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OIC countries are countries that have the highest development of the halal industry. Most of the export and import activities carried out by OKI are halal products. Exports and imports of the country's halal products will describe the condition of the current account surplus or deficit. This study aims to determine the spatial dependence on the current account and the effect of exports and imports of halal products on the current account. The method used descriptive quantitative techniques with spatial analysis. This research was conducted in 51 OIC countries in 2021 using secondary data. The independent variable values are obtained from ITC and the dependent variable is obtained from WDI. The results showed that there is a spatial autocorrelation in the current account, and the spatial autoregressive regression (SAR) results show that exports of halal products have a significant positive effect on the current account. Meanwhile, imports of halal products have a negative but not significant effect on the current account. [ABSTRACT FROM AUTHOR]

This research endeavors to unravel the complex interplay between external debt dynamics and economic growth. External debt is necessary for countries to finance investments in infrastructure, human capital, technology, economic growth, and address balance of payments. It plays a pivotal role in supporting development initiatives and crisis management. The study took 41 diverse countries within the International Monetary Fund (IMF) framework from 2005 to 2021. Employing a meticulously curated dataset encompassing various economic indicators GDP growth, external debt, government consumption, inflation, and imports this study applies System Generalized Method of Moments (GMM) and Difference GMM approach. High external debt is linked to lower GDP growth, indicating negative correlation. The study highlights the impact of government consumption, inflation, and imports on GDP growth, with varying effects based on analytical methods. Evidence-based recommendations include prudent debt management, efficient government spending, and trade-friendly policies for sustainable economic expansion. [ABSTRACT FROM AUTHOR]

The aim of this study is to explain how the current account balance of the Turkish economy is affected by high technology product imports and this trade within the framework of causality analysis. One of the most important factors affecting the current account balance of a country is the import item. As a result of the lower export revenues of the country in return for the imports, the current account balance is adversely affected. The factor that provides the highest return in the production process of the country is the production of high-tech products. While some countries are at the top in the production of high-tech products, others are in the position of importers. Countries that are importers of high-tech products generally have current account deficit problems. However, all countries are trying to build their production structures to produce high-tech products. In this study, the relationship between high technology product imports and current account deficit in the Turkish economy was tested with Granger Causality Analysis. The current account deficit data obtained from the CBRT and the import level of high technology products obtained from TURKSTAT are used monthly between 2013-2021. As a result of the analysis carried out, no causal relationship could be determined between the import of high technology products and the current account deficit. [ABSTRACT FROM AUTHOR]

The paper aimed to study the factors affecting the exchange rate in Sudan during the period from 1992-2022, and to what extent these factors are considered determinants of the exchange rate in Sudan. Statistically significant between the gross domestic product, the monetary reserve, the value of exports and imports, and the exchange rate. The paper reached results, the most important of which is that the direct relationship between the volume of exports and the decline in the exchange rate of the Sudanese pound did not lead to an increase in the volume of exports and a decrease in the volume of imports, and thus did not contribute to a decrease in the deficit in the trade balance and the balance of payments. The most important recommendations of the paper are: the need to build and diversify foreign exchange reserves to increase the effectiveness of implementing exchange rate policies, and this can only be done through increasing real gross product, reducing imports and increasing exports. [ABSTRACT FROM AUTHOR]

We examine the dynamic impact of the functional distribution of income on the demand for imports in developed and developing countries. Drawing upon a motivating accounting structure suggesting a potentially causal effect of the functional distribution of income in an extended version of a standard import function, we find evidence that a fall in the wage share has a statistically significant positive (negative) impact on the volume of imports in developing (developed) countries and the entire sample of countries. Therefore, the neglect of such income distribution effects in import demand functions represents the omission of both an empirically relevant variable and a further theoretically significant structural channel through which the functional distribution of income affects output growth. A key implication is that the impact of the functional distribution of income on the demand for imports has to be considered in growth empirics based on either a binding balance-of-payments constraint in the Kaldor–Thirlwall tradition or a demand-led regime approach or a competitive real exchange rate. • We investigate the impacts of the functional distribution of income on imports in developed and developing countries. • GMM estimation techniques are used to deal with the dynamic nature of the issue. • A fall in the wage share has a significant positive (negative) effect on imports in developing (developed) countries. • Structural features of countries matter for the macroeconomic implications of distributional changes. • Neglecting distributional effects in import functions means omitting an important variable. [ABSTRACT FROM AUTHOR]

