An empirical comparison of external indebtedness in East Asia and Southern Europe : reasons for Clearing Integrated Monetary Areas

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dc.contributor.authorCarrera, Andrea
dc.contributor.authorCárdenas Del Rey, Luis
dc.contributor.authorMazoni, Alysson
dc.date.accessioned2024-03-05T09:13:04Z
dc.date.available2024-03-05T09:13:04Z
dc.date.issued2023
dc.description.abstractWe seek to study the evolution of the external indebtedness of Southern European Greece, Italy, Portugal and Spain, which were highly indebted and used to run current account deficits until the Great Crisis of 2008, and the indebtedness of those East Asian countries that ran current account deficits before the crisis of 1997, namely Indonesia, Korea, Malaysia, the Philippines and Thailand. We pore over foreign debt and balance-of-payments data to understand any potential statistical relationship between (i) external indebtedness and (ii) current account balances plus changes in foreign exchange reserves. Our introductory econometric approach to the issue suggests that indebtedness is often and on average about twice the level attributable to current account balances and reserve changes. In Southern Europe, debt should have increased, but it increased more than expected. In East Asia, particularly since 1997, debt should have decreased, but it followed and upward trend. We attribute this phenomenon to the incomplete structure of the international payment system and, as a general solution, we call for the implementation of a regional real-time gross settlement system.
dc.description.departmentDepto. de Economía Aplicada, Pública y Política
dc.description.departmentDepto. de Economía Aplicada, Estructura e Historia
dc.description.facultyFac. de Ciencias Políticas y Sociología
dc.description.facultyFac. de Ciencias Económicas y Empresariales
dc.description.refereedTRUE
dc.description.statuspub
dc.identifier.citationAndrea Carrera , Luís Cárdenas and Alysson Mazoni . 2023, “An empirical comparison of external indebtedness in East Asia and Southern Europe: reasons for Clearing Integrated Monetary Areas”, Seoul Journal of Economics, vol. 36, no. 4, pp. 425-458. Available from: doi:10.22904/sje.2023.36.4.003
dc.identifier.doi10.22904/sje.2023.36.4.003
dc.identifier.essn2765-6055
dc.identifier.issn1225-0279
dc.identifier.officialurlhttps://hdl.handle.net/10371/197593
dc.identifier.urihttps://hdl.handle.net/20.500.14352/101937
dc.issue.number4
dc.journal.titleSeoul Journal of Economics
dc.language.isoeng
dc.page.final458
dc.page.initial425
dc.publisherSeoul Institute of Economic Research, Seoul National University
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internationalen
dc.rights.accessRightsopen access
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subject.jelF33
dc.subject.jelF34
dc.subject.jelF41
dc.subject.keywordExternal debt
dc.subject.keywordCurrent account
dc.subject.keywordGrowth models
dc.subject.keywordComparative Political Economy
dc.subject.keywordEast Asia
dc.subject.keywordSouthern Europe
dc.subject.ucmEconomía
dc.subject.unesco53 Ciencias Económicas
dc.titleAn empirical comparison of external indebtedness in East Asia and Southern Europe : reasons for Clearing Integrated Monetary Areas
dc.typejournal article
dc.type.hasVersionVoR
dc.volume.number36
dspace.entity.typePublication
relation.isAuthorOfPublication289698f1-114e-4bbf-9787-8262c6e73bec
relation.isAuthorOfPublicationd6024021-314b-4fa3-9aa8-7f12c71d37e7
relation.isAuthorOfPublication.latestForDiscovery289698f1-114e-4bbf-9787-8262c6e73bec
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Carrera, A., Cárdenas, L., & Mazoni, A. (2023). An empirical comparison of external indebtedness in East Asia and Southern Europe reasons for Clearing Integrated Monetary Areas. Seoul Journal of Economics, 36(4), 426-458.pdf
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