This paper draws a causal link between increased levels of global value chain participation
(GVCP) and increases in a country's current account. We document empirically that stronger …

After the global financial crisis, a reduction in global current account (flow) imbalances was
observed. Still, global disequilibria as measured in terms of countries' net foreign assets …

A current account deficit is sustainable when its underlying drivers support a smooth
correction in the future. It is unsustainable when symptomatic of macroeconomic imbalances …

This paper empirically investigates the role of pension systems in driving current account
balances. We construct three indicators—a system's type of funding, generosity, and …

This paper examines the role of the quality of institutions, financial development and FDI on
current account imbalances, which narrowed during the Global Financial Crisis. In doing so …

After strong growth in 2017 and early 2018, global economic activity slowed notably in the
second half of last year, reflecting a confluence of factors affecting major economies. China's …

A view receiving increased support is that the height of trade costs in prime export sectors
has a strong effect on current account balances: countries specializing in sectors that face …

The UK economy has long been associated with a weak balance of payments, reflecting an
underlying growth model reliant on private household consumption. A deficit in goods trade …

This paper examines how financial-service trade restrictions, applied abroad, affect the
cross-border lending activities of banks in a major international financial centre. We find that …

This paper empirically assesses the link between demographics, pension systems, and
current account (CA) balances using the IMF External Balance Assessment (EBA) model …