat.org/fast/1105959> ; # Saving and investment
   schema:about <http://id.worldcat.org/fast/840336> ; # Budget
   schema:about <http://id.loc.gov/authorities/subjects/sh2008103769> ; # Finance, Public--Developing countries
   schema:bookFormat bgn:PrintBook ;
   schema:contributor <http://experiment.worldcat.org/entity/work/data/46660665#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research.
   schema:contributor <http://experiment.worldcat.org/entity/work/data/46660665#Person/ito_hiro> ; # Hiro Ito
   schema:copyrightYear "2005" ;
   schema:creator <http://experiment.worldcat.org/entity/work/data/46660665#Person/chinn_menzie_david> ; # Menzie David Chinn
   schema:datePublished "2005" ;
   schema:description ""We investigate the medium-term determinants of the current account using a model that controls for factors related to institutional development, with a goal of informing the recent debate over the existence and relevance of the "savings glut." The economic environmental factors that we consider are the degree of financial openness and the extent of legal development. We find that for industrial countries, the government budget balance is an important determinant of the current account balance; the budget balance coefficient is 0.21 in a specification controlling for institutional variables. More interestingly, our empirical findings are not consistent with the argument that the more developed financial markets are, the less saving a country undertakes. We find that this posited relationship is applicable only for countries with highly developed legal systems and open financial markets. For less developed countries and emerging market countries we usually find the reverse correlation; greater financial development leads to higher savings. Furthermore, there is no evidence of "excess domestic saving" in the Asian emerging market countries; rather they seem to have suffered from depressed investment in the wake of the 1997 financial crises. We also find evidence that the more developed equity markets are, the more likely countries are to run current account deficits"--National Bureau of Economic Research web site."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/46660665> ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/46660665#Series/nber_working_paper_paper_series> ; # NBER working paper paper series ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/46660665#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
   schema:name "Current account balances, financial development and institutions : assaying the world "savings glut""@en ;
   schema:productID "62494086" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/62494086#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2005> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/46660665#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
   schema:url <http://papers.nber.org/papers/w11761> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/62494086> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/46660665#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
   schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/46660665#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research.
    a schema:Organization ;
   schema:name "National Bureau of Economic Research." ;
    .

<http://experiment.worldcat.org/entity/work/data/46660665#Person/chinn_menzie_david> # Menzie David Chinn
    a schema:Person ;
   schema:familyName "Chinn" ;
   schema:givenName "Menzie David" ;
   schema:name "Menzie David Chinn" ;
    .

<http://experiment.worldcat.org/entity/work/data/46660665#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
   schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/46660665#Series/nber_working_paper_paper_series> # NBER working paper paper series ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/62494086> ; # Current account balances, financial development and institutions : assaying the world "savings glut"
   schema:name "NBER working paper paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/46660665#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/62494086> ; # Current account balances, financial development and institutions : assaying the world "savings glut"
   schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://id.loc.gov/authorities/subjects/sh2008103769> # Finance, Public--Developing countries
    a schema:Intangible ;
   schema:name "Finance, Public--Developing countries"@en ;
    .

<http://id.worldcat.org/fast/1105959> # Saving and investment
    a schema:Intangible ;
   schema:name "Saving and investment"@en ;
    .

<http://id.worldcat.org/fast/1242969> # Developing countries.
    a schema:Place ;
   schema:name "Developing countries." ;
    .

<http://id.worldcat.org/fast/840336> # Budget
    a schema:Intangible ;
   schema:name "Budget"@en ;
    .

<http://id.worldcat.org/fast/924477> # Finance, Public
    a schema:Intangible ;
   schema:name "Finance, Public"@en ;
    .

<http://www.worldcat.org/title/-/oclc/62494086>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
   schema:about <http://www.worldcat.org/oclc/62494086> ; # Current account balances, financial development and institutions : assaying the world "savings glut"
   schema:dateModified "2016-05-12" ;
   void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.