Consumption smoothing and the current account:: evidence for France, 1970-1996

被引：10

作者：

Agénor, PR

Bismut, C

Cashin, P ^{[1
]}

McDermott, CJ

机构：

[1] Int Monetary Fund, Dept Res, Washington, DC 20431 USA

[2] Georgetown Univ, Dept Econ, Washington, DC USA

[3] World Bank, Inst Econ Dev, Washington, DC 20433 USA

[4] Univ Montpellier 1, F-34006 Montpellier, France

[5] Univ Melbourne, Dept Econ, Parkville, Vic 3052, Australia

[6] Reserve Bank New Zealand, Wellington, New Zealand

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 1999年 / 18卷 / 01期

关键词：

consumption-smoothing; current account; France; intertemporal; hypothesis testing;

D O I：

10.1016/S0261-5606(98)00043-6

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper estimates a simple consumption-smoothing model of the French current account, and examines its capacity to predict recent developments in France's external performance. The model views the current account as a buffer through which private agents can smooth consumption over time in response to temporary disturbances to output, investment, and government expenditure. The empirical results indicate that the model performs well overall, and predicts correctly the sharp turnaround in France's external accounts observed in the past 3 years - a feature of the data that conventional models of trade flows, based on income and relative price variables, appear unable to explain. (C) 1999 Elsevier Science Ltd. All rights reserved.

引用

页码：1 / 12

页数：12

共 22 条

[1] Competitiveness and external trade performance of the French manufacturing industry [J].