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What Drives The German Current Account
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Book Synopsis What Drives the German Current Account? by : Robert Miguel W. K. Kollmann
Download or read book What Drives the German Current Account? written by Robert Miguel W. K. Kollmann and published by . This book was released on 2014 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyze the determinants of Germany's current account surplus after the launch of the Euro. The most important factors driving the German surplus were positive shocks to the German saving rate and to ROW demand for German exports, as well as German labour market reforms and other positive German aggregate supply shocks. The convergence of REA interest rates to German rates due to the creation of the Euro only had a modest effect on the German current account and on German real activity. The key shocks that drove the rise in the German current account tended to worsen the REA trade balance, but had a weak effect on REA real activity. Our analysis suggests these driving factors are likely to be slowly eroded, leading to a very gradual reduction of the German current account surplus. An expansion in German government consumption and investment would raise German GDP and reduce the current account surplus, but the effects on the surplus are likely to be weak."--Document home page.
Book Synopsis What Drives the German Current Account? by :
Download or read book What Drives the German Current Account? written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498384013 Total Pages :72 pages Book Rating :4.4/5 (983 download)
Book Synopsis Germany by : International Monetary Fund. European Dept.
Download or read book Germany written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2014-07-21 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper on Germany focuses on current economic condition in the country. The build-up of Germany’s current account surplus over the last decade does not lend itself to a single-factor explanation, as both global and domestic factors, as well as policy changes led to increased savings and lower investment. All sectors contributed to the build-up of the surplus. Although fiscal consolidation and higher household savings played a role, the corporate sector experienced a more pronounced shift. This paper provides a retrospective on these developments and explores whether the factors contributing to the surplus are likely to be reversed going forward. Although there are common global drivers for the non-financial corporations shift to a net lender position, several German-specific factors played a role, notably the labor market reforms in the 2000s, the business tax reforms, and the globalization of German firms’ production chains. The households’ saving–investment gap widened in the early 2000s as the pension reforms and growing income inequality boosted households’ savings and residential investment declined by the end of the reunification construction boom.
Book Synopsis What Drives the German Current Account? by : Robert Kollmann
Download or read book What Drives the German Current Account? written by Robert Kollmann and published by . This book was released on 2014 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Germany In An Interconnected World Economy by : Mr.Ashoka Mody
Download or read book Germany In An Interconnected World Economy written by Mr.Ashoka Mody and published by International Monetary Fund. This book was released on 2013-04-10 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Germany has been a central player in discussions on the future architecture of Europe, and has been called on to play a larger role in supporting global and, especially, European recovery from the financial crisis that triggered the Great Recession. This book focuses on the possible economic role of Germany and shows that the quantitative effects of a German fiscal stimulus would be small on the heavily indebted euro area periphery countries that most need the boost. The book finds that Germany itself faces a growth challenge and that efforts to raise its own growth potential are important for Germany, and that more rapid growth of domestic demand will more powerfully stimulate European economic growth through its expanded demand for imports.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1513597132 Total Pages :35 pages Book Rating :4.5/5 (135 download)
Book Synopsis Germany by : International Monetary Fund. European Dept.
Download or read book Germany written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-07-15 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper identifies episodes of large and sustained current account surpluses in advanced economies (AEs) and compares Germany’s ongoing surplus with those episodes. In doing so, the paper aims to put Germany’s external position in a historical and cross-country context drawing from 55 years of data across 20 AEs. The comparison shows that the real growth of all domestic demand components, particularly of private investment, was remarkably weak during the latest sustained surplus episode in Germany in comparison with both “normal times” and other AE surplus episodes. Neither Germany’s nor a typical AE surplus episode has been accompanied by visible, broad-based competitiveness or terms of trade gains.
Book Synopsis Household Savings, Capital Investments and Public Policies by : Kilian Ruppert
Download or read book Household Savings, Capital Investments and Public Policies written by Kilian Ruppert and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this article, we present a model that can account for the changes in the Germancurrent account balance since the 2000s. Our results suggest that an array of struc-tural tax and labor market reforms (Agenda 2010), population aging and pensionreforms led to an increase in the household savings rate in Germany until about2010. As domestic investment opportunities could not absorb these additional sav-ings, they were partly invested abroad. The German current account-to-GDP ratiorose. After 2010, private savings remained rather stable, but opportunities to investin Germany declined further. Our simulations suggest that a tight fiscal stance inGermany (combined with an expansionary stance in the rest of the world), under-investment in the corporate sector and productivity gains in emerging economiesafter 2010 significantly contributed to this.
