文章基本信息

标题：Real convergence, financial markets and the current account - emerging Europe versus emerging Asia
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作者：Sabine Herrmann ; Adalbert Winkler
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2008
卷号：1
出版社：European Central Bank
摘要：Global fi nancial integration has been associated with divergent patterns of real convergence and the current account in emerging markets. While countries in emerging Asia have been running sizeable current account surpluses, countries in emerging Europe have been facing large current account defi cits. In this paper we test for the relevance of fi nancial market characteristics in explaining this divergence in the catching-up process in Europe and Asia. We assume that the two regions constitute distinct convergence clubs, with the euro area and the United States respectively at their core. In line with the theoretical literature, we fi nd that better developed and more integrated fi nancial markets increase emerging markets’ ability to borrow abroad. Moreover, the degree of fi nancial integration within the convergence clubs – as opposed to the state of fi nancial integration in the global economy – and the extent of reserve accumulation are signifi cant factors in explaining the divergent patterns of real convergence and the current account in the regions under review.
关键词：real convergence; economic;integration; saving and investment; current;account developments; fi nancial markets;emerging market economies