Net importing countries are very susceptible to changes in the value of their currency. Pakistan, being a small open economy, faces a constant pressure in its current account and BOP, which leads to unavoidable stress on its exchange rate. Exchange rate movements affect the cost of imports directly which have been studied extensively in empirical literature. However, these studies ignore the possibility of asymmetric effects of exchange rate and its impact on import demand in Pakistan. An appreciation in exchange rate may have a different impact on demand for imports than depreciations depending upon the level of rigidity in consumer preferences as well as the availability of substitutes for consumer goods, capital goods and raw materials. We use quarterly data of Pakistan's consumer goods, capital goods and raw material imports from 2005:Q1 to 2018:Q4 and employ a relatively recent econometric methodology, namely, Nonlinear Autoregressive Distributed Lag (NARDL) technique. The results confirm the existence of asymmetric impact of exchange rate in the long-run. The appreciation of currency has more pronounced impact in increasing imports relative to the depreciation of it in decreasing imports. There are further differences of this effect within imports across consumer goods, capital goods and raw materials. We present policy implications of this asymmetric effect of exchange rate on disaggregated consumer imports. [ABSTRACT FROM AUTHOR]

This study undertakes a descriptively comprehensive and statistically robust assessment of the sustainability of current account (CA) and solvency of intertemporal budget constraint (IBC) in the BRICS countries. The long-run model estimated in one-regime setting with no structural break and in sample-split setting with multiple structural breaks provides dominant support to the sustainability of CA and solvency of IBC. The policy makers in the countries with surpluses in CA, such as China and Russia, need to manage upward pressure on domestic currency, encourage domestic investment, and seek opportunities for outward FDI. The central bank interventions in FOREX market, accompanied by both short-term portfolio and long-term direct investments overseas, would help relieve upward pressure on domestic currency and make productive use of foreign exchange reserves. The policy focus in the countries with deficits in CA, such as Brazil, India and South Africa, should be to accelerate productivity, boost exports, bolster saving, and implement fiscal consolidation to ensure the sustainability of CA and solvency of IBC. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomik Yaklaşim is the property of Ekonomik Yaklasim Dernegi (Ekonomik Yaklasim Association) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The COVID-19 pandemic, the health protection measures, and the policies meant to limit the economic effects of the disease have affected the world's economies on multiple levels, the international trade being one of the most seriously influenced domains. The paper1 aims to highlight the effects of the pandemic on Romania's current account, as well as some directions of action aimed at improving the external deficit of our country. The methodology used in the article joins the empirical analysis of statistical data and their interpretation, with the identification of causalities. The analysis shows that the uncertainty regarding the evolution of COVID-19 and the measures adopted by the authorities to stop the spread of the coronavirus affected negatively, especially in 2020, the current account, and its way of financing. The paper highlights some elements that can hamper the decrease of the external deficit in the future (the large needs of external financing in the coming years, the dependence of the economy on imports, the unfavourable structure of Romanian exports and imports), as well as some directions of action intended to support the improvement of the external deficit of our country, including supporting the recovery of the economy, reducing the budget deficit, improving the domestic offer, and the research and innovation activity, etc. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Management & Economics Research is the property of Journal of Management & Economics Research and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Boletín Económico de ICE is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Research background: Past measures to increase food production in Nigeria, were not effective enough to curb food imports and increase food production thus leading to a deficit balance of payment for the country and a total neglect of the agricultural sector. Purpose: This study analyzes the effects of food imports on food production and Balance of Payments (BOP) in Nigeria from 1960 to 2020. Research methodology: The Auto Regressive Distributed Lag (ARDL) bound cointegration test procedure is utilized. Results: The empirical results show that food imports adversely affect food production both in the long and the short run. While for the BOP equations, food importation positively affected the country's balance of payments in the long run. The short run error-correction term coefficients are signed negatively for both the food production and BOP equations. The results show that the gap between the equilibrium values and the actual value of the dependent variables are corrected with speed of adjustment equal to 40% and 85% annually. The stability test result on the food production equation showed that the null hypothesis of no stable residuals in both the short and long run are rejected, while the estimated model is not effective with stable recursive residuals for the BOP equation. Novelty: The study therefore recommends that efforts should be geared towards boosting the country's food production by encouraging foreign investors' participation in the agricultural sector. [ABSTRACT FROM AUTHOR]

