Suchergebnisse

The purpose of this note is to discuss two complex issues. First, why might a country want to reduce its current account deficit or surplus? And second, why might the international community ask for more? We argue that, in many cases, current account balances reflect underlying domestic distortions. It is then in the interest of the country to remove those distortions and, in the process, reduce imbalances. We then discuss cases where spillover effects, either from deficits or surpluses, suggest a direct role for multilateral surveillance. This process can play two potentially useful roles: first, as a discussion of the differences in assessments; second, as a potentially useful commitment device for countries to implement some of the required but politically unpalatable fiscal or structural adjustments.

Abstract: The phenomenon of global current account imbalance has made researchers and policy makers provide more attention on current account issues. This phenomenon is illustrated by the US' current account deficit which continues to increase, while ASEAN+6 reaps a surplus. This study aims to study the factors that affect the aggregate current account in ASEAN+6 that have not been explained by previous studies. Based on the dynamic panel model (GMM) used, it was found that the variables Lagged-current account, ToT, Exchange Rate Stability, and Household Consumption have a significant effect on the aggregate current account in ASEAN+6. On the other hand, the REER and Government Expenditures do not have a significant effect on the ASEAN+6 current account. The benefit of this research is that it can be used for the formulation of current account policies to minimize the government's efforts to overcome a bigger issue: imbalance in balance of payment.Keywords: Current account balance, Generalized Method of Moment, ASEAN+6 Determinan Neraca Transaksi Berjalan di ASEAN+6Abstrak: Fenomena ketidakseimbangan transaksi berjalan global telah membuat para peneliti dan pembuat kebijakan memberikan perhatian lebih pada masalah transaksi berjalan. Fenomena ini tergambar dari defisit transaksi berjalan AS yang terus meningkat, sedangkan ASEAN+6 menuai surplus. Penelitian ini bertujuan untuk mempelajari faktor-faktor yang mempengaruhi neraca transaksi berjalan agregat di ASEAN+6 yang belum dijelaskan oleh penelitian-penelitian sebelumnya. Berdasarkan model panel dinamis (GMM) yang digunakan, ditemukan bahwa variabel Lagged-current account, ToT, Exchange Rate Stability, dan Household Consumption berpengaruh signifikan terhadap agregat current account di ASEAN+6. Di sisi lain, REER dan Belanja Pemerintah tidak berpengaruh signifikan terhadap transaksi berjalan ASEAN+6. Manfaat dari penelitian ini adalah dapat digunakan untuk perumusan kebijakan transaksi berjalan untuk meminimalkan upaya pemerintah mengatasi masalah yang lebih besar: ketidakseimbangan neraca pembayaran.Kata kunci: Neraca transaksi berjalan, Generalized Method of Moment, ASEAN+6

This study investigates the current account balance system in Indonesia. We employed multiple regression analysis approach to explain the relationship between dependent variable and independent variables. This study entirely used time series secondary data from 1981 up to 2016. The condition of current account balance system is inseparable from the macroeconomic indicators. The results from this study are national income, real exchange rate, inflation, and financial development have negative affect and significant to current account balance system. Further, foreign direct investment has positive affect and significant to current account balance system. however financial development has negative affect but not significant to current account balance system. This research is recommended to the government to be able to increase the flow of foreign direct investment in Indonesia, because it is a major factor in improving the condition of current account balance system.

This paper examines the individual and interactive impacts of trade and financial liberalization on Nigeria's current account balance between 1986 and 2019. An autoregressive distributed lag technique is used to investigate the short- and long-run effects of the de facto measure of trade openness and the de jure measure of financial openness by Chinn-Ito on the current account. The finding suggests that financial liberalization, in particular, has an insignificant negative effect on the current account, whereas trade has a non-significant positive impact in the long-run. The interaction of the variables in the long-run produces significant positive influence on the account. The short-run effects show a positive impact of financial liberalization, whereas the interplay of the variables has a negative impact on the current account. The study concludes that the interaction of trade and financial liberalization is critical in improving the current account balance in Nigeria.