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Journals / Maliye Dergisi / 2012 / Sayı: 163

Sustainability of current account deficit in selected OECD countries: Panel data analysis with multiple structural breaks under cross-sectional dependence

Seçilmiş OECD ülkelerinde cari işlemler açığının sürdürülebilirliği: yatay kesit bağımlılığı altında Çoklu yapısal kırılmalı panel veri analizi

İsmet GÖÇER
Mehmet MERCAN
HAKAN HOTUNLUOĞLU
Pages
449–467
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

In the analysis result, it has been determined that current account deficits are sustainable in strongly form for Australia, Canada and Mexico and sustainable in weakly form for Finland, France, Greece, New Zealand, Poland, Turkey and whole panel.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:In this study, the sustainability of current account deficit has been tested for selected OECD countries by using 1976-2011 period data via the panel data analysis which consider cross-sectional dependency and multiple structural breaks.
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Key Findings & Data:Cross-sectional dependence has been analyzed with LMadj, stationary of the series has been tested by means of the panel unit root test with multiple structural breaks, cointegration relationship between series has been tested by the panel cointegration test with multiple structural breaks and cointegration relationship has been observed.
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Conclusion & Impact:In the analysis result, it has been determined that current account deficits are sustainable in strongly form for Australia, Canada and Mexico and sustainable in weakly form for Finland, France, Greece, New Zealand, Poland, Turkey and whole panel.
🔬Design:Research Article
📍Scope:2011 Verileri
⚙️Variables:Domain Parameters

Abstract

In this study, the sustainability of current account deficit has been tested for selected OECD countries by using 1976-2011 period data via the panel data analysis which consider cross-sectional dependency and multiple structural breaks. Cross-sectional dependence has been analyzed with LMadj, stationary of the series has been tested by means of the panel unit root test with multiple structural breaks, cointegration relationship between series has been tested by the panel cointegration test with multiple structural breaks and cointegration relationship has been observed. Cointegration coefficients have been estimated via the CCE and CCMGE methods. In the analysis result, it has been determined that current account deficits are sustainable in strongly form for Australia, Canada and Mexico and sustainable in weakly form for Finland, France, Greece, New Zealand, Poland, Turkey and whole panel.

Özet

Bu çalışmada, cari işlemler açığının sürdürülebilirliği seçilmiş OECD ülkeleri için 1976-2011 dönemi verileri kullanılarak yatay kesit bağımlılığını ve yapısal kırılmaları göz önünde bulunduran panel veri analizi yöntemleriyle test edilmiştir. Çalışmada, yatay kesit bağımlılığı LMadj testiyle, serilerin durağanlığı çoklu yapısal kırılmalı panel birim kök testiyle, seriler arasında eşbütünleşme ilişkisinin varlığı çoklu yapısal kırılmalı panel eşbütünleşme yöntemiyle test edilmiş ve seriler arasında eşbütünleşme ilişkisinin var olduğu görülmüştür. Eşbütünleşme katsayıları CCE ve CCMGE yöntemleriyle tahmin edilmiştir. Yapılan analiz sonucunda cari açığın Avustralya, Kanada ve Meksika’da güçlü formda; Finlandiya, Fransa, Yunanistan, Yeni Zelanda, Polonya, Türkiye ve panelin genelinde zayıf formda sürdürülebilir olduğu görülmüştür.

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Cite This Article

GÖÇER, İ., MERCAN, M., HOTUNLUOĞLU, H. (2012). Sustainability of current account deficit in selected OECD countries: Panel data analysis with multiple structural breaks under cross-sectional dependence. Maliye Dergisi, Sayı: 163, 449–467. https://ajindex.com/articles/79035

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