Purpose - International trade has always been a medium of interaction of economies to satiate their demand in terms of goods and services. As none of the economies are self sufficient in every product and services required for sustainable growth and development. So their reliance on exports and imports has increased considerably. Due to which economies are exposed to external risks prevalent, May it be financial crisis or pandemics. This research article focuses upon unprecedented effect of COVID-19 pandemic on current account of balance of payments of Indian economy and the impact it had on various constituents of current account. Design/methodology/approach - To respond to the global COVID-19 outbreak, the social economic implications of COVID-19 on specific dimensions of the global economy are analyzed in this study. The situations of COVID-19 has certainly impacted global trade and Indian economy was not an exception to it. Moreover, insights about the effects of the pandemic on trade and transaction during the span in which impact of pandemic was severe has been addressed through this research article. These insights may support strategic decision making and policy framing activities for the top level management in private and government sectors. Findings - With insecurities of a new recession and economic crisis, key moments such as these call for strong and powerful governance in health, business, government, and large society. Instant support measures have to be initiated and adapted for those who can drop through the cracks. Mid and long-term strategies are required to stabilize and motivate the economy during this recession. Originality/value - A comprehensive export and import analysis that consists of report taken from various sources such as, Ministry of commerce, UNCTAD, RBI, IMF. In order to analyze the impact COVID-19 had on a selective parameters of current account of balance of payments of Indian economy. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Aksaray University Faculty of Economics & Administrative Sciences / Aksaray Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Aksaray University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper seeks to determine Nigeria's long-run growth path using a multi-sectoral version of the balance of payment constrained growth model from 1981 to 2016. It particularly contends that the actual growth of an economy is highly connected to sectoral differences in elasticities of income of tradable goods produced in the economy. The autoregressive distributed lag model (ARDL) approach is employed to obtain the required elasticities for the determination of the equilibrium growth rate. In line with research expectations, the first outcome of the study reveals that while, machinery and equipment turned out with the highest income elasticity; animal, fats and vegetable products was the lowest. This suggests that transition from primary production to the production of products of hi-tech products is necessary for growth. Second, high reliance on intermediate imports with high income elasticity could harm growth in the long run. [ABSTRACT FROM AUTHOR]

• We rely on a multi-sectoral balance-of-payments constrained growth model that incorporates intermediate imports. • We explicitly incorporate the effects of intermediate imports and relative prices into the analysis. • The outcome of the study shows that the MBPCG model correctly predicts Nigeria's growth path. • The manufactured exports is one of the main determinants of the intermediate import demand function. • Actual economic growth rates in the Post SAP era (1987–2018) are below the balance of payments constrained growth rates. This study seeks to ascertain whether the Multi-Sectoral Balance of Payments Constrained Growth model is suitable to explain Nigeria's growth experience from 1981 to 2018. The paper explicitly incorporates the effects of intermediate imports and relative prices into the analysis. We employ the autoregressive distributed lag econometric procedure for the analysis. The outcome of the study shows that the Multi-Sectoral Balance of Payments Constrained Growth model correctly predicts Nigeria's growth path. It was found that manufactured export is one of the main determinants of the intermediate import demand function. Considerable reliance on this type of import to produce final exports could reduce the gains from trade, thus adversely affecting the GDP growth of the economy compatible with the BoP constrained growth model in the long run. [ABSTRACT FROM AUTHOR]

The effects of arms imports, which is the major defense spending item, on the macroeconomic performances of developing countries is a long-debated issue. Therefore, this study aims to determine the impact of arms imports on economic growth, which lead to large deficits in the balance of payments of Turkey. Among the defense spending items, the arms imports have the greatest impact potential on the economies of countries. For this purpose, Bounds Testing based on the structural break Autoregressive Distributed Lag Model (ARDL) was performed to determine the impact of the arms import on economic growth, using the 1990-2017 period data of Turkey. According to the test results of the study, no statistically significant correlation was found between the arms imports in Turkey and economic growth in the short run, but it was found that the arms imports have a negative impact on the economic growth in the long run. [ABSTRACT FROM AUTHOR]

