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Economics --- Economie politique --- Global Financial Crisis, 2008-2009 --- AA / International- internationaal --- 330.00 --- 330.1 --- Economische en sociale theorieën: algemeenheden. --- Economische grondbegrippen. Algemene begrippen in de economie --- 330.1 Economische grondbegrippen. Algemene begrippen in de economie --- 330 --- 33 --- macro-economie --- micro-economie --- -330 --- 330 Theoretische economie. Economische theorie. Economische analyse --- Theoretische economie. Economische theorie. Economische analyse --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economie --- Economics. --- 340.9 --- Economische en sociale theorieën: algemeenheden --- Economics - Handbooks, manuals, etc --- Economie politique - Guides, manuels, etc --- -Economics

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We find evidence of threshold behavior in current account adjustment for the G7 countries, such that the dynamics of adjustment towards equilibrium depend upon whether the current-account/ net-output ratio breaches estimated, country specific current account surplus or deficit thresholds. Both the speeds of adjustment and the size of the thresholds are found to differ significantly across countries. In addition, we also find evidence of shifts in means and variances of exchange rate changes, stock returns, and interest differentials that coincide with the current account adjustment regimes identified by the model.