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Panel cointegration, quantile regressions, asymmetric adjustments and crises: the case of EU current accounts

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posted on 2020-11-17, 12:30 authored by Simeon ColemanSimeon Coleman, Juan Carlos Cuestas
This paper investigates the relationships between the current account and several fundamentals, including the real exchange rate, government consumption, investment, openness, terms of trade and real income in the EU28 group of countries. A main feature of the study is that we also assess the relationships for two subgroups, the EU15 + Cyprus and Malta, and the CEECs. Using data spanning 1995q1 and 2019q2, we identify similarities and differences between the responses in these two subgroups which are obscured when an aggregate study of the EU28 is conducted, rather than the sub-groups. Our results suggest that, in assessing the current account for economic blocs, an a priori assumption of similar relationships for member countries may be misplaced.

Funding

MINEIC-AEI-FEDER ECO2017- 85503-R and ECO2017-83255-C3-3-P projects both of them from ‘Ministerio de Economía, Industria y Competitividad’ (MINEIC), `Agencia Estatal de Investigación' (AEI) Spain and `Fondo Europeo de Desarrollo Regional' (FEDER)

History

School

  • Business and Economics

Department

  • Economics

Published in

Economic Systems

Volume

45

Issue

4

Publisher

Elsevier

Version

  • AM (Accepted Manuscript)

Rights holder

© Elsevier

Publisher statement

This paper was accepted for publication in the journal Economic Systems and the definitive published version is available at https://doi.org/10.1016/j.ecosys.2021.100870.

Acceptance date

2020-11-15

Publication date

2021-10-07

Copyright date

2021

ISSN

0939-3625

Language

  • en

Depositor

Dr Simeon Coleman. Deposit date: 15 November 2020

Article number

100870

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