Copyright of Social & Economic Studies is the property of University of the West Indies - Mona and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper examines the current accounts of 16 developed and developing countries over the period 1970 to 2018. We test whether these nations satisfy their intertemporal solvency condition for external imbalances. The solvency condition in the strong form entails: (1) a cointegration, or a long run equilibrium, relationship between exports and imports of goods and services; and (2) an increase in imports leading to a proportional increase in exports. Our findings imply that the external imbalances are a cause of vulnerability for several nations. Bangladesh satisfies the abovementioned solvency condition--in other words, its current account is sustainable in the strong form. Australia, Ecuador, Honduras, Mexico, New Zealand, and Venezuela show weak forms of sustainability. For these six nations, the presence of a cointegration relationship between exports and imports coincides with less than proportional increases in exports with increases in imports. The current accounts of Chile and Paraguay are unsustainable--while their exports and imports are cointegrated, a growth in imports leads to a more than proportional increase in exports. For a few nations that failed the full sample (1970-2018) cointegration test, we developed sub-samples by anchoring the start date at 1970 and increasing the sample by every five years from 1999 to 2014. From the sub-samples, we find evidence of intermittent, but weak, cases of sustainability for Peru and South Africa. We show that Panama's current account became unsustainable after 2009. China's current account satisfied the strong form of sustainability between all sub-samples until 2014 and became unsustainable in the most recent four years (2015-2018). France, the Philippines, and the United States unequivocally failed the intertemporal solvency test in the full sample and sub-sample analyses. The cointegration tests allow for structural breaks in exports and imports. We find these breaks have strong economic significance. For instance, we find that for most countries the structural break in exports coincides with their worst economic recession. [ABSTRACT FROM AUTHOR]

We examine the impact of crude oil imports and gold imports on India's current account balance (CAB) using linear cointegration techniques for the period 1980–2017. We find strong evidence in support of a positive and significant impact of crude oil imports and a negative and significant impact of gold imports on India's CAB. It also reveals that while rising crude oil price deteriorates India's CAB, rising gold price improves it in the short run. [ABSTRACT FROM AUTHOR]

First: The geographical distribution of imports of corn oil in Egypt: The (free) alternative: in which imported quantities of corn oil are left to be distributed in a free way to various countries according to the least expensive and under the restriction of the capacity of those exporting countries, in addition to the volume of Egyptian import capacity of corn oil from all countries and the import capacity does not exceed the average. The annual amount of imports from it in the average period (2014-2017). With regard to the free and private alternative to leaving the quantities of imported corn oil distributed freely in different countries according to the lowest prices and according to the exporting capacity of the countries, it was found that the quantities imported from corn oil were distributed in two countries, Saudi Arabia and the United States of America, with an estimated rate of 68.81% and 31.19% on the sequence is out of the total imported quantities, and this alternative has achieved an estimated cost of approximately 43721.35 thousand dollars, meaning that it saves about 4290.57 thousand dollars, which represents 8.94% of the current model. It is clear from the study that the (free) alternative to distributing imports of corn oil is the best proposed alternative, because this alternative has achieved an estimated cost of approximately 43721.35 thousand dollars, meaning that it saves about 4290.57 thousand dollars, which represents about 8.94%. Second: The geographical distribution of sunflower oil imports in Egypt. Alternative (European Union Countries Market): It clarifies that the quantity of Egypt's imports of sunflower oil from all countries of the European Union market is not less than the average amount that Egypt imported from each country during the study period, so that it does not exceed the average of its export capacity and not more than average of the total amount of Egypt's imports during the average period (2014-2017). It is clear from the study that an alternative (European Union countries) to distribute sunflower oil imports is the best proposed alternative, because this alternative has achieved an estimated cost of about 413076.06 thousand dollars, meaning that it saves about 17191.86 thousand dollars, representing about 3.99%. The study recommended the following proposals: Preparing sound model plans for the geographical redistribution of Egyptian imports of agricultural crops in general and oil crops in particular in the form that is in favor of the Egyptian balance of payments. Redistributing Egyptian imports of corn oil and sunflower oil from other countries, commensurate with the export capacity of these countries, that could be achieved by reducing the proceeds of imports under restrictions, and it is clear from the study that the first (free) alternative to distributing imports of corn oil is the best alternative and the exporting power of the exporting countries. This alternative achieved an estimated cost of approximately 43721.35 thousand dollars, it saves about 4290.57 thousand dollars, representing about 8.94%. It is clear from the study that the fourth alternative (European Union countries) to distribute sunflower oil imports and it is the best suggested alternative, because this alternative has achieved an estimated cost and that is, it achieves savings of about $ 17191.86 thousand, representing about 3.99%. [ABSTRACT FROM AUTHOR]

