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Saving, Investment, Financial Integration, and the Balance of Payments
Author:
International Monetary Fund
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Series:
IMF Working Papers
Volume/Issue:
Volume 1989: Issue 102
Language:
English
Publication Date:
01 Jan 1989
DOI:
https://doi.org/10.5089/9781451948318.001
ISBN:
9781451948318
ISSN:
1018-5941
Pages:
40
Keywords:
WP; rate of return; current account trajectory; gold standard; utility function; monetary policy; fiscal policy; current account deficit; real interest rate; debt service; current account target; reaction function; government policy; Current account; Current account balance; Current account deficits; Capital markets; Exchange rates; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper examines the extent of international financial integration, and its consequences for the current account. The evidence indicates that financial liberalization in the 1970s and 1980s has resulted in a substantial movement towards closer integration of world capital markets. By reducing constraints on international capital flows, this movement makes the current account more of a residual factor in agents’ decisions.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund