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Multicointegration analysis of the sustainability of foreign debt

Publication ,  Journal Article
Leachman, LL; Francis, BB
Published in: Journal of Macroeconomics
January 1, 2000

Using the multicointegration framework suggested by Granger and Lee (1989, 1990) and developed in Engsted, Gonzalo and Haldrup (1997) and Haldrup (1997) this study explores the long-run relationship between components of the U.S. current account during two periods, 1947:i-1973:iu and 1974:i-1994:ii. The paper develops the concept of sustainability of external imbalances in an environment that is non-deterministic and characterized by uncertainty. The sustainability criteria are related to multicointegration. Evidence consistent with sustainable intertemporal external budgeting in the fixed exchange rate era is presented. In the post Bretton Woods period there is no support for sustainable external budgeting. Policy issues and factors that affect sustainability are discussed.

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Published In

Journal of Macroeconomics

DOI

ISSN

0164-0704

Publication Date

January 1, 2000

Volume

22

Issue

2

Start / End Page

207 / 227

Related Subject Headings

  • Economics
  • 1402 Applied Economics
  • 1401 Economic Theory
 

Citation

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ICMJE
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Leachman, L. L., & Francis, B. B. (2000). Multicointegration analysis of the sustainability of foreign debt. Journal of Macroeconomics, 22(2), 207–227. https://doi.org/10.1016/S0164-0704(00)00129-4
Leachman, L. L., and B. B. Francis. “Multicointegration analysis of the sustainability of foreign debt.” Journal of Macroeconomics 22, no. 2 (January 1, 2000): 207–27. https://doi.org/10.1016/S0164-0704(00)00129-4.
Leachman LL, Francis BB. Multicointegration analysis of the sustainability of foreign debt. Journal of Macroeconomics. 2000 Jan 1;22(2):207–27.
Leachman, L. L., and B. B. Francis. “Multicointegration analysis of the sustainability of foreign debt.” Journal of Macroeconomics, vol. 22, no. 2, Jan. 2000, pp. 207–27. Scopus, doi:10.1016/S0164-0704(00)00129-4.
Leachman LL, Francis BB. Multicointegration analysis of the sustainability of foreign debt. Journal of Macroeconomics. 2000 Jan 1;22(2):207–227.
Journal cover image

Published In

Journal of Macroeconomics

DOI

ISSN

0164-0704

Publication Date

January 1, 2000

Volume

22

Issue

2

Start / End Page

207 / 227

Related Subject Headings

  • Economics
  • 1402 Applied Economics
  • 1401 Economic Theory