Copyright of CLIO América is the property of Universidad del Magdalena and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We assess the sustainability of external imbalances for EU countries using panel stationarity tests of Current Account (CA) balance-to-GDP ratios and panel cointegration of exports and imports of goods and services, for the period 1970Q1–2015Q4. We find that: i) the country panel is non-stationary; ii) cross-sectional dependence plays an important role; iii) there is non-stationarity of the CA, imports, and exports with cross-sectional panel dependence and multiple structural breaks; iv) however, there is a stable long-run relationship between exports and imports in the panel. Hence, trade imbalances can be less unsustainable but this is not sufficient to make current account imbalances sustainable. [ABSTRACT FROM AUTHOR]

Our country is under economic and military risks due to its geopolitical position. Due to our history, it is understood that we are in a position to give importance to defence industry. When the concept of developments in defence industry is examined, it is seen that development could be provided by meeting the needs from internal or external sources. In defining the developments in the defence industry, variables such as patents and employment rate are taken as basis in the literature. One of the measurement values defining these variables is defence expenditures, and the effects of the expenditures on economic growth may be different depending on whether the defence needs are met by internal or external sources. In this study, the effects of the expenditures made for the development of the defence industry on the export-import balance, which is an important macroeconomic variable, have been investigated. In the researches carried out at different periods, it was observed that the expenditures made for the defence industry had a positive effect on the export-import balance in both short and long term as the technological level in the defence industry increased. Therefore, as the defence industry is localized, the share of imports in foreign trade volume is decreasing. [ABSTRACT FROM AUTHOR]

This article applies the inter-temporal budget constraint framework and panel cointegration tests to examine the sustainability of current account deficits in 17 small states over the period 1980-2017. The findings show the existence of cointegration between real exports and real imports, but with the magnitude of the long-run coefficient being less than one, which support a "weak" form of current account sustainability in small states. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Agricultural Economics & Social Sciences is the property of Egyptian National Agricultural Library (ENAL) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Conventional theory and several empirical studies state that incomes and exchange rates are the key determinants of the trade balance. Here, we argue that export and import composition are also key explanatory variables because some goods are inelastic and/or with a high added value, directly and indirectly affecting income and price elasticities and trade balance. Thus, if exports and/or imports significantly consist of price inelastic products, then, a positive and a negative effect, respectively, should be expected on the trade balance. Using bilateral trade data and dynamic panel models, we found that the ratio of exports of crude petroleum and natural gas (price inelastic goods) to total exports is significantly and positively associated with the Russian trade balance in goods. For its part, Russian imports of high-tech goods (income elastic and price inelastic with a high added value) show a negative association. The goods balance of Russia also responded to changes in relative income, but there is only weak evidence of reactions to changes in the exchange rate. These findings partially explain the persistent surplus in the Russian trade balance and current account. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Agricultural Economics & Social Sciences is the property of Egyptian National Agricultural Library (ENAL) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We assess the sustainability of the current account (CA) balance, net international investment position (NIIP) and net external debt (NED) in a sample of 22 EU countries using two complementary approaches. First, we employ time‐series stationarity tests of current account balance‐to‐GDP ratios as well as cointegration tests of exports and imports of goods and services. Second, we assess the level of trade balance that stabilises the NIIP and the NED. We find that there is sustainability of the CA balance in eight countries, NIIP in five countries and NED in 10 countries, whereas there is evidence of a lack of sustainability in five debtor nations and three creditor nations. Both approaches are consistent with each other given the relationship between flows and stocks, the existence of structural breaks, and valuation effects via exchange rate and interest rate changes. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Defense Sciences / Savunma Bilmleri Dergisi is the property of Turkish Military Academy Defense Sciences Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Objective -- This paper aims to examine the relationship between exchange rates and trade balance in Morocco, to investigate whether the Marshall-Lerner condition and J-curve exist. Methodology/Technique -- This paper attempts to identify the relationship between the real exchange rate and trade balance in Morocco between 2000 to 2015. Findings -- Historically, exchange rates have had a strong impact on foreign trade in Morocco. Novelty -- This study concludes that the fluctuation of exchange rates has no notable impact on the rate of foreign trade. Type of Paper: Empirical. [ABSTRACT FROM AUTHOR]

