This paper investigates the development of external imbalances from an international
perspective by estimating a Global VAR model. Specifically, we simulate the effects of …

This paper uses a Global Vector Auto-Regression (GVAR) model in a panel of 21 emerging
market and advanced economies to investigate the factors behind the dynamics of global …

During the 2000s, we observed the accumulation of global imbalances resulting primarily
from massive current account imbalances in the USA and in Asia. This paper studies the …

Since the late-1990s, the global economy is characterised by historically low risk premia and
an unprecedented widening of external imbalances. This paper explores to what extent …

The aim of this paper is to investigate oil price shocks' effects and their associated
transmission channels on global imbalances. To this end, we rely on a Global VAR …

This paper examines whether global liquidity has effects on global imbalances. To this end,
we estimate Panel-VARX models using data from the G5 (United States, United Kingdom …

In this paper we assess the implications of precautionary savings for global imbalances by
considering a world economy model composed by the US, the Euro Area, Japan, China, oil …

In an estimated two-country DSGE model, we find that shocks to the marginal efficiency of
investment account for more than half of the forecast variance of cyclical fluctuations in the …

This paper investigates the interactions between three key macroeconomic imbalances,
namely current-account discrepancies (external imbalances), output gaps (internal …

This paper proposes a structural VAR model which extends the frameworks of Hoffmaister
and Roldós [Hoffmaister, AW, & Roldós, JE (2001). The sources of macroeconomic …