Challenging the Empirical Evidence From Present Value Models of the Current Account /

Under near-singularity conditions typically generated by persistence in current account data the predictions of present value models become extremely sensitive to small sample estimation error. Moreover, traditional Wald tests will distort the likelihood that the model is true. Using OECD data we fi...

Full description

Bibliographic Details
Main Author: Miniane, Jacques
Other Authors: Mercereau, Benoit
Format: Journal
Language:English
Published: Washington, D.C. : International Monetary Fund, 2004.
Series:IMF Working Papers; Working Paper ; No. 2004/106
Subjects:
Online Access:Full text available on IMF