Book Synopsis Germany's Balance of Payments from 2007 - 2018 by : Fabian Hoffmann
Download or read book Germany's Balance of Payments from 2007 - 2018 written by Fabian Hoffmann and published by GRIN Verlag. This book was released on 2018-08-24 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2018 in the subject Economics - Macro-economics, general, grade: 10.0, University of Groningen, language: English, abstract: The author analyzed Germany's Balance of Payments during the years of the European financial crisis. Particular focus thereby rests on Germany's traditionally strong current account surplus, but also on its extraordinarily large financial account surplus.
Book Synopsis The German Current Account Surplus and Krugman's and Wolff's Critique by : Georg Erber
Download or read book The German Current Account Surplus and Krugman's and Wolff's Critique written by Georg Erber and published by . This book was released on 2013 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global structural imbalances in international trade have become a major topic in particular after the Great financial and economic crisis in 2008. China and Germany have been running major balance of trade in goods and services surpluses as well as balance of current account surpluses in the past decade. Contrary other countries including the US on top have run major current account deficits at the same time. Now, after some time of quarreling about the global recovery, this debate on - how to correct for those global imbalances - is back on the transatlantic agenda. This time Germany is the major villain, because last year Germany's current account surplus reached a 7 percent to GDP level. However, this is already rebalancing and the future new German government is planning policy measures like a major increase in public infrastructure investments, introducing a minimum wage for the whole economy, increasing public spending in education and training, which would stimulate domestic demand and growth in Germany in the coming year. The paper looks at the empirical facts of the past couple of years related to the rebalancing of international imbalances already under way. It confronts these findings with the harsh critique of Paul Krugman published in the New York Times, who blames German politics as the major source for the current global imbalances. Looking at the facts much of the blame Krugman addresses on misguided German politics cannot be confirmed to be in line with the available statistics and most recent forecasts.
Book Synopsis The Origins of the German Current Account Surplus by : Fabrizio Coricelli
Download or read book The Origins of the German Current Account Surplus written by Fabrizio Coricelli and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The surge in the German current account surplus in the 2000s is often interpreted as the result of efficiency-enhancing structural reforms, especially in the labor market. However, this interpretation is puzzling because the growth rate of the German economy has been one of the lowest in the Euro area in the 2000s. Using empirical evidence and a simple theoretical two-sector model, the paper argues that the German surplus is closely linked to the increasing gap between productivity growth in manufacturing and services. Such gap is due not only to improvements in the manufacturing sector but also to a significant slowdown of productivity growth in services. Therefore, despite the success in export markets, the German surplus may signal long-run weaknesses associated with constraints on service growth and the inability of productivity growth in manufacturing to create positive spill-over effects on services. Persistence of barriers to liberalization in services may partly explain these phenomena. The paper concludes that higher and more balanced growth could lead to an equilibrium reduction of the current account surplus.
Book Synopsis A Model-based Analysis of the German Current Account Surplus by : Dirk Bursian
Download or read book A Model-based Analysis of the German Current Account Surplus written by Dirk Bursian and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Central Bank Independence and the Legacy of the German Past by : Simon Mee
Download or read book Central Bank Independence and the Legacy of the German Past written by Simon Mee and published by Cambridge University Press. This book was released on 2019-09-12 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of the power struggle between Germany's central bank and the West German government to control monetary policy in the post-war era.
Book Synopsis The National System of Political Economy by : Friedrich List
Download or read book The National System of Political Economy written by Friedrich List and published by . This book was released on 1904 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475577737 Total Pages :118 pages Book Rating :4.4/5 (755 download)
Book Synopsis Germany by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Germany written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-29 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the risks and vulnerabilities of the German financial system and reviews both the German regulatory and supervisory framework and implementation of the common European framework insofar as it is relevant for Germany. The country is home to two global systemically important financial institutions, Deutsche Bank AG and Allianz SE. The system is also very heterogeneous, with a range of business models and a large number of smaller banks and insurers. The regulatory landscape has changed profoundly with strengthened solvency and liquidity regulations for banks (the EU Capital Requirements Regulation and Directive IV), and the introduction of macroprudential tools.
Book Synopsis What Drives Portfolio Investments of German Banks in Emerging Capital Markets? by : Christian Wildmann
Download or read book What Drives Portfolio Investments of German Banks in Emerging Capital Markets? written by Christian Wildmann and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis From Old Regime to Industrial State by : Richard H. Tilly
Download or read book From Old Regime to Industrial State written by Richard H. Tilly and published by University of Chicago Press. This book was released on 2020-10-26 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: In From Old Regime to Industrial State, Richard H. Tilly and Michael Kopsidis question established thinking about Germany’s industrialization. While some hold that Germany experienced a sudden breakthrough to industrialization, the authors instead consider a long view, incorporating market demand, agricultural advances, and regional variations in industrial innovativeness, customs, and governance. They begin their assessment earlier than previous studies to show how the 18th-century emergence of international trade and the accumulation of capital by merchants fed commercial expansion and innovation. This book provides the history behind the modern German economic juggernaut.
