Current account sustainability in Latin America considering nonlinearities

Simple item page
dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.coverage.sucursalBogotáspa
dc.creatorOrdoñez-Callamand, Daniel
dc.creatorMelo-Velandia, Luis Fernando
dc.creatorValencia-Arana, Oscar Mauricio
dc.creator.firmaLuis Fernando Melo-Velandia
dc.date.accessioned2017-03-15T08:30:10Zeng
dc.date.available2017-03-15T08:30:10Zspa
dc.date.created2017-03-15spa
dc.date.issued2017-03-15eng
dc.description.abstractWe test current account sustainability based on the framework developed by Hakkio and Rush [1991] and Husted [1992] using a two-regime threshold vector error correction model. This methodology allows us to characterize short-run nonlinearities in the current account. We estimate the model for four Latin American economies: Chile, Brazil, Colombia, and Mexico. We find a long-run relationship between the current account components, which implies strong sustainability for Chile and Mexico and weak sustainability for Colombia and Brazil. For the first two countries, the predominant regime is associated with a current account surplus. In contrast, for Colombia and Brazil, the prevailing regime corresponds to a situation in which there is a long- run deficit. In general, the impulse response analysis shows that expenditure and income shocks have positive and significant responses in the predominant regime for both series.eng
dc.format.extent35 páginas : gráficas, tablasspa
dc.format.mimetypePDFspa
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/6299spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/6299spa
dc.language.isoengeng
dc.publisherBanco de la República de Colombiaspa
dc.relation.doihttps://doi.org/10.32468/be.987spa
dc.relation.ispartofDocumentos de trabajospa
dc.relation.ispartofseriesBorradores de Economíaspa
dc.relation.isversionofBorradores de Economía; No. 987spa
dc.relation.numberBorrador 987spa
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/987.htmlspa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
dc.source.bibliographicCitationF. Altissimo and G. L. Violante. The non-linear dynamics of output and unemployment in the U.S. Journal of Applied Econometrics, 16(4):461{486, 2001.eng
dc.source.bibliographicCitationJ. Breitung. Rank tests for nonlinear cointegration. Journal of Business And Eco-nomic Statistics, 19(3):331{340, 2001.eng
dc.source.bibliographicCitationJ. Breitung. Nonparametric tests for unit roots and cointegration. Journal of Econo-metrics, 108(2):343 { 363, 2002.eng
dc.source.handleRepecRePEc:bdr:borrec:987spa
dc.subjectCorrección de errores de vectorspa
dc.subjectSostenibilidad de la balanza comercialspa
dc.subjectFunción de respuesta de impulso generalizadaspa
dc.subject.jelC32 - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Modelseng
dc.subject.jelC52 - Model Evaluation, Validation, and Selectioneng
dc.subject.jelF32 - Current Account Adjustment; Short-Term Capital Movementseng
dc.subject.jelspaF32 - Ajustes de la balanza por cuenta corriente; Movimientos de capital a corto plazospa
dc.subject.jelspaC32 - Modelos de series temporales; Regresiones cuantiles dinámicas; Modelos dinámicos de tratamiento; procesos de difusión; representación de espacios de estadosspa
dc.subject.jelspaC52 - Evaluación, contraste y selección de modelosspa
dc.subject.keywordThreshold vector error correctioneng
dc.subject.keywordCurrent account sustainabilityeng
dc.subject.keywordGeneralized impulse response functioneng
dc.subject.lembBalanza de pagos -- Chilespa
dc.subject.lembBalanza de pagos -- Brasilspa
dc.subject.lembBalanza de pagos -- Colombiaspa
dc.subject.lembBalanza de pagos -- Méxicospa
dc.subject.lembMacroeconomía -- Chilespa
dc.subject.lembMacroeconomía -- Brasilspa
dc.subject.lembMacroeconomía -- Colombiaspa
dc.subject.lembMacroeconomía -- Méxicospa
dc.titleCurrent account sustainability in Latin America considering nonlinearitieseng
dc.typeWorking Papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de trabajospa

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
be_987.pdf
Size:
868.11 KB
Format:
Adobe Portable Document Format
FILE
https://repositorio.banrep.gov.co/bitstream/handle/20.500.12134/6299/be_987.pdf
Description:
Borradores de Economía No. 987
Download
License bundle
Now showing 1 - 1 of 1
Name:
license.txt
Size:
1.71 KB
Format:
Item-specific license agreed upon to submission
Description:
Download

Collections

Borradores de Economía