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An empirical comparison of external indebtedness in East Asia and Southern Europe: reasons for Clearing Integrated Monetary Areas

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영문명
An empirical comparison of external indebtedness in East Asia and Southern Europe: reasons for Clearing Integrated Monetary Areas
발행기관
서울대학교 경제연구소
저자명
Andrea Carrera Luís Cárdenas Alysson Mazoni
간행물 정보
『Seoul Journal of Economics』Volume 36 No.4, 425~458쪽, 전체 34쪽
주제분류
경제경영 > 경제학
파일형태
PDF
발행일자
2023.11.30
6,880

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영문 초록

We seek to study the evolution of the external indebtedness of Southern European Greece, Italy, Portugal and Spain, which were highly indebted and used to run current account deficits until the Great Crisis of 2008, and the indebtedness of those East Asian countries that ran current account deficits before the crisis of 1997, namely Indonesia, Korea, Malaysia, the Philippines and Thailand. We pore over foreign debt and balance-of-payments data to understand any potential statistical relationship between (i) external indebtedness and (ii) current account balances plus changes in foreign exchange reserves. Our introductory econometric approach to the issue suggests that indebtedness is often and on average about twice the level attributable to current account balances and reserve changes. In Southern Europe, debt should have increased, but it increased more than expected. In East Asia, particularly since 1997, debt should have decreased, but it followed and upward trend. We attribute this phenomenon to the incomplete structure of the international payment system and, as a general solution, we call for the implementation of a regional real-time gross settlement system.

목차

I. Introduction
II. Debt evolution in Southern Europe and East Asia: 1971-2021
III. Econometric results for Southern Europe and East Asia
IV. Over-indebtedness? A potential explanation
V. Conclusion
References

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APA

Andrea Carrera,Luís Cárdenas,Alysson Mazoni. (2023).An empirical comparison of external indebtedness in East Asia and Southern Europe: reasons for Clearing Integrated Monetary Areas. Seoul Journal of Economics, 36 (4), 425-458

MLA

Andrea Carrera,Luís Cárdenas,Alysson Mazoni. "An empirical comparison of external indebtedness in East Asia and Southern Europe: reasons for Clearing Integrated Monetary Areas." Seoul Journal of Economics, 36.4(2023): 425-458

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