Show simple item record

dc.contributor.authorNieminen, Mika
dc.date.accessioned2017-03-09T14:05:33Z
dc.date.available2017-03-09T14:05:33Z
dc.date.issued2017
dc.identifier.isbn978-951-39-6990-5
dc.identifier.otheroai:jykdok.linneanet.fi:1675346
dc.identifier.urihttps://jyx.jyu.fi/handle/123456789/53228
dc.description.abstractGlobal current account imbalances and intra-euro area imbalances have been at the forefront of academic and policy debates for the last ten years. This thesis examines the determinants of current account balances and external adjustment. It consists of an introduction and four empirical studies. This thesis highlights the importance of institutional factors such as differences in national cultures and cross-country differences in the coordination of wage bargaining on external balances. The first study investigates the effects of deep determinants on current account balances. The point estimates are economically and statistically significant, suggesting that countries populated by Roman Catholics tend to have larger current account deficits than do non-Catholic countries. This finding is supported by microdata on values. The World Values Survey indicates that Roman Catholics do not consider thriftiness as important as other religious groups do. At the macrolevel, this finding is explained, at least to some extent, by an inclination of Catholic countries toward uncertainty avoidance. The second study examines the determinants of the speed of adjustment of the current account toward its long-run equilibrium. The rate of current account reversion decreases monotonically with the degree of coordination of wage bargaining; that is, fragmented firm-level wage bargaining facilitates external adjustment. In addition, there is a negative interaction between the effects of the coordination of wage bargaining and exchange rate stability on the rate of current account reversion. In the third and fourth studies, a country’s intra-euro area trade balance is distinguished from its trade balance with the rest of the world. The third study shows that intra-euro trade balances have not become more sensitive to differences in per-capita incomes and also suggests that a variable measuring differences in national cultures (i.e., the dimension of individualism-collectivism) has explanatory power on intra-euro trade balances over the standard economic variables. The fourth study indicates that in spite of increased integration, there remain significant differences in the long-run relations among trade balance, real effective exchange rate, domestic GDP and foreign GDP trade balance across the EMU-12 countries.
dc.format.extent1 verkkoaineisto (166 sivua) : kuvitettu
dc.language.isoeng
dc.publisherUniversity of Jyväskylä
dc.relation.ispartofseriesJyväskylä studies in business and economics
dc.relation.isversionofJulkaistu myös painettuna.
dc.rightsIn Copyright
dc.subject.othertrade balance
dc.subject.otherinstitutions
dc.subject.othercurrent account dynamics
dc.subject.othercurrent account
dc.subject.otherculture
dc.subject.othercoordination of wage bargaining
dc.subject.otherEuropean Monetary Union
dc.titleEssays on current account imbalances
dc.typeDiss.
dc.identifier.urnURN:ISBN:978-951-39-6990-5
dc.type.dcmitypeTexten
dc.type.ontasotVäitöskirjafi
dc.type.ontasotDoctoral dissertationen
dc.contributor.tiedekuntaJyväskylä University School of Business and Economicsen
dc.contributor.tiedekuntaJyväskylän yliopiston kauppakorkeakoulufi
dc.contributor.yliopistoUniversity of Jyväskyläen
dc.contributor.yliopistoJyväskylän yliopistofi
dc.contributor.oppiaineTaloustiedefi
dc.relation.issn1457-1986
dc.relation.numberinseries174
dc.rights.accesslevelopenAccess
dc.subject.ysokansantalous
dc.subject.ysovaihtotase
dc.subject.ysokauppatase
dc.subject.ysokulttuurierot
dc.subject.ysovienti
dc.subject.ysopalkat
dc.subject.ysopaikallinen sopiminen
dc.subject.ysotalousalueet
dc.subject.ysouskonto
dc.subject.ysotyömarkkinapolitiikka
dc.subject.ysotyöehtosopimukset
dc.subject.ysokulttuurialueet
dc.subject.ysokilpailukyky
dc.subject.ysokansainvälinen talous
dc.rights.urlhttps://rightsstatements.org/page/InC/1.0/


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record

In Copyright
Except where otherwise noted, this item's license is described as In Copyright