In face of the continuation of America's enormous trade and current account deficits each year, President Obama called for a 50% increase in the annual volume of United States exports and President Trump is calling for the replacement of foreign made with domestically made products. The goal of achieving these significant improvements in the country's import-export performance is to curtail, if not eliminate, recurring trade deficits. It may be suggested that among many ways, trade deficits can be decreased through reductions in the volume and dollar value of imports. However, many semi-finished and finished product imports do become components of finished products and of commercial transactions that are usually designated as parts of the domestic contributions to the economy. By adding to the gross domestic product (GDP) of the United States these imports become sources for the country's economic growth generating as well exporting processes. This paper examines the role of such imports as origins of positive economic values for the United States economy and then demonstrates the potentials of major benefits by providing a series of case examples. [ABSTRACT FROM AUTHOR]

The impact of exchange rate volatility on the trade flows has been intensively studied by researchers after the adoption of flexible exchange rate system. Different studies have used data from different countries at different aggregation level. In this paper we consider the experiences of 57 Pakistan's exporting to and 52 importing industries from the US over the period 1980-2014. We find that almost 50 % of the industries are affected by exchange rate volatility in the short-run. However, short-run effects last into the long run only in 26 exporting industries and 18 importing industries. Due to such disaggregation we find that all four large exporting and importing industries are affected positively in the long run. The list includes industries coded 656 (made up articles with 32.45 % of exports share), 841 (clothing with 50.7 % exports share), 263 (cotton with 8.64 % import share) and 282 (iron and steel scrap with 2.10 % imports share). [ABSTRACT FROM AUTHOR]

This study examines the sustainability of current account deficits (CADs) and validity of intertemporal budget constraint (IBC) for 24 OECD countries. While the OLSEG, ML system, and OLSGH estimates of the model do not provide support, the GMM, DOLS, and NLLS estimates provide consistent support for the sustainability of CADs across most countries. The estimates of the model with multiple structural breaks reinforce the sustainability of CADs. The results provide dominant support for the sustainability of CADs and validity of IBC across most countries. The CADs are only short-run phenomena and are balanced by future surpluses. [ABSTRACT FROM AUTHOR]

The paper reports estimates of import and export functions for five technological sectors in 14 developed European countries. These functions have never before been estimated for developed countries adopting a technological classification of sectors. The paper compares estimates of income elasticities found using vector error-correction models employing aggregate deflators, with estimates found using cross-product panels employing product-specific quality-adjusted price indexes recently calculated by Feenstra and Romalis. The results indicate that the income elasticities of imports and exports are higher for medium- and high-tech manufactures, which suggests the importance of moving from the production of simple goods to the production of goods with high technological content. The estimates also suggest that the Multi-Sectoral Thirlwall’s Law holds for the countries analysed, while comparing the estimates revealed that cross-product panels with quality-adjusted prices generate considerably more robust results. The investigation reveals that using a more recent time period generates estimates of income elasticities of demand for primary products and resource-based manufactures that tend to be higher than the estimates found by studies that have used longer time periods, while the opposite holds for low-, medium-, and high-tech manufactures. [ABSTRACT FROM PUBLISHER]

Whatever the ultimate solution of West Germany’s balance of payments problem, the surpluses of recent years have been an interesting test of the process of balance of payments adjustment. The present paper examines the causes of the “favourable” imbalance, one of the most striking in recent decades, and the various methods by which it might have been corrected. The author first reviews the modern theory of balance of payments adjustment and relates it to the German experience. The factors responsible for the strength of the balance of payments are then considered. Those of a structural nature, the longer-run aspects which have influenced the German demand for imports and the supply of and demand for German exports, are first examined. Those factors resulting from current economic policies, and in particular the way in which the Federal government’s tax receipts exceeded expenditure, the outstanding feature of German public finance during the years 1952-56, are then dealt with. The author concludes by considering the extent to which alternative methods were used and the problems which they involved. JEL: F31, F32, F38