Three Essays on the interconnection between the external sector and domestic macroeconomic performance
- Autor: Alfonso Camba Crespo
- Director/es: José García Solanes y Fernando E. Torrejón Flores
- Defensa: 1/3/2022 - Universidad Nacional de Educación a Distancia
- Tribunal: Marian Camarero, Máximo Camacho, Mariano Matilla
- Calificación: Sobresaliente
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This thesis analyses the interaction between the external sector and domestic macroeconomic performance. It is based on both theoretical and empirical analysis, working with a wide range of countries to better capture the underlying macroeconomic links. There is growing interest in the interaction between external and domestic variables as a result of the drastic acceleration of international economic integration brought about by amplified commercial, financial and migratory flows. This interaction is highly relevant since it affects macroeconomic outcomes and the effectiveness of the economic policy. Therefore, a precise understanding and diagnosis of such interactions are essential to the design of policies that help economies to become, and remain, robust and stable. The interaction of macroeconomic internal and external imbalances and external sector stability are complex issues, raising multiple questions which can be studied from several perspectives. In this thesis, the study of these questions is divided into three main chapters, each one focused on particular issues. Specifically, the first chapter studies current-account stability spells and the determinants of current-account breaks. The second one examines the interaction between current-account imbalances, exchange rates, and domestic and global output gaps. Finally, the third chapter analyzes how international developments may have modified the Phillips curve, in particular through the impact of foreign competition.
- Article full text: https://www.emerald.com/insight/content/doi/10.1108/AEA-02-2021-0029/full/html (opens in a new window/tab).
- Download Full Table 1 from the article here (Excel format).