dc.contributor.author | Nieminen, Mika | |
dc.date.accessioned | 2017-03-09T14:05:33Z | |
dc.date.available | 2017-03-09T14:05:33Z | |
dc.date.issued | 2017 | |
dc.identifier.isbn | 978-951-39-6990-5 | |
dc.identifier.other | oai:jykdok.linneanet.fi:1675346 | |
dc.identifier.uri | https://jyx.jyu.fi/handle/123456789/53228 | |
dc.description.abstract | Global 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.extent | 1 verkkoaineisto (166 sivua) : kuvitettu | |
dc.language.iso | eng | |
dc.publisher | University of Jyväskylä | |
dc.relation.ispartofseries | Jyväskylä studies in business and economics | |
dc.relation.isversionof | Julkaistu myös painettuna. | |
dc.rights | In Copyright | |
dc.subject.other | trade balance | |
dc.subject.other | institutions | |
dc.subject.other | current account dynamics | |
dc.subject.other | current account | |
dc.subject.other | culture | |
dc.subject.other | coordination of wage bargaining | |
dc.subject.other | European Monetary Union | |
dc.title | Essays on current account imbalances | |
dc.type | Diss. | |
dc.identifier.urn | URN:ISBN:978-951-39-6990-5 | |
dc.type.dcmitype | Text | en |
dc.type.ontasot | Väitöskirja | fi |
dc.type.ontasot | Doctoral dissertation | en |
dc.contributor.tiedekunta | Jyväskylä University School of Business and Economics | en |
dc.contributor.tiedekunta | Jyväskylän yliopiston kauppakorkeakoulu | fi |
dc.contributor.yliopisto | University of Jyväskylä | en |
dc.contributor.yliopisto | Jyväskylän yliopisto | fi |
dc.contributor.oppiaine | Taloustiede | fi |
dc.relation.issn | 1457-1986 | |
dc.relation.numberinseries | 174 | |
dc.rights.accesslevel | openAccess | |
dc.subject.yso | kansantalous | |
dc.subject.yso | vaihtotase | |
dc.subject.yso | kauppatase | |
dc.subject.yso | kulttuurierot | |
dc.subject.yso | vienti | |
dc.subject.yso | palkat | |
dc.subject.yso | paikallinen sopiminen | |
dc.subject.yso | talousalueet | |
dc.subject.yso | uskonto | |
dc.subject.yso | työmarkkinapolitiikka | |
dc.subject.yso | työehtosopimukset | |
dc.subject.yso | kulttuurialueet | |
dc.subject.yso | kilpailukyky | |
dc.subject.yso | kansainvälinen talous | |
dc.rights.url | https://rightsstatements.org/page/InC/1.0/ | |