This article analyses how trade-related policy choices and financial development affect current account imbalances in OECD countries. Once the policy-related component of trade openness is estimated using exogenous-to-policy indicators of globalization pressures, legal origins and natural openness, financial development plays a significant role and is negatively associated with the current account.
Current account imbalances, trade and finance
LO PRETE, Anna
2012-01-01
Abstract
This article analyses how trade-related policy choices and financial development affect current account imbalances in OECD countries. Once the policy-related component of trade openness is estimated using exogenous-to-policy indicators of globalization pressures, legal origins and natural openness, financial development plays a significant role and is negatively associated with the current account.
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